Recently on Meylah we gave you 5 Steps for Evolving your Business through Rebranding, where we explored ways to boost your brand without throwing everything away. Now let's take a walk through actually giving everything up with 5 Questions to Ask Yourself Before Rebranding Your Business.
1. Who am I rebranding for?
When it comes to rebranding your unique business, you should think about who you're doing it for. Are you personally unhappy with the name or idea of the business or do you feel customers aren't responding quickly enough to your presence?
When I first decided to rebrand my business, it started from within. I thought about how I'd feel if someone prestigious, like Oprah, was introducing me on her talk show. Would I cringe when I heard how she described me and my business or would I feel proud and walk on stage glowing with confidence? When I realized it was the former, I sat down and hashed out a plan to change my brand in order to improve my business confidence and eagerness to make the business thrive.
If on the other hand, you absolutely love your brand and business but you aren't sure customers are responding to what you do, think a bit longer before deciding to make the change. It's possible you aren't targeting the right people or haven't discovered a market that would be even more receptive to your products. Or perhaps you didn't have a chance to make a great first impression. Explore the reasons why your current brand isn't thriving with customers before you turn to completely giving up on the work you've already put in.
2. Would the rebrand increase sales?
For my own business I knew that a rebrand would help sales because I was going into a deeper niche and singling out larger targets with bigger budgets than ever before. But if you have been considering a rebrand with the same targets and products, it may not be worth all the effort. For one, you'll have to fork out money to redesign your logo, packaging and any other materials with your business name on it. And another issue is all the time and effort you'll need to shell out to remarket your new business when it's ready to go.
If you've sat down and realized that even a small change could help boost your sales, go for it. But on the other hand, if your cons are outweighing the pros column, you may want to sit on the ideas a bit more before doing something drastic.
3. What is the real cost of rebranding my business?
Now don't get me wrong, there have been plenty of brands who revamped their product packaging or changed their name to something uber catchy and scored big with sales after it was all said and done. They may have even changed their target audience or completely overhauled their product to be more useful and appealing. But what do you think the real cost of their rebrand was? Those brands and companies have HUGE budgets with leeway to wait for their big return from a rebrand. You, on the other hand, may not have that luxury.
For a small business owner, you probably don't have the funds or experience to pull something like that off without putting yourself further into debt, which is why I'd caution you to really think about the hidden costs of rebranding your business.
4. Where will the rebrand take me in the future?
With all major change comes worry about the future. Have you hashed out what your future goals are? If you know that bringing your product to the wholesale market would be the best potential end goal to boost your business, but there's another company out there with a similar name, then changing your brand is probably the best thing. Or maybe you want to gain an amazing job as a magazine editor but your blog just isn't up to snuff. A rebrand and complete redesign would definitely benefit your chances of attracting the right attention in the future.
Before giving everything up and completely rebranding yourself, ask yourself the four questions above, then take the plunge if it's right for you.
Justine Smith is The Social Sleuth, who helps creative entrepreneurs learn how to identify and dominate the right market through social media research. She's also the editor of Create Hype, a free service which sends out PR leads directly via email to over 1500 creative business owners looking for more press and exposure.
Main image courtesy of Phillie Casablanca.