Business Rebranding Rules
The need to change is often overlooked by entrepreneurs. This is quite ironic because the most important element of long-term success for any business has to be evolution. There is an ancient saying that “you either evolve, or you perish.” This could not be any truer for businesses. Without significant changes along the way, their business will remain stagnant, and anything that is stuck in one place for too long is bound to fade away.
Rebranding is About Flexibility
Among all the biggest changes that an entrepreneur could conceive of, rebranding is perhaps the biggest. It is the kind of change that is often met with great scepticism, fear and caution. The reluctance to rebrand can be justified to a certain extent. If you were an entrepreneur who spent days, weeks, months or years on end devising a fail-proof business plan, then you would not be too open to the idea of scrapping that blueprint of yours, and putting in another year long sentence in your think tank to come up with better business ideas. It is human nature to become too attached with one’s own creativity and become defensive of it. Being confident about your plans is key to becoming a strong entrepreneur, but you need to also have a certain degree of flexibility in you. Once you have that, it is only then that you can accept the concept of a major change such as rebranding.
The Risks of Rebranding
Now rebranding comes with its own set or risks and dangers. If not executed correctly, rebranding can literally put you out of business. To a lesser extent, poor rebranding can harm the reputation of your business, and force your old and loyal customers to lose their faith in your products and services. Therefore, it is imperative that a good amount of time is dedicated in scheming the perfect rebranding that will not only improve your sales, but also take your business to new heights that you could have never achieved from your previous position. Rebranding is a major challenge for both old and new businesses. With that being said, rebranding at an earlier stage of your business can actually be slightly easier than doing so once you have passed 20 years with particular brand. This is because rebranding is not only about making slight changes to your logo, or renaming the products or services. Rebranding has to do with coming up with an entirely new theme, projects and set of goals for your business.
When to Rebrand?
As mentioned before, rebranding does have risks involved. It is up to you as the entrepreneur to assess these risks, and then proceed accordingly. “To Rebrand or Not to Rebrand” is the question that you need to answer before taking any steps forward in this regard. Besides taking into account the risks, you also need to be aware of the environment in which you are doing business. In simpler words, if your target audience is the kind that changes with time, then you should also plan to cope up with them through your own changes. Then again, another trigger for rebranding could be the progress of your rivals. If your competition is eating up a big slice of your market share, then rebranding could help you gain the competitive edge needed to eliminate competition.
So is Rebranding Right For You?
This is a decision you have to carefully study, and to help we found this cool infographic by GetVoIP to help out.