5 Reasons to Consider Re-Branding a Business | Fora Financial Blog
5 Reasons to Consider Re-Branding a Business
December 08, 2017
5 reasons to consider re-branding your business

5 Reasons to Consider Re-Branding a Business

When running a business, it is important to reflect on the strength of your brand. Even if you’ve had the same name and branding since inception, it might be time to give it a refresh.

Re-branding can be a time-consuming project, but it can also lead to a promising future. It could entail changing your business’s trademarked name, logo, slogans and overall design and color scheme. Before you start your re-branding process, decide if the following five reasons apply to your business, so that you can determine your next move!

1. You’re not resonating with your customers – Are your sales going through a slump? Or maybe you are struggling to attract new customers? Your branding could be to blame! If your logo, slogan and other branding aspects aren’t compelling, potential patrons are probably passing you by. To combat this, consider sending out a survey to a few trusted colleagues, and ask them for their opinions about your existing brand. They might have helpful insights that will help you as you begin brainstorming. Ultimately your new and improved branding should be compelling, and get your customers excited about what your business offers.

2. You’ve experienced a scandal – Has your business recently received bad publicity? If so, it might be time to consider a re-brand. A business that is consistently associated with negative press will benefit from a new image that directs the public’s attention elsewhere. This should not be done to trick customers, but rather to redirect the conversation to an exciting new chapter. With this re-brand, you should consider unveiling a new product or service. This will help you explain your reason for re-branding, and set the stage for this new version of your business. When re-branding a business that has experienced undesirable exposure, it is pertinent that you create a new website and social profiles. If you’re going to re-brand in favor of a fresh start, it is important to get rid of any content that will remind customers of your former branding.

3. You’ve expanded your product or service offerings – Perhaps you are adding new product or service options to your repertoire, but your business’s name reflects your previous, limited selection. This could confuse customers, and some patrons may not visit your business if they think you don’t provide the choices that they want. To avoid limiting your business, you may want to consider re-branding to a name that explains your business’s full options. In addition, you should keep in mind that you may want to add even more options in the future. A name that restricts you from potential expansion is likely not the right fit!

4. You want to reach a new audience – If your business’s branding is not inclusive, you are not going to reach your full revenue earning potential. For instance, if your brand is outdated, you may be missing out on the interests of a younger audience. When crafting a new brand, you should aim to be inclusive. You should strive to accommodate as many people as possible, and this should start with your branding!

5. You’re not standing out against competitors – If your competitors are branding superstars, your business may be left in the dust. While we are not suggesting that you copy your competitors’ ideas, you may want to look at what is working for them. If you refine your brand to include these strategies, you might be surprised at how your business grows.

If any of the five reasons resonated with you, your business is likely in need of a re-brand. There is no shame in re-branding a business; if anything, it demonstrates your willingness to change to fit your customer’s needs. Investing time and money into a re-branding will allow you to rejuvenate your mission, and hopefully become an even stronger business owner than before!

Fora Financial

Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.

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Fora Financial is a working capital provider to small business owners nationwide. In addition, the Fora Financial team provides educational information to the small business community through their blog, which covers topics such as business financing, marketing, technology, and much more. If you’d like to see a topic covered on the Fora Financial blog, or want to submit a guest post, please email us at [email protected].
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