7 Helpful Small Business Re-Branding Tips
One of the many important aspects of marketing your small business is ensuring that it has a strong brand presence. If you’re unhappy with your small business’s branding, it is never too late to consider re-branding! Although re-branding takes time, effort and strategic planning, it can be extremely beneficial to the future of your small business.
We have first-hand experience with this; we were formerly known as Paramount Merchant Funding, and in 2013 we changed our name to Fora Financial. Our company mission and products expanded, and due to this we felt that our former name did not fully reflect our future goals.
Originally, we only offered the merchant funding products, hence our former name, Paramount Merchant Funding. Once we decided to add small business loans to our repertoire of personalized funding options, we knew we needed a name that would represent our company’s offerings better. “Fora,” which means ‘marketplace’ and ‘forum’ in Latin, relates to our commitment to fostering our relationships with the small business community. In addition, we believe the name Fora Financial fits our company’s future; regardless of what offerings or opportunities we pursue, our name will continue to accurately represent us. We have seen exponential growth since re-branding, and want to share our best tips with you!
1. Think ahead – Will this brand withstand your company’s growth? Does it reflect your future plans? Reflect on why you’re re-branding your business, and what you want your new name to signify. This will help you to come up with branding that appropriately represents your small business, and resonates with your customers.
2. Make it a team effort – Get your staff involved when it comes to re-branding decisions. You’ll be able to brainstorm together and come up with the best possible branding. Also, once your re-branding plans are finalized, make sure you hold a meeting so that everyone at your small business is informed on the changes being made.
3. Master marketing – After you decide on what your business’s new brand will consist of, it’s time to work on incorporating it into your marketing initiatives. This may consist of designing a new logo, choosing official colors, adding new branding to your direct mail and email letterheads and other marketing collateral. Don’t rush this process – take your time and ensure that each project accurately reflects your new branding.
4. Online updates – When tackling branding for your small business, you’ll need to change your website URL and social media handles. In addition, make sure that these platforms reflect any branding changes. If you have a new logo or color scheme, incorporate these into your sites, and ditch your former look. Before officially transitioning to your new brand, post to your social media accounts multiple times telling your followers what your new social media account handles and URL will be. That way, you’ll have plenty of followers in no time!
5. In-store alterations – If your small business has a physical location, you’ll need to add your new branding to your establishment. Investing in interior changes can be pricey, but they will be well worth it. Your store’s branding should make a strong impression on customers and entice them to visit again, so don’t skimp on these additions.
6. Inform customers – Notify your customers that you’ll be going by a new name and refining your brand. Send out an email newsletter, advertise the brand changes in-store and craft a press release so that consistent customers will be aware of these adjustments. In this press release, make sure to be transparent about your reason for re-branding. Sometimes, re-branding can be associated with a business trying to avoid a negative reputation associated with their former name. Avoid having customers question your motives, by telling your company’s story and vividly describe why you’re so excited about your new name. In addition, as we already mentioned, posting to your social media accounts will also help get the word out about your new brand. Communication is key when it comes to small business branding, so make sure you cover all of your bases.
7. Keep it consistent – Once you’ve informed your customers of your small business branding changes, and have completely switched to your new name, keep it consistent! Don’t confuse people on what your name or branding is; once you’re ready to adopt your new branding, stick with it. The more consistent you are, the stronger your re-branding experience will be.
Re-branding may seem like a stressful process, but it can also be very rewarding. At Fora Financial, we have seen first-hand how pivotal a re-branding can be, and we are proud of our current name and branding strategy. Tell us about your small business branding experiences in the comment section below.
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