How and Why to Rebrand a Struggling Business in 2016May 20, 2016
Was 2015 less than kind to your business? Have your sales stagnated? Maybe you need to consider a rebrand for 2016. You may be wondering how to rebrand your company. Before we discuss how to go about rebranding your company, let’s discuss why you should rebrand your company first.
Are You Truly Reaching Your Target Market?
One reason you could be suffering from low sales could be that you are not reaching your target market. You may be reaching a lot of people, but none of them are prepared to spend money on your products or services. If you are getting a lot of people coming into your store saying your prices are too high then you are not reaching your target market. If you were reaching your ideal clients, they would be coming in to your store with wallet in hand ready to make a purchase.
Are You Trying To Expand Your Market Reach?
You may have reached everyone available to you with your current brand and need to change in order to break into a new market. Your current brand may be working for your current clients, but you may need to change it up a bit if you want to reach a different type of client. If you’re trying to reach clients with more money, you may need to go more upscale with your branding. You may want to consult a business coach or consultant to help you make this change in your business.
Now that we’ve discussed why you should rebrand your business, we can talk about how to rebrand your business.
Get Customer Feedback
When you’re undergoing a task as important as redefining your brand, you want to make sure you talk to your customers about it first. This includes both current customers and potential customers. It is important that your branding helps your brand and doesn’t hurt it. You don’t want to confuse or alienate your current customers. The quickest way to do this is by surveys. You could email your current customers surveys or you could post the surveys on social media. However you decide to get feedback, be sure you get it before you spend a ton of money on something your customers don’t even want.
Get an Analysis to Determine What’s Working and What’s Not
It’s important to make sure you don’t fix what’s not broken. You need to make sure that your rebranding efforts are tackling actual problems. You may need to hire an outside firm to help you with this step. It’s a lot easier for someone that isn’t associated with the company to point out flaws in your branding efforts. All of the steps you’re taking to rebrand your business may cost some extra money. A site like ukhomeandpersonalloans.co.uk is perfect for a loan to help you get these changes made.
Your brand is crucial to the success of your business. If you feel like your brand is holding you back from the success you deserve, then you should definitely go on and change it. Just make sure you have all the information you need to to make informed choices about your brand.