Tip for Coaches 1.8: Re-brand Your Business
From time to time it may be necessary to rebrand your business to keep pace with new product and service offerings, appeal to new target markets or refresh a brand identity that has grown dated.
1. To determine if rebranding is necessary, assess whether your business’s needs have changed since you began or since you last developed a brand. Ask yourself:
- Have my target customers changed?
- Have I added new products or services?
- Has my business’s price point changed? If you go from a mass-market price point to a luxury one, for example, it may be time to rebrand.
- Have my business’s sales channels shifted? If you change from a business-to-consumer company to a business-to-business focus, or shift from retail to wholesale, you may need to rebrand.
2. Define your new brand.
3. Update your business’ logo, signage, website, advertising and collateral as needed to reflect the new brand. Work with outside designers and agencies to develop new materials if you’re unable to do it in house.
4. Consider announcing the new branding to your customers in social media, press releases and other media. State the reason for the new brand (new owner/management, new product/service offerings, new direction).
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