Is your business stuck in a rut? Rebranding can be a great way to revitalize your business and inspire excitement in both your current and future customers. Also, if your company has received many negative reviews, rebranding can be a useful tool to start anew. However, rebranding can be expensive and risky, so the following list aims to lower costs while maintaining results. Of course, it is crucial to rebrand both inside and outside of your company, so make sure to provide employee training, hire new talent, or otherwise resolve current issues in addition to just changing your business name in order to be successful!
Focus on Marketing Materials
An obvious yet important first step of rebranding is to refresh all of your branded materials, such as your logo, company name, signs, business cards, and other items containing contact details or information relating to your old business. Your company sign is a great way to start rebranding, since it is one of the first things customers see before engaging with your business. Changing your dated sign to a modern monument sign, for example, can help attract customers and proudly display your new company name, logo, and/or location.
Utilize Social Media
Social media is an amazing (and free!) way to inform the public about your rebranding effort. You can also choose to run paid advertisements to market your new-and-improved business to a new target audience, but this is not required. Letting your current and future customers know about your intent to resolve internal issues and start fresh can be a great way to restore confidence and trust. However, you must deliver on your promises in order to build long-lasting and fruitful customer relationships.
Offer New Products or Services
In order to truly convey the message that your business is interested in change, you can offer new products and/or services. Product development can be costly, but it can be a great investment in the long-run by encouraging old and new customers to check out your rebranded business. However, make sure your new product or service is consistent with your overall product offering so that the change is not too drastic or alienating to your audience. A cheaper option is to refresh your current products or services by making small changes or even running a sale to raise excitement.
Conclusion
All in all, rebranding can be a great way to get a fresh start for your business, and it doesn’t have to break the bank in the process! You should focus your spending on changing your marketing materials, and then cut costs by making announcements through free social media posts. Additionally, to show your company is serious about change, refreshing your current product offerings or even making a new product or service can help inspire confidence and newfound interest from your customers. Rebranding can be an amazing tool when combined with both internal and external change!