Is your business slowly shifting to another demographic?
Have you achieved some of the major goals you’ve had since the beginning?
If these sound familiar, here are some of the other tell-tale signs you need to look out for…
Younger people are showing interest in your brand
Getting young people interested no matter how short or long-term is good news for any business. This is made especially important if the majority of occupants in the city the business thrives in is dominated by the younger generation.
New companies make your business look like a thing of the past
Do you experience that sinking feeling of people not recognising your brand anymore? If you do, then rebranding is just for you.
Here are some of the things you must consider rebranding if your business is feeling left out:
- Company logo
- Company colour scheme/palette
- Office interiors and exteriors
- Product branding (packaging, slogan, etc.)
- Marketing strategies (ex: open social media accounts and gain a strong following or launch contests to gain attention)
- Target demographic (ex: switch from focusing on business people or families to teenagers or people in their early 20s)
You don’t offer convenience anymore
People of this era are attracted to everything modern. Everything that provides convenience and well-being are considered a necessity. Be it a new way for communication or a better way of providing service, people will always gravitate towards whatever is in and economically practical. Let’s say you’re running a small family restaurant and you notice that your trusted customers don’t seem to come in as often anymore. So you investigate on your own and find out that they’ve migrated to another family restaurant. Shocked, you investigate further as to why the migration happened in the first place. You then discover that this family restaurant offers free delivery within a 15-kilometer radius. To get back your trusted customers – what do you do? You offer free delivery, too. But with a twist! You can offer them free delivery including bonus items if they hit a specific amount. If business goes well, you may even offer to accept orders via your social media accounts such as Facebook or Twitter (via Direct Message).
Your company is linked to something or someone recently infamous
Imagine naming your brand after a natural disaster that claimed thousands of lives in the following year you launched it. Wouldn’t you, as a customer, feel dejected to patronize a brand that has a negative emotional distinction to it? Rebranding when it comes to this situation isn’t necessary, but if it causes outrage or moves your customers’ emotions in a negative way, it’s best to give this option a try.
You’re losing clients. FAST!
Losing one or two clients from time to time is one thing, but losing them fast is another. You can’t really blame your customers. If what you’re offering is worth less than what others are prepared to give in a cheaper and more innovative way, customers are bound to leave. But if you keep up with the times and let your business evolve the same way as established brands have been doing for the last couple of decades, then you’re sure to last longer in your chosen industry, too. So if you see that a majority of your trusted customers are gearing towards other companies because of their modernity, rethink your options and think of rebranding, too!
Rebranding your business is a huge step that can either make or break you. Any change you make with your business will cost money, so it’s important to be very smart and keen on your decision to rebrand or leave your business as it is.
Have you experienced rebranding your business before? If you do, please feel free to share your rebranding stories in a comment below. Please watch out for our next blog which will discuss the major steps you must take to rebrand your business effectively. Until then, please visit our Facebook Page today for more small business tips and tricks.