Have you ever thought about rebranding your business? Admittedly, it’s a scary thought. You’re essentially thinking about changing parts of your business that made it who it is today.
So why should you rebrand, and what’s the best way to approach it? Check out these tips!
Your Audience Is Constantly Changing
The audience you were targeting 20 years ago is most likely not the same audience you’re trying to target today. People change, and so do the trends that they’re interested in following. In order to stay relevant in an ever changing world, your company needs to stay up to date with the world outside its four walls.
Millennials are the up and coming generation of consumers today, and if you’re active on social media, you know that their tastes are very different than people’s tastes in the generations before them. Millennials want quick information, huge discounts and great deals. So, branding yourself through social media is the best way to connect with them. You don’t want to be perceived as “old-fashioned,” so following trends is a must.
New Products Help
A key reason for rebranding could also be that your company is launching a brand new product, and you want to show consumers that this product will be a complete game changer for your company.
When Amazon became much more than just an online bookstore, they chose to rebrand in order to reflect this new status quo of the company. That’s why, in the early 2000’s, their logo changed to their name with a curved arrow leading from A to Z, to reflect that the company now carries every product customers could want, from A to Z. Amazon.com is now known around the world for its vast selection of products and services, and has expanded its offerings to TV streaming, and even tablets and smartphones.
Giving Your Brand A Story
Every business has a story, whether it’s a crazy, amazing one or just a basic story with a lot of heart, figure out what yours is and capitalize on it.
Subway’s “Jared” campaign is a good example of a successful rebranding story. In 1998, when Subway started telling the story of Jared — an overweight man who ate a mostly Subway sandwich diet and lost a significant amount of weight — they had an annual revenue of $3 billion. Since then, Subway’s revenue has gone up to $11 billion, due mostly to Jared’s inspiring story. It caused a national movement of people wanting to eat healthier foods in smaller portions, and the effects of that campaign are still felt today.
Rebranding is a great way to re-energize your company, and make it appear more relevant to newer audiences! So don’t be afraid to take a leap of faith, and rebrand your company for a more successful future.