There are numerous reasons why businesses decide to rebrand – for some, it might be adopting a new business model that the old name or logo doesn’t reflect. In contrast, others do it to disassociate the brand from negative perceptions or attract new audiences. Rebranding can imply different changes – a new brand’s logo, color scheme, or even a name.
Whichever the case, when it comes to rebranding, there is always a risk of losing some of your loyal customers while striving to attract new ones. But it doesn’t have to be this way.
Below, you will find a step-by-step guide to rebranding your business without losing your customers. Apart from identifying key reasons for rebranding and developing a compelling strategy, you will also need to publicize your rebrand, involve your customers in the rebranding process, gather constructive feedback, and follow up after rebranding (conduct surveys, read comments, read more about virtual phone lines to dedicate a new number for the job, etc.), among other things. Continue reading to learn more about rebranding your business with minimal losses.
Determine the Reasons for Rebranding Your Business
Before you get started on the rebranding process, you should determine whether it is absolutely necessary. To do that, you need to take into account various factors that are specific to your business. To start with, you should consider the following questions:
- Why do you want to rebrand your business?
- What are the benefits of rebranding?
- Do you want to rebrand because of a change in your business model?
- Do you want to attract new audiences?
- Do you want to distance yourself from past negative associations?
- Is rebranding necessary because of bad reviews or other online complaints?
- Is rebranding part of a larger marketing strategy?
- If your business is facing financial difficulties, is rebranding likely to help? Is it worth the investment?
Determine Your Rebranding Strategy
Once you have identified the main reasons for rebranding and determined whether it is necessary, you can start working on a rebranding strategy and develop a comprehensive marketing plan. These two aspects need to be included in your business plan – do not underestimate the value of defined goals and well-thought-out strategies when it comes to rebranding.
It is essential to keep in mind that rebranding doesn’t necessarily mean changing your company’s name or logo. It can also entail changing your company’s slogan or terms and conditions, redesigning your website or a store, adding new products or services, and so on.
Develop a Detailed Marketing Plan
Once you have determined the main reasons for rebranding, you can begin working on a detailed marketing plan that will help you develop a comprehensive brand strategy that will identify your strengths and weaknesses, outline strategies for building brand awareness, and determine ways to incorporate your brand into various aspects of your business, such as your website, social media, and other marketing channels.
The marketing plan should also include ways to build customer loyalty and attract new clients to your business. For instance, if your rebranding strategy is based on changing your business model, you might need to consider ways to adapt your business’s offerings or alter its pricing structure. In contrast, if you are rebranding to improve brand awareness, you should consider developing a comprehensive content marketing strategy.
In other words, a marketing plan should answer all of the questions above and focus on rebranding as a standalone project.
Identify Rebranding Opportunities
Any rebranding opportunity will allow you to implement a rebranding strategy without losing your current customers. This should be your goal – you want to retain existing customers while attracting new ones. The good news is that there are numerous opportunities for rebranding your business – from changing business models to repositioning your products or services.
Here are just a few opportunities that can help you rebrand without losing your customers:
Repositioning
Often, there is more to rebranding than changing your logo or rewording the slogan. Repositioning your business can be an excellent way to change its image and attract new clients. For instance, if your business is primarily aimed at male customers, you might want to reposition it as a female-friendly brand. Or, if you are working with a limited budget, you might want to reposition your business as an affordable option in your industry.
Repositioning is also a good way to offer new products or services that were not available before. When done correctly, repositioning can help create new opportunities for your business and attract new clients.
New Business Model
Changing your business model can also help you rebrand without losing your customers. For example, if your business model is based on retailing, you might want to look into e-commerce. The same goes for any other business model.
If you plan to change your business model, it is vital to study the benefits and drawbacks and develop a valid strategy before actually implementing it. You also have to think about how you will communicate the change to your current customers to convince them to stay with your business.
New Tagline
If you want to reposition your business, a new tagline can be a great way to do it. It will help you communicate the essence of your brand’s new positioning; a well-thought-out tagline can reach new clients while keeping your present customers aware of the situation.
New Colors or Fonts
Sometimes, a new color scheme or a different font can help you create a fresh image for your brand. It doesn’t have to be a complete redesign – just changing the color of your logo or using a different font can help you create the impression of a new print design.
New Product or Service
If you want to rebrand your business, you can also add a new product or service to your portfolio. This might be especially beneficial if your current products aren’t selling as well as you would like them.
You should think about the benefits and drawbacks of adding a new product or service. Will it help you attract new customers? Is it in line with your business model? Will your existing customers like it?
New Logo
Another way to rebrand your business is to change your logo. Whether changing it entirely or just updating the design, the new logo can help you create a fresh look for your brand.
Even though changing your logo might be an effective way to rebrand your business, it will likely take some time before the new logo is widely recognized by customers. It is vital to get your customers on board with the new design and explain why you chose to make the change.
New Name
One of the most popular rebranding strategies is changing the name of your business. There are numerous reasons why you would want to do that – from distancing yourself from negative associations to attracting new audiences.
However, changing your business name is also one of the most challenging rebranding strategies that can easily backfire if not executed properly. If you consider entirely changing your business name, it is vital to study your options carefully and rebrand with a clear plan.
Publicize Your Rebranding
Once you have developed a comprehensive marketing plan, you should begin publicizing your rebranding and let your customers know about the impending changes. This is a crucial step because it will help you gain customers’ trust and persuade them to stick with your business.
You can do this in several ways; for instance, you can hold an event where you will talk about your rebranding and let your customers ask questions. You can also take advantage of different types of media, such as your website, social media, and print media. Additionally, you might use email marketing or direct mail to contact your existing customers and tell them about the rebranding process. Besides, you may reach out to bloggers or influencers so that they can share information about your rebranding with their audiences.
Another way to publicize your rebranding is to offer incentives for sharing information about your rebranding. If you are rebranding to attract new clients, you could offer discounts or promotions. Just be sure that the incentives are relevant to your target audience and are not too complicated to redeem. For instance, if you are rebranding your business model, you could offer free shipping for one month to entice shoppers to place an order.
Involve Your Customers in the Rebranding Process
When it comes to rebranding, involving your customers in the process is crucial because it will help you gain their trust and support. This can be done in several ways. For example, you can invite them to participate in a discussion forum and let them decide the name and logo for your new brand. You can also let them vote on different versions of the logo and choose the winning one.
Regardless of the methods you use, involving customers in the rebranding process will help you gain their trust and support and engage them in your business’s journey to success.
Gather Constructive Feedback and Follow Up
Of course, after rebranding your business, you should monitor how it affects your company’s performance. The feedback you get from your customers will help you determine if the rebranding process was successful or not. You should ask them about things they liked or disliked about your rebranding strategy, what they think of the new elements, whether they are likely to purchase your products or services in the future, and so on. If you are rebranding for multiple reasons, you must track how each aspect affects your business individually.
For instance, you can conduct customer surveys to learn how the rebranding process is perceived in general and if customers can spot any differences between your old and new brands. Additionally, you can assess how rebranding impacts your business’s SEO performance. There’s also a possibility to invest in a virtual phone system. By doing so, you will be able to create a separate number for gathering feedback from your customers. It will also make your clients feel seen, heard, and appreciated.
Final Thoughts
In conclusion, rebranding is a tricky process that not all businesses survive. However, if done correctly, it can be a powerful step that will help you increase your profits and better position your business in the market. To do that, you will need to make sure that you identify the main reasons behind your rebranding plans and develop a comprehensive rebranding strategy.
From there, you should publicize your rebranding, involve your customers in the process, gather constructive feedback, and follow up. If you do all of that, there is no reason why your business shouldn’t be successful after rebranding.
