In 2000, BP spent $7.6 million to design a new logo and at least $220 million over two years to rebrand vans, manufacturing plants, gas stations and more. You shouldn’t have to spend that type of money, but you do have to commit to a rebranding as if it were that costly.
You’ve been running your business for a couple of years now and you haven’t made many changes. Why change something that is already perfect, right? But one thing is clear; you can’t run your company the same way forever. You have to make changes and evolve as the years go by. Here are some ideas to bring about change and breathe new life into your business.
1. Be Ready for Change: If you want to revamp your business it’s going to require you to change your ways of thinking and get rid of things that were at one time perfect. A first step is to be open to changing or adjusting the way you do business and be prepared to act immediately.
2. Determine Your Mission: Take stock of your company’s strengths and weaknesses. Look at the big picture and not just a preview of your business. Before you go about changing anything like a type of product, brand name, or company, be clear about what problems you are you trying to solve. Make it a mission. Figure out where you are now and where you want to be.
3. Talk to People: Ask people you know for their opinions on your company. They could be your customers, employees, business partners or industry experts. Ask them…
- What they think about your products, services, and your brand in general.
- What they like and don’t like.
- What they would suggest changing.
- If you need a little revamping or a major overhaul.
- Where do you rate in terms of customer satisfaction and brand differentiation?
Your market research, both qualitative and quantitative will be able to help you answer some of these questions. Maybe your business could send out short survey as your market research.
4. Measure Your Total Market: “Most people agree that this is the most important thing you can do as a business owner”, says Michael Silverstein, a consumer and retail expert with The Boston Consulting Group (BCG), a global management consulting firm. Many companies make the mistake and measure a narrow representation of what their market is. A good approach is to devote ongoing study in two arenas, within your industry and outside it. How has the market changed in your industry? Is your product or service still relevant? That’s the moneymaking question.
5. Seek Allies: Companies should foster new relationships with retailers and seek allies from within and outside of the industry. It could be hard creating a new brand identity and having other businesses help you through the process will be great for you and will help them in the long run as well!
Rebranding can be difficult if you don’t know what steps to take and what needs to be done. Fortunately, StrataBlue has helped many businesses rebrand themselves and can help you out, too! Which businesses do you think did a good job rebranding themselves? Let me know in the comments below!