Your brand plays a key role in the success of the business because it touches customer’s emotions and echoes your promise every time they see your logo. Hence it is important to carefully rebrand so that you don’t break your business and customer’s relationship with you.
There are multiple reasons for a business to go for rebranding. While constant changes that demand “new” every time is one main reason, business expansion or merger, or a bad reputation is few other reasons. No matter the reason, rebranding is both easy and hard. Easy because rebranding is the same as running an important marketing campaign and hard because everything gets changed and you should be ready to digest the result and act accordingly. Although there is not much to fear, one of the key challenges most companies face when rebranding is- costs, especially for small businesses.
Small businesses do not have tons of money to rebrand and market their new brand. But a little determination and creativity can lead to a successful rebranding. This article discusses a few easy ways to rebrand your business without hurting your budget.
Having said that, there are many reasons for a company to rebrand, let’s firstly have a look at a few to analyze if your company needs rebranding too. So, shall we?
5 reasons why do you need to rebrand your company
1. Expansion: With the evolution of the internet, the world has become more connected and so businesses now have international customers too.
2. Changes in the product line: The core business product lineup might have changed due to changes in customer habits or market demand.
For instance, Tiffany’s, one of the expensive American jewelry and specialty retailers was a stationery store when it was founded.
3. Dated Design: An outdated name and logo design create an impression that the company is not yet upgraded.
4. Reputation: As a part of reputation management and to ditch the bad reputation.
5. Acquisition: After an acquisition or merger, a company has to undergo rebranding due to legal requirements and also majorly to show a visible change to customers.
Thus, whatever the reason, rebranding can help you get out of the pitfalls and kickstart fresh. Furthermore, if done rightly, your brand may take off overnight and build a strong brand reputation. Okay, now let’s see how to do it?
How to rebrand strategically on a short budget?
As mentioned before, a powerful brand is for every business irrespective of size. Your capital shouldn’t let you compromise your rebranding strategies and the makeover success as there are a few effective rebranding strategies you should know to cut your expenses.
Do It Yourself
You will need to collaborate with an expensive team consisting of a market researcher, graphic designer, developer, etc. When you are already struggling with a limited budget, hiring such a team could break your bank. So to cut expenses, figure out what your existing team is capable of.
- You could get your new brand stationery such as logos, letterheads, and templates from PosterMyWall, a solution for all graphic design needs.
- An online website builder can help you create a fully customized website without the need for a developer.
- Avoid a market researcher as social media tools or other online tools help you learn your customer’s nerves and market demands.
This way, you can eliminate huge expenses that can be replaced easily for cheap. Of course, you will have to do a little research and invest time which is worth it.
Look for partners
Partnerships are the best way to reach the goals without compromising on budget. Try to find a partner brand so that you can launch your new product and reach a wider target audience. Hence, you can save the resources you might invest to reach the shared audiences.
The collaboration of Taco Bell and Doritos became highly successful as their combination was the highest-selling menu in the same year.
Tell your point of difference (POD)
Building a strong identity is vital for any business because otherwise, your customers won’t remember you. As you know that the market is hugely crowded, you should stand out among your competitors to establish a strong identity.
The only way you could achieve is to tell how your brand is different from the rest and why should they come to you. State your point of difference, your mission, values, and goals in a way your customers remember you for those.
Make use of newsletters, blog posts to share such important information.
Update or revamp your website
On average, brands undergo rebranding once every 7 years or 10 years. Rebranding involves restyling logos, colour palettes, fonts, visual graphics, etc. This doesn’t mean you would need only such changes when rebranding.
You will need to rebrand every single thing right from letterheads to your website. Your customers would like to see the newer version of your website and enjoy the enhanced UI and UX. Moreover, to cope with the changed user habits, you need to optimize your website for mobiles and deliver a valued experience for mobile users too. Otherwise, chances are there that your rebranding could go in vain if you miss certain essentials.
And what you want to remember is that coping with the latest digital trends is not just an option but a necessity to survive in the market.
Use online presence to your advantage
Now comes the important step, marketing your new brand. Marketing your new brand doesn’t cost you much when you take advantage of your online presence to the fullest.
You can create a buzz a few days before the launch through newsletters, Facebook, Instagram, Twitter, and other social channels. Also, you can write a blog post or ask for opinions through polls on social media.
You can launch your new brand featuring it on all your social media channels and your website with innovative concepts. This might require ad costs which are far less than traditional advertisements.
No matter why you are rebranding your business and what your goals are, you can always do that on a short budget. Saving your budget is a smart option when rebranding, as you can never know the final result during the process. Hence, limiting your budget and saving on things you can easily replace for cheap is a productive strategy. Moreover, you can use those resources for marketing innovatively so that you can captivate more audience and capitalize on your rebranding efforts.