It's easy to get caught up in the power of a beautiful redesign or the enticement of a fresh look & feel. In the pursuit to capture that elusive "new customer" - we all want to believe the statement "If you build it, they will come" ... But what happens, in some cases - If you rebuild it - and they don't come back?
Rebranding can be a great move in a lot of ways: It's an opportunity to refine your message, service offerings and business goals as well as streamlining your process to run a more efficient business and grow. However, I've witnessed situations in which mid-sized brands (or personalities) decide to change the face of their company with sometimes dire consequences.
When going through a rebrand of any kind, companies need to consider not only market trends and potential customers but also, their existing customer base - are they reflecting and respecting the following they've already gained and the expectations that have been set there?
Now, I get there are legitimate reasons for changing it up. But only 2 out of the 3 following are good reasons - see if you can spot the other:
Reason #1 To capture larger segment of your market - They say it takes 10 times* more money (*insert your own figure here) to gain a new customer than it does to keep an existing one. The key here is to understand that while you may want everyone and their uncle to walk through your door or try out your product - you have already begun to build a large following among current consumers. Why re-invent the wheel entirely? First, brush up on your current customer base, gain an understanding of the messages that are resonating, what's working and driving sales - and then use that to get MORE of them!
Reason #2 Because you're outdated - Things change and so do people's buying habits. We're not talking trends here, we're talking about the need for you to adapt your offering to the needs of current consumer landscape. Your clients love you, but they've also been around the block. Perhaps you've recognized the need to look down the road and see what your version 2.0 looks like. It's not a bad thing when your customers get to enjoy a better, more awesome version of YOU! Done correctly, most will even pay more for it!
Reason #3 Because everyone else is doing it - I've seen it where a company or brand has been bitten by the 'trend' bug and changes course as quickly as today's twitter trending feed. You're feeling the pressure. Other companies are focusing elsewhere and seem to be having more success. What to do? Either adapt and ride the coat tales of bigger brands - or forge through new terrain of building on what you've started and watch your sales flat line. It's not an easy choice to be facing - but the good news is those aren't your only two options...
(If you haven't guessed - the bad option is Reason #3. This rational wasn't popular in grade school and it's certainly not popular or wise in business. Basically, don't get caught up in the trap of going after 'what everyone else' is doing.)
THE GOOD NEWS: If you've been around long enough to consider a re-brand, it must mean you're doing something right!
Do your research. Find out what that something is - what makes you, YOU? In approaching your face lift or renovation - sure, it might take some customers time to adjust, not everyone loves when things change - but as long as you don't lose sight of the pillars on which you've built your current happy customers.
Then when you are ready to transition, you hold onto it for dear life, wear it like a badge, filter it into your speech, your logo, your staff your marketing and become a newer BETTER 2.0 version of you.
Come'on. Everyone else is doing it ;-)
Photo by Caleb Woods on Unsplash