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How to Repackage Your Business for New Markets
Rebrand your business or products for new opportunities.
Whether you’re unveiling a new product, expanding your customer base or re-introducing your business to former clients, you can jump-start sales if you understand how to overhaul your small business’s brand.
Your brand is what you want people to think of your company, says Re Perez, founder and chief executive officer of San Diego-based marketing firm Branding for the People. “So branding becomes the process of creating, shaping, and influencing that desired perception.”
The ultimate goal when repackaging your brand is for potential clients to trust, like and respect your business enough to buy from you. Here’s how to stay true to the core of your brand while repositioning it to appeal to new markets.
5 Tips for Rebranding Your Small Business
Don’t stray too far. While it’s good to be known as innovative, you don’t want to rebrand your company so far away from its current image that customers become confused about what you do. Survey loyal customers to find out if they can perceive your company the way you want to reposition it. For example, “If McDonald’s or Burger King decided to get into the pizza business, that would be weird because they’re known for burgers and fries,” Perez says. However, if the fast food giants decided to unveil a new type of burger, “that would be an appropriate extension of the brand.”
Give customers the ‘why.’ Your current customers are used to seeing your business a certain way. If you’re changing your business’s brand or image, use marketing materials to tell your customers why you’re repositioning yourself. “Psychologically, people want to know why you’re changing,” Perez says.
Build on what you have. If your brand is already recognizable for a particular reason, use that to your advantage when repositioning yourself. For example, if you’re known for providing reliable information technology services and you unveil a software program, you might brand yourself as the software developer with the most reliable customer support. Other ways to capitalize on what potential customers already know is to feature the company’s name, logo, or tagline in marketing and promotional efforts for new products and services.
Consider a rolling launch. Sometimes it’s in your best interest to rebrand quickly, such as if your current branding efforts are hurting sales. But one key benefit of repositioning your company over a period of time is that it gives customers time to adjust to the changes. If you do choose to rebrand over time, use communication to your advantage by letting customers know what to expect. For example, you might want to do a teaser campaign that leads up to an official launch date for a new product or service, Perez says.
Know when enough is enough. While repositioning your brand is a normal part of a business’s growth, doing it too often can backfire on you. “When you keep changing you demonstrate inconsistency and inconsistency breeds lack of trust,” Perez says. You want to show your audience that you’re clear about what your company does.
Rarely is the branding of a company a one-time thing, and you should be prepared to make adjustments as your business grows and evolves, Perez says. “If brand is a perception in the marketplace, you want to create and manage that perception over time.”
Want to learn more savvy business strategies? Take a look at our business resource center. And, one of the smartest business decisions you can make is being proactive about protection. Connect with an agent today to learn about customized coverage for your business.
This article is for informational purposes only and based on information that is widely available. This information does not, and is not intended to, constitute legal advice. You should contact an attorney for legal advice specific to your situation.