Business owners have varying reasons when rebranding their businesses. Some do this as part of their preparations for international growth. Others choose to rebrand to cater to new audiences, enter a new market, or stay relevant. In other cases, some businesses choose to rebrand along with the significant changes in the company, including a change of business ownership.
No matter your reason for rebranding, know that this is a tricky thing to achieve. Do it right, and you’re signing up your business for success. However, even the most successful entrepreneur can fall victim to common mistakes that can cost your brand’s future. When you finally decide to rebrand your business, make sure to avoid the following.
Failure to do enough research
Before you go on with your plans, make sure to do proper research. Ask yourself how your customers and target audience perceive your brand and your competitors’? Answering these questions can give you an insight into the things that you can do and stop doing to make the shift successfully.
Not having a well-thought plan
Failure to establish a plan is the perfect recipe for disaster. Make sure to develop a plan, list your goals and objectives, and address all the facets of your business before you make any move.
Thinking that rebranding won’t cost you much
Aside from the research and creative costs, there are other expenses to think about. These can include hiring a company that specialises in professional design and printing services in Singapore as well as the training costs for your employees in Singapore. List all the expenses you may need to pay and set a budget accordingly. Remember that this is a worthy investment that can help you realise your business goals.
Thinking that a change in logo is enough
When we hear of businesses planning to rebrand, we often wait for the big reveal, which is usually a change in the brand’s logo. But rebranding isn’t just about opting for a brand-new logo. It involves your strategy, objectives, vision, and message. Take note that your business is more than just your logo. Think about your whole brand identity before dealing with your logo.
Failure to think about your customers
Your customers are the reason you’re in the business. Without their loyalty, you won’t be able to keep up with your competitors and make revenue. While your core values and culture matter, think about focusing on your customers as well.
Placing the wrong person in charge
One typical error business owners make is letting the wrong person take charge of the rebranding. Some tend to have an unorganised flow of approving the plans, while others fail to put their trust in someone reliable and dedicated enough to the project. With money, time, and other resources involved, you as the brand owner need to be hands-on from start to finish.
Stopping all efforts after the launch
Let’s say that you already have everything lined up and successfully launched your rebrand. You may think that your work is done. Not quite. There are other things that you need to accomplish. You need to measure the results of your rebranding, monitor your buzz, increase publicity, and listen to what people have to say about the new changes. See what needs a bit of tweaking, which strategies work the best, and what else you can do to maximise the results.
Rebranding is challenging, but it could be the answer to your company’s dilemma. If you wish for a successful rebrand this year, make sure not to make these costly mistakes.