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Rebranding nightmare

I have rebranded my venture about 5 times in a span of 10 years. Reason has been the changing face of my venture. But I now feel like it looks confusing to my target market. I am planning to start afresh after 3 years in the cold (had to provide homecare to my wife, who passed away). Should I stick to my previous brand or change it?

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10 answers

This all depends on your product or services. Branding mostly helps customers find your business and with marketing. Think about what's being offered as a product or service, and push it. Online Marketing, Social Media Marketing, Videos, and testimonials will help. Please let me know if this helps.

Report DeEtte's answer

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Ask yourself who needs your products and or solutions.

When you answer this question, you can define your target market. From this point on it is easier to find what they will respond to and this can drive your customer acquisition strategy.

All the best

Report Okeyinfu's answer

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Depends what you do. Start with a market /business funnel, it will help narrow down your focus and make it more specific. This will help you know if you need to rebrand or stick to what you have; most likely you will have to rebrand.

Report Issaae's answer

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Normally, I wouldn’t be onboard with changing your business name so many times. It can confuse customers or make them wonder if they can trust you.

That said, you said it has been some years since the last change. So maybe this is a chance to start again.

You want to give your company a name that resonates well with your customer, is easy to remember, and clearly relays the product or service you offer. Of course, there are companies that have successfully broke these rules (what is a Google anyway?)

I won’t pretend it is an easy task! So think long and hard about it - you want a check in each category, ideally!

Very best of luck to you!

Report Sirena's answer

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I suggest a strong marketing plan that is a composite of your experiences over the last decade. The objective of that plan is to focus on your latest market research, the current prospective customer base and your present risks and opportunities in the product or services you are planning to sell. It will be a great home for what you have learned.

Branding is important but the branding process is more than changing the name of your enterprise. It is an ongoing process to sculpt your piece of the action based on the unique niche you are marketing. You plan should evolve that niche and your brand name for it by addressing the following:

WRITE YOUR PROBLEM STATEMENT This identifies the problem you'll solve for your customer and provides the underlying reason people will frequent your business

BUSINESS DESCRIPTION Describe in detail your products and services and your business model.

TASTE, TRENDS AND TECHNOLOGY What does your research indicate is the trend in your field? Will it stay the way you are currently offering supplies and services or will it change? This item covers the developments you expect for the next few years. Evan a 'perfect' business can become obsolete overnight due to future developments. Specify in this section a 5 year forecast of your field in your area.

SALES REVENUE FORECAST Have you developed these targets? This section shows your estimates of future sales revenue for your business. To finish your marketing plan, you'll need to spell out the specific actions you will take to achieve your forecast sales revenues.

COMPETITION ANALYSIS When customers consider patronizing your business, they first consider whether or not you can solve their problem. But they don't stop there. They also compare your business with other businesses. It's helpful for you to make a similar comparison so that you understand how your customers think. This exercise, as any exercise in the marketing area, requires some mental gymnastics. Your job is to place yourself in your customers' frame of mind and objectively compare your business to the competition.

DIFFERENTIATE YOUR BUSINESS FROM THE COMPETITION (YOUR NICHE) Your next job is to describe how your business differs from the competition's strong and weak points.

DESCRIBE YOUR TARGET CUSTOMER The next step is to describe your target customer in specific, individual terms. The easiest way to do that is to create a mythical target customer and individualize that target customer so that you consider him a friend. Be as specific and as personal as you can.

DECIDE HOW TO REACH CUSTOMERS Once you describe your target customer, it's easier to create a list of possible ways to reach that person. One of your jobs as a businessperson is to decide which of all the possible methods of communication will give you the most exposure for the least cost in money or time. Write down the five or so methods you think will reach most of your customers. Remember to select methods that are appropriate for the overall number of people in your target market.

CREATE A MARKETING BUDGET Now that you have a wish list of things you'd like to do, it's time to decide which of the promotional ideas you can afford and which are too costly. However, if you didn't allow enough money, or, if you're not sure how much money is enough, you'll want to stop here for a moment and think about it.

Start by listing each of the promotional items you decided on for your promotion together with their costs. Then add up the promotional costs and fill in the total. Next, list each of the promotional items you plan to use during the next two years of your business together with the monthly cost of each. Those two groups of specific actions and costs, promotion and monthly marketing, advertising and promotional costs will become the blueprint for your marketing plan.

DISCUSS THE RISKS FACING YOUR BUSINESS Every business faces risks. The people whom you will ask for money will want to see that you can not only face reality but also deal with possible difficulties. The following discussion outlines risks small business owners typically face. Once you've analyzed these factors, you'll be ready to write a summary of the risks that apply to your own business.

COMPETITION: Most businesses have competition. How will your business differ in significant and positive ways from your competition? If your competition is strong, don't minimize that fact, but figure out ways you will adjust to or use that strength. For example, if you plan to open a restaurant next to an extremely popular one, part of your strategy might be to cater to the overflow. Another might be to open on days or evenings when the other restaurant is closed.

PIONEERING: If you anticipate no direct competition, your business probably involves selling a new product or service, or one that is new to your area. How will you avoid going broke trying to develop a market?

CYCLES AND TRENDS: Many businesses have cycles of growth and decline often based on outside factors such as taste, trends or technology. What is your forecast of the cycles and trends in your business? For example, if your forecast tells you that the new electronic product you plan to manufacture may decline in three years when the market is saturated, can you earn enough money in the meantime to make the venture worthwhile?

SLOW TIMES: Every business experiences ups and downs. Is your business small and simple enough, or capitalized adequately enough, to ride out slow times? Or do you have some other strategy, such as staying open long hours in the busy season and closing during times of the year when business is dead?

OWNERS EXPERTISE: Nobody knows everything. How do you plan to compensate for the knowledge you're short on? Write your risk analysis by first thinking of the main dangers your business faces. This shouldn't be hard, as you have probably been concerned about them for some time. Some of these may be on the list set out above; others will be unique to your business. Once you have identified the principal risks facing your business, write out a plan to counter each. But don't bog yourself down worrying about all sorts of unlikely disasters.

SUMMARY

Complete the above marketing plan to finalize your business model. You will then have the tools to attract and retain customers. It will be time to execute it and succeed. Your brand name will have occurred to you during this process.

Report Kenneth's answer

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Wow... what a great answers!!!! I couldn't agree with them more. I think it's time to think and target properly and focus. Ask all the previous questions others provied and update your business plan mostly your elevator pitch, goals, marketing strategy and financial strategy (at the beginning help you with detail your goals)

Report Aina's answer

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Hello Papa Joe!

Your question is a great and important question a lot of clients ask me. And the answers you see above I guess does not give all the answers you might look for. Or might you make even more confused. In my opinion, if you feel you need a rebrand it means there is something that you feel does not fit. Maybe its the market, your customers, but maybe its you, yourself who does not feel aligned anymore with your venture. My approach and meaning to branding is different than the classic marketing approach. I suggest you take a little more time to aks yourself what you are really wanting to do. Look for the golden circle principle of Simon Sinek, there is a great TED talk. He talks about the Why, What and How. Dont think about the market, the competion for now. Think about yourself, start with finding your WHY. You have the the chance to start all over after a difficult period. You probably changed. Maybe different things matter now, than years ago. Find your WHY, make it the core of your brand! Then you will see everything will get easier: finding your target market, elaborating your business strategy and so on. Wish you lots of fun and good energy for your new beginning!

Report Joachim's answer

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first. what do you mean by branding? Do you mean you have changed your name? your tagline? your brand messaging tone of voice? or the logo?

Building a brand is totally different than building a brand visual identity. A brand is a full experience, Logo and visual identity is an element of many.

My advice, step back, set a clear brand strategy, concentrate on your audience, and choose the best to reach them.

Report Wessam's answer

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What is Rebranding means... we need to understand your perspective to respond back. Before that you need to ask who are your clients and why would they give business to you. Will they move their business because you have rebranded yourself...

The only reason you may think of rebranding is to start a conversation with with clients and prospects. A new communication or look and feel is a great tool to re-engage clients and initiate discussion..

In my business, I have found that rebranding helps in enhance recollection and it creates opportunities for new conversation leading to new businesses...

Do let me know if you need any further insights

Report Sandipan's answer

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Hi,

Re branding is an option taken by bigger brands mostly to connect with their audience better and to compete with competition (new and old players) in terms of new logo design or tag line mostly. This exercise is definitely not recommended to be taken up frequently.

In your case, as you have mentioned you have already made 5 attempts and now you wish to start afresh after 3 years, re branding if in terms of name, logo and tagline is considered, please give a thorough thought on what will change if you do that ? Since you understand your business and customers well.

If however you conclude that re branding can help you with new and good customers and identity, go ahead but do not loose touch with all your old customers and keep them informed.

Thank You

Report Priyanka's answer

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