radford tax logo
07 5495 4100 ◆

Rebranding: A guide for your small business

Posted on July 13, 2018 by admin

Rebranding your small business can be a tricky matter. When done well, it has the potential to help your business stand out from the competition bubble and even expand your target market.

On the other hand, a failed rebrand can damage the reputation of your business, or even risk losing loyal customers who dislike your new look. Which is why rebranding is a move that should never be taken lightly and must always be strategically planned.

Consider these ideas before embarking on your rebranding journey.

Understand your strategy
Rebranding is a serious investment which will require both your time and money. Therefore, a rebrand must always be necessary to either solving the problem at hand or growing your business. If it isn’t – then it may be helpful to consider easier and less costly actions, you can take. You must have legitimate customer-focused strategies behind why this move is required. Otherwise, rebranding will likely harm your business more than help it.

Holistic approach
Merely tweaking the name and logo of your business and hoping for the best will not cut it. Taking a holistic marketing approach will allow you to focus on the development, design and implementation of the rebranding strategy through your business as a whole. To improve the identity of your business, you must look at how this one change will affect your overall business. Reviewing every aspect that will be affected will also help you assess whether the results will be worth the effort and cost involved.

Evolve with your target market
For a small business to remain successful on a long-term basis, it must remain relevant to its target market. A rebranding will largely depend upon the target market your business is pursuing – in particular, adapting to their ever-evolving wants and needs concerning the product or service you have on offer.

Hire an expert
Knowing where to start when rebranding your business can be a challenge, especially if you are planning a complete image overhaul. That is when hiring an expert to draw up a detailed plan for an innovative new look for your business can come in handy. Using their unbiased opinion can be invaluable in forming a rebranding strategy when your business may be too close to your existing brand to remain objective.

maximise your business's value

latest news

Types of business structures and which is best for you

Posted on September 24, 2020 by admin

An important decision to make before you start a business is what structure your business will run under. This will reflect into all facets of your business, so you should spend time understanding the implications of each structure.

Sole Proprietorship

Partnership

Company

Trust

radford tax associationsradford tax associationsradford tax associations