If your business has been around for a while, be it a few years or a few decades, you may be wondering whether it’s time for a refresh. Or, at the very least, a reframe.
It may be tempting to revamp your brand logo, color palette or positioning, especially if your goal is to acquire new customers or expand into new product lines, services or markets. But the reality is, rebranding can be a time-extensive and expensive undertaking. Hiring a reputable agency to guide the process can cost thousands of dollars. To make sure you get the most bang for your buck, there is some foundational work you should do.
Nicole Prins, Founder of Crunch Marketing, published a piece on Retail TouchPoints recently, outlining three things small business owners and leaders should do before going through a rebrand. They include:
- Reflect on your vision: Have your goals for the business changed? Do you see your products and services going in a different direction?
- Assess your target audience: How has your core audience evolved? Have their behaviors and preferences changed? Are you trying to acquire new customers in different demographics or psychographics?
- See how your brand is really performing: Do you have solid brand awareness? Do people understand your position in the market? What kind of associations or relationship do they have with your brand?
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