Launching a business re-brand in an unstable economic climate – what should I consider?
With the news that the UK may not be able to swerve the feared triple-dip recession, businesses may need to remain reactive and be prepared to adapt to the changing needs of the market, to ensure that they are able to stay ahead of the competition.
Part of this process may involve the rebrand of the business to ensure that the brand remains relevant to the markets it is operating within and can broaden its appeal to include a more diverse range of customers or sectors.
Here are just a few ways that businesses can help to ensure that their rebrand is a success in the current economic climate:
Identify your rebrand objectives
Outlining the objectives you are trying to meet before you begin a brand changeover, can help to ensure that you make maximum gains from your rebrand. These aims could include anything from increasing the visibility of your brand within the marketplace, to changing a brand to fully reflect the range of services your company offers, which may have changed as your business has grown.
Conduct thorough research
Examining how similar brands within your market have conducted a successful rebrand could give you a model from which to work from. Speaking to industry experts, customers and employees about what they perceive to be the advantages and disadvantages of the current brand could also provide valuable information that could feed into the rebrand process.
Conducting thorough research prior to a rebrand will also help you to identify whether your business actually needs a rebrand, as opposed to a simple revamp, helping you to save both time and money.
Calculate rebrand costs
Calculating the costs involved with your rebrand, which could involve anything from a website redesign to a new trademark, will help you to assess whether the financial outlay for your rebrand will be matched by the returns your business will get as a result of the rebrand.
If your company is considering company voluntary arrangements or any other form of business restructure, you may want to seek professional advice.
If you would like to have a free no obligation chat with one of our advisers please call us on 0207 186 1143.