What is a Rebrand? And How to Know If a Rebrand Will Profit Your Business
I'm sure you've heard the word "rebrand" floating around in the online marketing space somewhere by now, and you're probably been wondering, "Hmm, I wonder if a rebrand will be profitable for my business or not?"
This article will finally clear that up for you!
So first let’s define what is a "rebrand"?
A rebrand is the process of branding your business visually with a new, distinct style, both visually and in your copy. This translates into a new look that will better captivate your target market through your marketing materials and on your website, resulting in more sales for your business.
Typically, there are a few indicators that show if a business will profit from doing a rebrand and I overview each one below. If your business fits one or more of these, you'll definitely see greater profits and growth by rebranding!
Indicator #1: You have an outdated/lower quality starter website, but you’re experienced now and your website/brand doesn’t match your current level in business.
88% of people are less likely to return to a website after a bad experience. Yes, 88%!
Many small business owners don’t realize this, but their outdated/lower quality websites are costing them money EVERY day. Potential clients who find coaching, consulting, and other service-based businesses online are making a snap judgment about you and the quality of your services, based on how your website looks. If it looks low quality and dated, they’ll assume your services are low quality or your business just isn’t a serious one. But when it’s high quality and up to date, you’ll instantly make yourself more attractive to high caliber clients who want to invest in expert professionals.
So if you want to attract more serious clients, you'll need a more serious brand/website to support you in doing it!
Indicator #2: You want to accelerate your business growth.
If you want your business to grow faster, a rebrand will absolutely benefit you. Many coaches, consultants, and service providers rely on in-person events and referrals to support their growth. But it’s easy to reach a cap there because there are only so many events you can attend and so many referrals you can expect to get.
To accelerate your business growth, it’s crucial to leverage the online space with a brand that will help you attract more ideal clients and leads on your website and through your online marketing efforts.
Indicator #3: You want to position yourself as a leader in your industry for more paid speaking engagements.
Event organizers do their research online when considering speakers for their events. Oftentimes, coaches and consultants drop the ball here and depend only on referrals or applying to tons of events, only to get a few responses.
When you want to get more paid speaking engagements, it’s crucial to position yourself as a serious speaker on your website. You’ll see more responses from your speaker applications and you’ll probably even have more event organizers contacting you!
Indicator #4: You want to do a price increase.
Every coach, consultant, or service provider reaches that point where they’ve gotten a lot of experience under their belt and they have several success stories, and they’re ready to raise their rates!
When you’re raising your rates, you're putting yourself in the premium services category, so it’s crucial that your brand looks like a premium brand and you provide a premium experience.
No one is going to want to pay premium rates for a business that looks like a beginner or that lacks the right systems built into the website for a premium experience.
Indicator #5: You’re making a pivot in your business.
If you’re making a pivot to add a different type of coaching or consulting to your business or if you really want to hone in on a different market, you’ll need a rebrand to make sure your business is communicating the right message about what you’ll be doing moving forward.
Old branding that’s communicating a different message will be confusing and will be a turn off to potential clients. And as they say in marketing, "confused people do not buy!"
If one or more of these indicators applies to you, a rebrand will definitely benefit your business! To chat with me about potentially working together to rebrand your business, set up a complimentary brand discovery session here.