Rebranding. This word might haunt you, especially if things are not going your way and you want to "restart" your business. If you are asking yourself whether you want to rebrand or not, the answer is that “it depends". Unfortunately, rebranding is a term that is open to a lot of interpretations. Some business owners might use the term as a synonym for a new marketing campaign by using a new slogan or catchphrase. For some, it can have a deeper meaning and it will impact their organization and departments.
So you might be asking yourself, does your community bank need rebranding? Here are some tips that you might want to consider.
Marketing Adjustments
When many industries say that it is now time to rebrand, what they really need is a better comprehensive and good brand strategy. If you have a strategy and it is not really working out for you, it might be that you just need to have a reality check first before you consider rebranding. Changing ad campaigns can better benefit your company. Hiring marketing experts and maybe a new marketing director that can make a better marketing campaign can boost up your sales without having to rebrand and start over.
Impact in Staff
If you have a good working staff and you are looking to rebrand, chances are you might get rid of some of your employees and hire new ones. Rebranding can have a huge impact on your staff. If your employees are doing a good job despite of the company not getting the results that you want it to be, then you are going to get rid of good employees and lose them to the competition. Before rebranding, you need to check your staff first, and what impact it will have if you are going to start over with your stategy.
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Does your company need a new logo?
For some, rebranding can mean that you will need a new logo or a tagline. Your customers who have grown to love and recognize your logo and tagline will have to remember your new logo and tagline. When you rebrand, it means you will start from the beginning by creating a new logo. This can really impact customer base especially those who have been loyal to your business for years. Learn why your logo is essential for your business.
Rebrand or Rebuild?
If you are trying to rebrand your company because you are not getting the results that you want, then it might be best to rebuild rather than rebrand. Try hiring better staff without having to hire new ones so that you can train your current staff and teach them new tactics. By rebuilding you will have to “overhaul” your company without having to create a new logo, new tagline and starting over with new staff. Instead, you will be identifying what is going on. Like a vehicle, you will have to open up your company, remove the old grease (or in this case, your current marketing strategy),replace it with a new one, and then put the pieces back together.
LEARN MORE: Rebranding 101 from Miley Cyrus and Justin Bieber
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