How do you rebrand your business without losing profit and popularity? We reveal our top four tips on how to relaunch your SME.
What is your mission statement?
One of the first things you have to do when relaunching your company is to take stock of your strengths and weaknesses. This will give you a clear indication of where your SME is at the moment. The next thing you need to do is to find out where it’s going.
When deciding your business’ next direction, you need to bear in mind two things. Firstly, you need to come up with a mission statement – a sentence or phrase that you can keep coming back to when you lose focus or direction.
Secondly find out who you want your new audience to be – what sort of person are you catering for? By completing these two tasks, you are on your way to successfully relaunching your firm.
If you want a fresh start for your company, you should transform your image. A logo or symbol for your brand is what usually sticks inside the mind of consumers, so make sure that your new logo is appealing, vibrant and distinctive.
When associating your brand with something in particular, you may want to research the psychology behind logos. This infographic shows how logo colours influence the emotions. For example, if you want your brand to be associated with luxury and glamour, your logo should be purple.
Research the competition
Moving into a new industry can be difficult, especially as you’re entering a space where some companies already have decades of experience in your chosen field.
Undertake some market research to get an overview of the competition. By looking closely at the workings of your competitor’s, you will likely find that they aren’t catering to a certain market that you could aim at.
Talk to people
Ask your customers, employees, business partners and industry experts their opinion about your SME. Get their opinion on everything – what they like or don’t like, how they enjoy your customer service, what could be improved upon etc.
If your business has a large online following, use social media to gain feedback on your company’s performance. Websites like Survey Monkey allow you to design questionnaires that can help you discover what the public’s opinion.