A brand is how the world identifies your company. It includes your name, logo, visuals, and messaging. Consistently deployed, a strong brand can help your small business stand out in a crowded marketplace, making it easy for your customers to find and do business with you.
When branding is not working well, it can be changed, but this is a fairly significant undertaking. Rebranding requires reintroducing the public to your organization and what makes you appealing. However, there is always a risk that you will lose some business, perhaps permanently. If your small business has experienced any of the following situations, it may be time for a rebrand:
A merger or purchase
After a merger, expansion, or other significant change in company structure, a new brand identity is often required. This can be done by combining company names—accounting firms Price Waterhouse and Coopers & Lybrand became PricewaterhouseCoopers—or by coming up with a completely new one.
Sluggish sales and a sense of being irrelevant in the marketplace are among the top reasons business owners choose to rebrand, according to a 2015 study from Dixon|James, a Chicago marketing firm. It reports that 75 percent of companies that have rebranded themselves have experienced moderately increased sales.
An outdated name
Technology and time can result in a company’s products and service offerings to shift over time. NCR Technologies, known best for manufacturing ATM machines, point of sale terminals, bar scanners and other retail hardware, began life as National Cash Register in 1884. They changed the name in 1974, when it became clear that cash registers were becoming far less central to their business model.
And old-fashioned look
Trends in logo design, color palette, and typeface change over the course of time. Holding onto one look for too long is the equivalent of wearing your high school wardrobe when you’re in your 40s: it may be possible, but it doesn’t mean it’s a good idea. Consult with a brand designer to determine how best to freshen your company’s logo or typeface.
Bank of America, N.A. engages with Touchpoint Media Inc. to provide informational materials for your discussion or review purposes only. Touchpoint Media Inc. is a registered trademark, used pursuant to license. The third parties within articles are used under license from Touchpoint Media Inc. Consult your financial, legal and accounting advisors, as neither Bank of America, its affiliates, nor their employees provide legal, accounting and tax advice.
Bank of America, N.A. Member FDIC. ©2016 Bank of America Corporation