Research shows that more than 70 percent of the consumers in today’s markets are most likely to commit to a brand they feel they know well. That’s why it’s a scary proposition for companies who need a business refresh.
A refresh might be necessary to meet shifts in your industry’s trends or other changes to your business. Why risk rebranding your business when your customers recognize and trust you as you are?
Business rebranding doesn’t have to mean losing your client base. Check out this guide on business rebranding. Learn when and how to do it in a way that ensures your company’s continued success.
What Does Rebranding Your Business Mean?
Rebranding means changing your company’s mission, vision, values, and target markets to build a new identity. A successful rebrand changes these perceptions in customers as well as in partners or competitors.
A business rebranding can help you stand out amongst your competitors and attract new clientele.
Rebranding includes everything from changing your slogans to adopting new logos as well. The goal of this exercise is to remain relevant and take your companies brand to its next best level.
Good Reasons for Rebranding Your Business
Rebranding is complicated and carries a big risk. There are a few good reasons why you would want to change your brand image. Here are just a few of them:
Your company’s vision and values should drive every move your company makes. If this philosophy shifts the direction of your company, you should reassess your brand.
Mergers or Acquisitions
If two companies merge, their brands merge as well. If your company is bought or merged with another business, two different brands are going to confuse your new customer base.
Create a new identity that represents the newly merged company. Then you’ll build trust with your customers.
If you start to target new customer profiles, your brand should be changed accordingly. This applies whether you are promoting your products, prices, or locations. Your brand should follow suit.
Rebranding is also a good idea when you expand to the international market. Customers in other countries might not recognize your logo or understand your messaging. This is a great time to change your brand to meet these new international customers.
Tips for Rebranding Your Business
The first step to rebranding is to remember that your goal is to have a way to effectively communicate with the world what customers can expect from your products and services. Follow these steps to build your new foundation.
Reassess Your Priorities
The first step in your business rebranding strategy is to revisit your company’s values. Ask yourself why are you in this line of work? Adjust your brand to address your new thinking on what’s important so it will align with your company’s values.
Learn More About Your New Target Customers
You already know your current customer’s desires. Now it’s time to understand your target audience’s values as well. When you do this, you’ll have a persuasive brand that guarantees their loyalty and return visits.
What do your new customers need now and how will that change further down the road? When you know how to appeal to these new buyers, you can adjust your new branding strategy and appeal to them long into the future.
Learn From Competitor’s Past Failures
Take time to research what your competitors did or didn’t do with their branding efforts. Make a note of what did or didn’t work for them. That way you won’t make similar mistakes that they already learned the hard way.
Change Your Logo or Trademark
Logos reflect a brand’s identity. Since you’re going to have a new identity, hire a logo designer to create a new design. This new design can be completely new or incorporate elements from your previous trademark.
Pay specific attention to the logo’s colors, shapes and words. You are aiming for a design that promotes a concept called a customer experience design (cx design.) Cx designs can influence customers to believe that your product is their best choice.
Integrate New Logos Throughout Communication Portals
Incorporate your new logo’s shapes, color, and fonts throughout all of your communication portals. This includes your digital properties that you currently use.
Integrate your new cx design throughout your social media platforms and website. This will help to ensure a consistent presence.
You should also incorporate your new cx-designed logo throughout your other communication systems that your company uses as well. This can include your printed materials as well.
This ranges anywhere from letterhead, to employee uniforms and business cards. Make sure all of these items sport the same new trademark as well.
Consistent rebranding over even the smallest of details will help you win instant recognition and alleviate any confusing or misleading messaging.
Schedule Time To Monitor Your Rebrand Efforts
It’s easy to forget about monitoring your rebranding efforts during a busy workday. Rebranding is a vital investment in your company that deserves a close watch.
It’s tempting to think that rebranding will take care of itself so that you can handle your other everyday commitments. Schedule some time to follow your new brand’s track and how it affects your new target markets.
Read up on new rebranding trends in your target markets. Make adjustments in response to your new clientele’s feedback.
What Are Your Next Steps?
Rebranding your business is a time-consuming, yet important exercise. Consider hiring a marketing firm.
Marketing firms can guide you throughout your cx design development process. You can also hire other professionals to implement your new rebrand through your digital properties and printed materials.
How To Increase Your Company’s Profits?
If you’re looking to increase your company’s profits, there are a few things you can do. Keep reading to find out what you can do to make your business more profitable.
Implement diversity, equity, and inclusion practices.
There is a lot of research that supports the notion that diversity, equity, and inclusion (DEI) are a must in the workplace. DEI can help you increase your company’s profits by creating a more inclusive environment where all employees feel valued and can contribute their best work.
A study by McKinsey & Company found that companies in the top quartile for racial and ethnic diversity are 35 percent more likely to have financial returns above their respective national industry medians. Furthermore, companies in the top quartile for gender diversity are 15 percent more likely to have financial returns above their respective national industry medians.
This research shows that a more diverse and inclusive workforce is a financial boon for companies. DEI policies and practices create an environment where all employees feel valued and can contribute their best work. This in turn leads to innovation and improved decision-making.
Seek out CFO advisory services.
A CFO advisory service is a service that provides companies with advice on financial planning and management. CFO advisory services can help companies improve their cash flow, optimize their spending, and make more strategic decisions about their finances. By using a CFO advisory service, a company can get an outside perspective on how to improve its financial situation and increase its profits.
Cut costs and increase efficiency.
One way to boost profits is to cut costs and increase efficiency. Cutting costs can be done by reducing expenses, such as salaries, benefits, and other operating costs. Increasing efficiency can be done by making changes to the way the company operates in order to make it more efficient. For example, a company could improve its supply chain management or reduce the amount of waste it produces.
Set goals and create a strategy.
There are a few key things that you can do in order to increase your company’s profits. The first step is to set goals and create a strategy. You need to have a plan in place in order to achieve your goals, and you need to be sure that your goals are realistic and achievable. You should also make sure that your strategy is flexible so that you can adapt it as necessary.
Develop new marketing campaigns.
Developing new marketing campaigns is one of the best ways to increase profits for a company. By creating new, innovative campaigns, a company can reach out to new customers and bring in more business. There are many different types of marketing campaigns that can be used to achieve this goal.
One type of campaign is called an integrated marketing campaign. An integrated marketing campaign involves using a variety of different marketing techniques to reach potential customers. This might include using TV commercials, online ads, and direct mailers all at the same time. This type of campaign can be very effective in reaching a large number of people.
Another type of marketing campaign that can be successful is a targeted campaign. A targeted campaign focuses on specific groups of people who are likely to be interested in the company’s products or services. For example, a company might target women who are pregnant or have young children if they sell baby products. Focusing on a specific group like this allows the company to tailor its advertising and messaging specifically for that group’s needs and interests.
Finally, companies should consider using guerrilla marketing tactics as part of their overall marketing strategy. Guerilla marketing is when companies use unusual or unexpected methods to promote their products or services. This might involve using creative advertising stunts or sponsoring events in unique locations. Guerrilla marketing can be very successful in getting attention from potential customers and helping the company stand out from its competitors.
Train employees on new procedures.
This includes making sure that everyone understands the goals of the new procedures and how their individual roles contribute to the overall goal. By ensuring that everyone is on the same page, companies can avoid confusion and miscommunication, which can lead to decreased productivity and profits.
Another way to increase profits is through employee training on how to improve their own productivity. Many companies offer training programs that teach employees time-saving techniques or how to better manage their workday. These types of training can help employees feel more confident in their abilities and lead to increased efficiency in the workplace. When employees are able to work more productively, it leads to increased profits for the company.
Overall, increasing profits is an important goal for any business. There are many ways to achieve this goal, and the most effective approach depends on the specific business.
5 Recruitment Mistakes Your Business Must Avoid
Every manager believes they are hiring the best candidate for a role but may later feel disappointed by a person’s attitude, behavior, or competencies.
Also, it might feel frustrating if a new employee leaves the business for a reason that could have been spotted during the recruitment process.
Save your business time and money by learning about the following five recruitment mistakes to avoid.
- Failing to Promote Internally
The best candidate for a senior position or another role in the business might be under your nose.
Hiring external candidates can not only drain morale, but it is also more expensive than promoting internally.
Don’t bypass talented internal employees and consider your team’s competencies, ambitions, and work ethic. Avoid setting standards that few people can meet to widen the talent pool and increase your company’s likelihood.
If you’re unsure about your employees’ skillsets or question their abilities, your business could benefit from a talent management and performance management platform from thinqi.com.
It can not only help your business review your employees’ readiness for a specific role, but also nurture top talent and help a team reach its potential.
- A Prolonged Recruitment Process
A lengthy recruitment process could cause your business to miss out on talented candidates.
If the recruitment stages are drawn out, a skilled professional might lose interest in a position and pursue a career elsewhere.
Remember, many candidates will apply for many roles in an industry, and they might not think twice about accepting another offer.
- An Inaccurate Job Description
An inaccurate job description will cause unsuitable internal or external candidates to apply for a position at the company.
It will not only waste professionals’ time and get their hopes up but also slow down the recruitment process.
Make the experience much easier by writing an accurate job description. If in doubt, ask the head of a department to review the copy to ensure it checks every box.
It could help you choose from many suitable candidates and avoid wasting time on the wrong applicants.
- Using the Same Recruitment Source
Don’t make the mistake of using the same recruitment source for all external hires, as it will limit your company’s talent pool.
Grab the attention of many qualified candidates by using various recruitment platforms to encourage many job applications.
For instance, you could advertise a vacancy on:
- Various employment agency websites
- Local newspapers
- Job boards
- Your business website
- Your company’s social media accounts
The more you advertise a vacancy, the more exceptional candidates you can interview for a role.
- Setting Unrealistic Standards
It makes sense you will want to hire an extraordinary candidate for a role. As a result, you might request that candidates have many degrees, niche computer skills, and a specific employment background and characteristics.
However, if you do so, you might find few people applying for the role, as jobseekers might believe they cannot meet your company’s high (and unrealistic) standards.
Avoid setting standards that few people can meet to widen the talent pool and increase your company’s likelihood of hiring a talented professional.
How To Make Your Business More Socially Conscious?
As a business owner, you have the power to make a difference in the world. By making your business more socially conscious, you can help create a better future for all. And there are many ways to make your business more socially conscious. Below are just a few ideas to get you started.
Create a diverse policy statement and discuss inclusion in the workplace.
What does it mean to be inclusive in the workplace? To be inclusive in the workplace means to make an effort to understand and consider the diverse backgrounds, needs, and perspectives of all employees. This includes ensuring that everyone feels comfortable and welcome in the workplace, regardless of their race, ethnicity, gender identity or expression, sexual orientation, religion, age, or disability status. Inclusive workplaces are those that recognize and value the individual differences among employees. They strive to create an environment where everyone feels respected and valued, and has an opportunity to contribute their unique perspective. Inclusive workplaces also promote equality and diversity, which can help improve employee morale and productivity. Businesses can become more socially conscious and inclusive in the workplace by creating a diversity policy statement, training staff on how to be more aware of unconscious bias, setting an example, offering paid leave for employees with family care responsibilities, and promoting flexible work arrangements.
Choose sustainable packaging to reduce waste.
One aspect of being more socially conscious is increasing sustainability efforts. Many packaging materials are not biodegradable. This can lead to a lot of waste in landfills and other environmental problems. Choosing biodegradable packaging is a great way to be more socially conscious and reduce the amount of waste your company produces. There are a number of benefits to using biodegradable packaging. First, it helps reduce the amount of waste that ends up in landfills. Second, it helps reduce the amount of greenhouse gas emissions that are produced. And third, it helps conserve natural resources. Earthwise Packaging is a company that creates sustainable and biodegradable packaging made from plant materials. The company’s products include jars and other containers are carbon neutral and made from sugarcane instead of plastic. Earthwise Packaging is committed to sustainability and reducing the environmental impact of its products. All of the company’s products are certified bio-based by the USDA BioPreferred program and meet ASTM D6400 standards for compostability.
Advocate for social justice causes on behalf of your company.
This can include things like working to end human trafficking, fighting for equal pay, or supporting refugees. There are many ways to get involved in these causes, and each business can find the one that best suits its needs and interests. Some companies choose to donate money or resources to social justice organizations. Others may choose to raise awareness about social justice issues among their employees or customers. And still others may choose to lobby for change at the government level. Whatever approach a company takes, it is important that they align their values with those of the social justice cause they are supporting.
Collaborate with other socially conscious businesses.
One way to make your business more socially conscious is to collaborate with other businesses that share your values. This can take many forms, such as a formal partnership or simply working together on specific projects. By collaborating with like-minded businesses, you can pool your resources and expertise to create a bigger impact. You can also use collaboration as a way to raise awareness about social issues. For example, you could team up with a charity to host an event or fundraiser. Or you could work with a local school to promote environmental education. Whatever the project, collaborating with other socially conscious businesses can help you make a positive difference in your community.
Educate employees about social responsibility.
This can include teaching them about the company’s values and how they can make a positive impact in their community. You can also provide resources such as online training modules, articles, or eBooks that discuss social responsibility topics. Employees who are aware of the company’s social responsibility goals will be more likely to act in accordance with them. For example, if the company aims to reduce its environmental impact, employees who are aware of this goal will be more likely to recycle and turn off lights when they leave their workspace. Educating employees about social responsibility can also help create a culture of philanthropy within your organization. Employees who feel connected to their workplace and its mission are more likely to want to give back to their community. This could involve volunteering at a local charity or donating money to a cause that is important to them.
There are multiple ways to make a business more socially conscious, and the most important part is that the business owner or leadership team is on board with the idea. Making a business more socially conscious can help it to be more successful in the long run by appealing to a wider customer base, creating a more positive image, and attracting top talent.
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