Estimated reading time: 3 minutes
Think again if you believe rebranding is expensive and takes years to complete. There are ways to give your brand a quick overhaul without breaking the bank or upsetting your stakeholders. In addition, you don’t have to roll out your updated brand all at once. Instead, you can introduce elements of your rebooted brand over weeks, or even months, as long as you stick to your schedule. This blog post from Balboa Capital explains how you can rebrand your business on a budget.
Why rebrand your small business?
Small business rebranding is done for various reasons, such as introducing a new business name or logo or launching a new product or service line. But, for most businesses like yours, rebranding gives the brand a much-needed refresh.
Revising your brand identity, website, marketing collateral, and signage can help reposition your small business and better communicate its value proposition. If your brand has remained the same for many years, it might be time to give it a new look, especially if more competitors have entered the market.
Start by determining your rebranding strategy.
The first step in rebranding is to evaluate your current marketing efforts and determine what needs to be changed to accelerate growth. You can start by asking these questions about your brand identity and messaging: Does it reflect what your business is about? Is it clear, concise, and easy to understand? Does it differentiate your products and services?
This task should also include analyzing your sales results, including your website, attributed to your specific marketing efforts. Additionally, please list your primary business goals and when you want to achieve them.
Come up with a budget.
In the rebranding strategy, you will need to determine how much it will cost to create and deploy your brand and service messages. If you need funding to pay for your marketing efforts, a small business marketing loan is an option to consider. However, rebranding is not a cost but an investment in your business’s future. So, do not view it as something that is not needed.
Identify a list of touchpoints that will need to be rebranded, such as your stationery, collateral, website, photography, and copywriting, and determine how much you are willing to invest. Working with an independent contractor or freelancer is more affordable than hiring a design firm or marketing agency and often allows for a more personalized experience. Look online for local designers and marketing professionals who work freelance.
Contact a few of your favorites to explain your rebranding goals, and ask them to submit bids. Then, select the designer you think is the best fit based on their experience, background, and portfolio of work.
How technology impacts branding.
The impact of technology has revolutionized how marketing strategists, graphic designers, and web designers work. Computers with ultra-fast processors and professional desktop publishing, graphic design, and web-building software make it easier and faster to create marketing materials.
Technology has also influenced the costs associated with marketing and branding initiatives. Gone are the days of spending many thousands of dollars on a new logo or taking out a small business loan to pay for a new website. Instead, you can have these and many other marketing products created by freelance professionals for reasonable prices without paying the monthly retainer fees that marketing firms and creative agencies commonly require. There are also various budget-based marketing strategies that you can use to promote your business.
Lastly, cloud-based software and related technology allow small business owners and their offsite creative team members to collaborate, share ideas, and review marketing materials online without leaving the office.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.