Rebranding can be expensive and time-consuming. However, successfully repositioning your business also has the potential to help you reclaim the attention – and loyalty – of your existing customers while attracting new ones by successfully repositioning your business. How do you know when you should be rebranding? Here are some scenarios to consider:
Your brand image is outdated: A strong brand image should be a source of pride. If you’re reluctant to direct people to your website or concerned about handing out business cards, this is a good sign something is amiss.
Your brand name no longer tracks: One of the most obvious signs it might be time to rebrand is when your name no longer accurately represents your company, mission or vision. If it is no longer compatible, it’s time for a rebrand.
Your brand is not distinct: Branding is all about standing out from the crowd. If you have a difficult time separating yourself in a way that customers can clearly understand, your brand simply isn’t working.
Your business model has changed: There are times that your brand needs to change due to an evolving business model. If your company changes direction, it’s worth it to look at your branding to ensure it remains representative.
You’re Pursuing New Customers: To grow, you need to expand your base. That may necessitate developing new imagery, language and voice with your branding. Take care, though, to ensure the change does not alienate your existing customers.
You’re Combining Companies: Mergers and acquisitions often provide the perfect time for rebranding, since there’s a good chance at least a portion of your business and target audience will change.
If it’s time to rebrand, other foundational parts of your business might be overdue for a review, like your business banking. Make sure you take advantage of all First Internet Bank has to offer with business money market accounts that deliver higher interest rates than most banks. Or getting the most out of a Do More BusinessTM Checking account that allows you to:
- View all your personal and business accounts at a glance
- Assess your financial performance with Cash Flow Analysis
- Maximize earnings with Balance Optimizer
- Track your net worth and financial wellness
And, when these changes create an opportunity to take the next big step, whether it’s with funding for new equipment, business acquisition or facility expansion, First Internet Bank can provide Small Business Administration (SBA) 7(a) loans to get you rolling on the road to growth – and even greater success.
