You know what your business does. You know its strengths and weaknesses. You know what industries and customer you serve, and you know what projects best fit your unique skills.
But does the public know?
Many businesses need a rebrand, which can help define, describe, and communicate all the amazing reasons to work with you. A rebrand can focus on who you are, what you do, and why you do it, creating better messaging between you and your customers.
As a business owner, however, you may feel you’re just too busy to rebrand the company. With numerous day-to-day tasks, the mere thought of a rebranding campaign seems daunting. But when you consider the costs of not rebranding, you may decide that it’s finally time for this important step.
4 Key Costs of Not Rebranding
Lost Sales
Perhaps the most obvious and easily explained cost of not rebranding is the loss of sales. Customers and clients connect to your business emotionally; if they can’t connect and feel a personal attachment to your business, it’s unlikely that they will make a purchase or even reach out.
Good branding is consistent and clear, helping guide the right customers (this is important, as we’ll discuss) to your business. If your brand is inconsistent, if it’s not clear what you do and why you do it, it’s all but impossible for a customer to make a purchase. Branding includes not only the visual look and feel of your business and marketing but acts as a guide on how you should interact with your customers.
Missed Opportunities
You might think that “lost sales” and “missed opportunities” are synonymous. While they are certainly similar and have some overlap, they’re not exactly alike. By “missed opportunities,” we not only mean the chance to make a sale, but the opportunity to create relationships, partnerships, and alliances that enhance your business.
If your brand is not clear and consistent, potential partners can’t know if your goals align with theirs; they can’t see if you provide a service that would support their efforts and clients. Therefore, they can’t promote your company to their company’s products or service would dovetail with yours.
For example, let’s suppose you are an interior decorating service focusing entirely on tiny homes. This is a highly specific, rather uncommon niche, and your brand needs to be finely tuned so people know what you do. Potential opportunities may include partnerships with furniture dealers or custom cabinet makers; these opportunities could be missed if your brand is inconsistent and unclear.
Missing the Right Clients
In many ways, a brand is like a filter for customers and clients. As we noted already, a quality brand will have clarity; it will be clear what your business is and what it is not. This will not only bring in the right customers but will help filter out customers who are not right for your business.
Having the right customers is crucial. Like sales associates looking for “quality” leads, you want to spend time on a potential business that will result in greater sales.
We have taken on new clients who are outside of our normal scope of services. We liked the client and want to help them, but in the long run, they were not the best fit for us.
Let’s take our tiny home business as an example: with a clear brand, you won’t spend time explaining to prospective customers that you don’t do large houses or standard homes; you won’t have to explain, at least as frequently, that your expertise is with tiny home designing.
A good brand will allow customers to self-filter, giving you the chance to spend more time on your condo-owning customers.
You lose twice by not filtering the right client. You lose sales time prior to the sale, you lose project time that you could have filled with a better-fitted client.
Lack of Retention, Loyalty, and Lasting Relationships
As any business owner can tell you, repeat customers and clients are to be treasured. Repeat business is more efficient and less costly, so encouraging loyalty through a well-defined brand is critical. There are numerous statistics that support this claim, but research from Bain & Company found that increasing customer retention by a mere 5% can increase profits by at least 25%.
With good branding, you can find the right customers and serve them well, creating a happy result for everyone involved. In turn, this can lead to more referrals, further enhancing your earning potential all the while loving what you do.
Rebrand Your Business with Nufire Marketing!
Have you identified a part of your business or message that needs to be reworked? Do you want to meet with a marketing expert to learn more about rebranding?
Contact Amy or the team at Nufire Marketing team today to see how we can help redefine and rebrand your business!
Written by Amy Nubson
Amy can be reached at amy@nufiremarketing.com