As an entrepreneur, the subject of rebranding and pivoting can be a sensitive topic. With all of the efforts and hard work you have put into building your company’s products, services, identity and more, it is simple to feel as if rebranding or pivoting would be taking a step back as an entrepreneur. That being said, anything that could possibly result in quickly improving profits for your company should never be deemed a step back. By tactically rebranding your business after pivoting, you will be re-positioning yourself in the market to compete better with other businesses.
Here are a few reasons why, plus how to know it is time to rebrand and how to get started.
Why Should You Rebrand?
Pivoting is a real change to one or more of the important components of your company. However, this frequently takes the figure of changing your services or products to fit demand.
On the other hand, a rebrand is just a reformation of the identity and the image of your company. A rebrand, not like a pivot, does not normally include changing the services or products you sell.
Here are the reasons to rebrand your business after a pivot:
- The rebranding will keep your money and time
While it is true that reshaping your business will require lots of money and time to accomplish correctly, in the majority of cases it will be significantly less expensive than a pivot. Therefore, after pivoting, rebranding is extremely essential. It is necessary to get the most from your investment in pivoting. When you change your product or services, rebranding will help you with remaindering your business.
- Branding as the “Missing Link”
In today’s stuffed marketplace, there is almost an infinite amount of competitors out there for clients to choose from in almost any group. Due to this, unbeknownst to business, an attractive brand is oftentimes the “Missing Link” a business requires for standing out and taking their sales from dull to exceptional. Because of this, it is good to rebrand after pivoting.
Tips for Rebranding After a Pivot
For most of the businesses, a completely refreshed brand image will assist with the most instant benefits. Here are some helpful tips that will assist the brand’s reliability during, after, and prior to pivot.
- Analysis Pre-Pivot Condition: Start by knowing the accurate reasons for the pivot. What did not work with the previous strategy? What did work? Why was the pivot essential?
- Consider Stakeholders: All stakeholders deserve to assist in the creation of the post-pivot strategy. Sales, engineers, investors and other tactical stakeholders and advisors should all be consulted on defining the new direction for rebranding.
- Rebuild Product Roadmap: While maintaining suppleness is essential, the pivot re-brand will only thrive if there is a united understanding of where the business is, where it is going, and what it is going to take to get there.
- Build up an Exclusive Brand Identity: A business’s achievement is also affected by how attractive it’s visual and verbal identity is. Therefore, always create a brand image that could attract customers.
- Develop the Architecture of the Brand: As part of the new brand image, think the architecture of the brand as a central part. Properly create the structure of the brand keeping all the essential things in mind.
- Train Your Staff Carefully: A startup’s staff or workers are your main and most crucial advocates, and they require being perfect in how they speak about the brand. Make sure they understand the business story and know how to connect using both objectivity and emotion.
The present technological environment indicates that your startup is likely to suffer at least one pivot and risk weaknesses for excellence. So become a pivot supporter, if you were not previously one. And keep in mind, the main factor to a winning pivot is accepting it as a requirement and preparing for it consequently. If you do so, your business might just be the next multibillion-dollar acquisition.