Rebranding Your Business: Here’s Who
In the first part of our Rebranding series, we covered why we considered rebranding to be a necessary part of growing TVI (or any other business). But once we’d recognized the need to rebrand as a creative agency, we found that we needed to determine “who” we were going to rebrand as. “Who” is a difficult question to answer because it’s not just about your vision or your goals as a company, it’s about who you are in the broader context.
Who are you relative to your competitors?
Given that your business has evolved, your competitors and the market in which you compete most likely have as well. Are you still competing against the same companies you were before? Or has the evolution of your business made the companies you thought of as competitors irrelevant to what you do now? It’s important at this stage to conduct primary research and evaluate your current competitive positioning given that it may have changed greatly in the last few years.
A great tool to use for internal brainstorming is Porter’s Five Forces. (See below.)
Who are you relative to your customers?
When you rebrand your business, you’re not just tailoring your image to better fit what you do, you’re also tailoring it to better fit the customer you’re targeting. Is your business still serving the same customers as when you began or has that target market expanded? Have you shifted either upmarket or down? Is there a business case to be made for straying outside your current niche? What you really want to know at this point in time is who your customers are, who you want your customers to be, and where between the two you want your new brand to sit.
When you’re answering this specific question, it might be a good idea to step back and do some market sizing. If you pursue only your current customers, how much money do you stand to make? Have you positioned yourself to possibly serve another segment of the market? What’s that worth to your bottom line?
Who are your allies?
For most companies, strategic alliances are an important part of growing. They keep you looped in to what’s happening to others in your market and prevent you from being tied down to only one distribution channel. If you can deliver your product or service in a way that’s new or more efficient, it’s possible that you can shift your entire model. Examine companies in your ecosystem and think about who might make a good ally, a good channel partner, or a complimentary good/service.
As you can see, answering the question of “who” you’ll be rebranding as requires you to go deeper and ask more questions. Sometimes, you’ll have to do some primary research to get to your answers. Sometimes, you need to take a large step back.