Carolyn M. Brown of Inc.com offers advice on how to successfully rebrand your business, pointing out that you can't run your company the same way forever.
She says: "Evolution is inevitable. If your company is operating the same way today as when it first launched, then you are stagnant, which means you are losing business."
Brown offers ten key steps to revamping your brand or business model:
1) Be ready for change. Brown says: "Revamping your business requires shifting your thinking and being ready, willing and able to let go of things you felt were perfect, which may no longer be the case."
2) Determine your mission. You have to be clear about the problems you are trying to solve, and then make it a mission project.
3) Talk to people. Canvas staff, partners and industry experts for their views on your company, products, services and brand, finding out what they like and don't like.
4) Measure your total market. Brown says: "A good approach is to devote ongoing study in two arenas, within your industry and outside it. How has the market changed in your industry? Is your product or service still relevant? That's the moneymaking question."
5) Research the competition. Uncover some important discoveries and seek allies.
6) Rethink your customer base. Appealing to a wider market might make up for less business from your existing base.
7) Improve the availability of your product. Exploring new channels can be as effective as coming up with a new product idea.
8) Determine suitable solutions. Brown says: "Once you have received a set of suggestions and you have figured out where the key issues are in your business, realistically study them to determine what adjustments will best suit your business."
9) Create an action plan. Write down what's wrong, how you intend to fix it and the timeline, specifying roles for individuals.
10) Communicate clearly and effectively. You have to tell the story of why you're changing, whether it be evolution or revolution.