Your brand is the perception others have of your company. We would venture to say your brand is your company's personality. And often, there comes a time when a company knows it is time for a total rebrand. It could be that your company has evolved so much that a rebrand is the only way to change the public's perception of you. Take for instance the recent retirement of the Aunt Jemima character by Pepsico. After the George Floyd debacle and all of the Black Lives Matter protests, Pepsico had no choice but to send Aunt Jemima to the history books with her perceived racist representation. The company is now known as the Pearl Milling Company.
As a private lender who is keenly aware of the current state of the lending market, and the pandemic wreaking havoc on traditional banking, now is the perfect time for you to take advantage of the windfall this is causing for private lenders and rebrand your company.
But what does it take to make your rebranding efforts a big success? Today on the Rules of Thumb blog from MoneyThumb, we have listed below 6 steps courtesy of Entreprenuer.com that you should take when rebranding your private lending practice to assure a successful new storyline--(these tips are relevant to any rebranding of a company, not just a private lending practice.):
6 Steps for A Successful Rebranding of Your Company
1. Be clear about your mission and values. Before you rebrand, it's crucial that you clearly understand your company's mission and values. Consider and assess what makes your company special. Why does your company exist, and what values does it have that are essential?
2. Develop a rebranding strategy that works with your existing branding. Many companies don't have the luxury of starting from a clean slate. If you're doing a partial rebrand, make sure to take the existing brand assets into account. BrandExtract, a branding firm with over a century of experience, explained why consistent branding is important, saying:
A consistent brand helps increase the overall value of your company by reinforcing your position in the marketplace, attracting better quality customers with higher retention rates, and raising the perceived value of your products or services …. In contrast, erratic,
inconsistent behavior quickly leads to confusion and mistrust.
3. Consider the market and your competition. Before you rebrand, do your due diligence. Research what your competition does. Determine how you stand apart from your competitors, and what your true value proposition is. It's vital that your new brand be fresh and relevant, but not so of the moment that it ends up looking dated too quickly.
4. Collaborate with your team. Your brand may be one of your most important company assets, but just as valuable are the people that help grow your business every day. Include voices from across your company: Some of the best ideas and most valuable feedback come from departments you might not expect.
5. Manage the rebrand carefully. A rebrand is often a complex and lengthy endeavor. Without a careful plan of attack and a well-managed process, the rebrand can quickly go off the rails. Set deadlines and mitigate going down those pesky rabbit holes with a well-thought-out project plan.
6. Launch your rebrand and tell the world. Even the most incredible rebrand is wasted if you never actually launch it. Make sure you plan your rebrand launch and be prepared to explain why you rebranded. Minimize the risk of customer confusion through a carefully planned launch that showcases the story behind the rebrand.
As lockdowns across the US are coming to an end and what looks to be the winding down of the pandemic, now is the perfect time for a fresh start for your private lending practice. We hope the above tips will help you make your rebranding efforts a success. For even more help with rebranding, you can download this free guide from Ignyte titled The Rebranding Guide.
MoneyThumb would love it if part of your rebranding efforts included upping your game when it comes to converting financial statements. You will save a ton of time and as result money by using a more efficient way of converting the financial information of prospective borrows by using our best-selling product for lenders, PDF Insights. You can request a free live demo by following this link.