One, five, ten years ago; many longer, maybe shorter, you started your business. You took the time to come up with your vision, your strategy and your brand. You were so excited to launch yourself to the world. But somewhere along the line things started to falter or your messaging no longer fit what your business was about or the community you were trying to serve. It happens, to a lot of us. So what do you do? Do you reinvent your brand or do you change your marketing strategy?
Branding defines who you are as a company and the services or products you offer. When you started your business, you defined, or should have defined, the core values and beliefs of your company. Those values and beliefs are the cornerstone of your business and every move you’ve made or yet to make is guided by those principles, including marketing, services or products, hiring, training, customer service, collaborations, etc. Your marketing strategy is the tool you use to deliver your brand and messaging to the outside world.
To determine if you need to change your marketing strategy or reinvent your brand, you need to understand what your current brand is, not necessarily what it started out as. Review your business plan or dust off your old notes from when you started your company. Are you living the core values and beliefs that you first set out for yourself?
Often, our business evolves from what we first envisioned. Perhaps you were once a coach but now a freelance writer covering the same topics, or once a writer now a coach. Your core values, beliefs and messaging are the same but delivered in a new format. You may need to just improve or change your marketing strategy rather than reinvent your brand.
Overhauling your brand is expensive, but sometimes it cannot be avoided. If your products, services or target audience is different and your core values and beliefs no longer align, you should strongly lean towards reinventing your brand. But on the flip side, if your audience is the same and the services you give are similar but perhaps provided in a new format (i.e. coaching v. freelance writing), then you might get away with just changing your marketing strategy rather overhauling your brand. At the end of the day, consider what is in the best interest of your customer and the growth of your company.