In our first article, we gave some points to consider when deciding between rebranding vs. renaming. In this post we’re going to talk about a business who rebranded their purpose but not their name.
While the names are fictional, the story is true.
A while back, a group of business mentors decided to form a team, create a trusted process, and help business owners improve their bottom line, their sales process, or help them scale their business.
Everything worked great! For several years this team helped at least fifty business owners realize their potential, prep their business (or businesses) for sale, grow revenue, grow their businesses.
The team added more people to their team, continued refining their process to help more business owners, and their reputation grew. They prepped leaders from within the team to continue on.
At one point, a person was elected to lead this team, and this leader wanted to convert the mentors in a board of directors. In the process, more boards would be created to help business owners versus actual mentoring.
For context, according to BusinessDictionary.info:
- Mentoring is the process of a senior, more experienced person acting as a counselor, guide, or advisor to another;
- a Board of Directors is a governing body of a corporation or incorporated firm, meeting annually to govern and look after subscribers’ interests. (businessdictionary.info)
Did this change work?
No. The majority of the original team wanted to mentor, not be part of creating boards of directors. After a few months (or shorter), this majority left the team. Eventually, the last remaining people left and the team’s purpose was returned to one original member who started the mentoring team again.
The biggest reason the new purpose didn’t work was the word, “mentor”, was still in the name of business. The purpose had changed — to some more than 180 degrees — but the name wasn’t changed, so it caused confusion to the audience and prospects.
As you analyze your business and decide to add to or change the purpose, be aware of potential confusion from your current audience. Also, keep in mind that that current audience scope may change — your business may end up serving different demographics.
- Am I adding a product or service to my current list?
- How much does this change my business’ primary purpose?
- What target audience(s) will my business’ new product or service serve?
- Should the purpose and business name change?
As we said previously, making the decision to rebrand your business shouldn’t be taken with a cavalier approach. Same goes with adding a product or service that changes your purpose without changing your business’ name.
Think about it.
Be strategic. Be visible. Be found.
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