By Ruth Klein
I recently watched an episode of the television show, The Profit. Businessman Marcus Lemonis owns the multi-billion dollar company, Camping World.
He also goes on the hunt for struggling businesses that need cash and who he believes is ready to make a deal for a percentage of the business and profits.
Why is Marcus able to save these failing businesses?
I would say because of his keen knowledge of branding, marketing and sales.
Guess what he suggested to his new business partner, a retail dress store with 7 locations and grossing $5,000,000 a year with debt of $500,000 just from last year!
If you guessed re-branding the business, you are right!
Marcus helped the business rebrand themselves visually (brighter, fresher, cleaner); content (merchandise to tell a story); and value (better quality of merchandise).
Here are 3 simple, inexpensive and yet powerful strategies to rebrand your business… whether you have a retail store or a service business.
– Is your branding consistent…from the colors to the size and style font you use on banners, websites, email signature info, documents?
Have you updated your website banner that reflects your updated and authentic business brand…both in colors and in messaging? What about the pictures and graphics you’re using.
Have you updated your newsletter banner with new, fresher colors?
2. Story– Does your brand tell a story…without you having to say anything?
Actually, your brand does tell a story, even if you aren’t aware of what it is saying to others.
Here are three ways to receive excellent and invaluable market research for your brand story:
Ask three or four close colleagues to give you specific feedback on what they feel your brand presently “says” when they look at your website, your newsletter, your email signature…your messaging.
You could also ask two or three ideal clients what they “see” as your brand story.
There’s one more group that would be excellent to ask….your “potential clients” or people that you spoke to and they declined your services or products. The feedback you get from this group may be the juiciest and most helpful of all!
3. Quality– Here’s a question you can ask yourself (including clients and colleagues) that works really well when looking at the “quality” your brand brings to your clients:
Question: What are three things… areas… traits… standards… values…. attributes that represents your brand?
When I think of Whole Foods, for example, a grocery story I frequent often I would say the three elements of quality I experience are:
Mostly organic fruit and veggies which I interpret as healthy
Staff in supplement area is well-versed on nutrients, amino acids, etc. that would be helpful for a particular ailment.
Their stores are well lit, clean, and filled with variety of prepared foods (my dinner many nights), meat, fish, chicken
Can you see how juicy this information can be for you and your brand…invaluable!
When is the best time to ask these questions? Now!
Just to let you know…we will be going into more detail on creating a successful and visible business brand, marketing messaging and profitability at my upcoming 4G Branding LIVE! Event (Nov. 7-9 in Los Angeles, Ca)…you can go here to register!