Part 1: Thinking of rebranding your business?
There comes a time when you’re ready to change up your business, to take on a bold new look or just a small but significant refresh.
Maybe you’ve added on more services or products, perhaps you’ve outgrown yourself. You may have even grown bored with the brand you’ve built up.
When you get that feeling it’s likely time to rebrand.
I’ve recently had to cross that path. So I’d like to share my story and follow it with the key ways to find your target audience and ultimately attract new business.
My business is predominantly online and the brand is under 18 months old. In fact, only in the last six to nine months have I focused on building my brand equity.
When I started WomanzWorld it was solely a blog. My vision for it was to be the “Ultimate Resource for Female Entrepreneurs.” Any branding and marketing expert will probably see a flaw in that vision.
They would ask straight off “Yes, but what is your niche?”
I quickly found that I could not be all things to all women entrepreneurs. I also noted that business people who’ve had most success have had a very identifiable niche. A niche gives you laser-like focus. You know exactly what you’re going after, who you serve and why.
My business model had actually grown to be based around a movement of women entrepreneurs who wanted to run their business from anywhere. I recognized that I had become most known for helping people better use online tools, social media and outsourcing to run their business, like I do, from my suitcase.
WomanzWorld, while a strong two-word name, was all encompassing and did not define what I was really focused on. What does it conjure up in your mind? As a result, my blog posts were unfocused. I had too broad a range to choose from and while I still had my clear mission – to get women to court bolder dreams and turn them into reality, my blog wasn’t really achieving that, at least in my mind. I was not speaking to a target audience. I was speaking to everyone, and that’s a recipe for disaster.
While I had seen some great momentum and success, I felt I really could have been doing so much more, spreading my message further to the people who really wanted and needed to hear it.
Then I had an epiphany at a women entrepreneur’s conference. While describing what I did for the 80th time, I hit upon my new brand. As an entrepreneur who is literally living out of my suitcase and running my business from anywhere, I finally said to someone, “I guess I’m a Suitcase Entrepreneur.”
They loved it! It clicked. I realized that’s exactly what I was, and exactly who I wanted to appeal to. There’s a certain type of woman who’s looking for freedom in business and adventure in life, who would like the ability to be able to pack up her business and run it from anywhere if she chose to. All the topics of running a business still applied but were very much focused to a business that was predominantly online.
The very first thing you need to do before you rebrand is identify your target audience.
I didn’t want to be the Suitcase Entrepreneur though. That would be dangerous, as then I’d be forever beholden to it, the way Mike Micahlowicz is to being the Toilet Paper Entrepreneur. It’s so hard for him to branch out from that now and remove himself from the business if he chooses to sell it. Instead, I wanted to attract a like-minded tribe of women who wanted similar things in life as me. I could show them how to achieve it by living and breathing it.
I bought the domain name "thesuitcaseentrepreneur.com" and was surprised it was still available. I also bought several misspellings of entrepreneur, and then I wrote a blog post telling people about the upcoming changes, and invited their feedback. To my delight, everyone got it straight away. They felt it was the right move for me. The new brand name summed up, in their mind, exactly what I was waxing lyrical about. People got it in a nutshell.
On the other hand, WomanzWorld, while strong, doesn’t immediately tell you what my business is. Of course people still like this and transitioning over to ensure people know about the changes is what I’m working on now.
The very first thing you need to do before you rebrand is identify your target audience (you should do this when you start a new business, too).
In my next post, I’ll explain how you can identify YOUR target audience.
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