4 Tips for Rebranding Your Business – And What It Reminds Us About Entrepreneurship
Rebranding your business is a crucial element to the longevity of every business, big and small. In the process, you might even discover something new.
As entrepreneurs, our businesses grow and evolve in ways we never expected. Our business plans, products and services, even the very identity of our ventures, are constantly changing — that’s why rebranding your business at the right time is so important.
So when was the last time you considered if your logo is still an accurate representation of your business?
Your logo is the face of your business — but even the prettiest ones can do with a facelift. For example, 74% of the S&P 100 companies rebranded their business within their first seven years. If you haven’t turned a critical eye to your logo since you printed your first business cards, then it might be time to consider a rebrand.
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And as it turns out, an experiment in rebranding can remind you of the fundamental principles that made your business successful in the first place.
Growth and adaptation are the foundations of a successful business. Those that do it well thrive, while those that don’t struggle to survive. Think back to the early days of your business. How much has changed?
Our real estate brokerage, LUX Denver, is celebrating its tenth birthday this year, and it got us thinking about how different our brand is today compared to when we started. We’ve expanded, our clientele has changed, and our vision for what we want to achieve has clarified and sharpened.
Last year, we began to feel that our logo no longer reflected the business in its current form. So we embarked on a journey to bring it up to date, and along the way, we picked up a few valuable tips for anyone considering a refresh of their brand.
Start With Your Vision
Why do you do what you do? Why is it important? And how has that changed since the early days of your business?
Rebranding is an abstract experience that requires us to reflect deeply on the core values of our business so we can be sure they remain at the forefront of everything we do. So before you start sketching and brainstorming, take some time to explore your vision for your company’s future, and let that be your compass throughout this journey and beyond.
Know Your Audience
Who is your audience now? What do they have in common? And what do they expect?
Over the last decade, our brokerage has refined our niche in the luxury homes market, so we needed to modernize our logo to meet those standards. In addition, we recently expanded to new markets, so our branding needed to symbolize that our services have grown beyond the Denver Metro area.
Take the time to describe your ideal client. This will inform your design choices as you explore new concepts for your logo and cue you into what clients expect from you in everything you do.
READ — Determining Your Business’s Target Market: Why It’s Necessary and How To Do It
Stick to What You’re Great At
If you’ve never worked with design software before, let us clue you in on something: it’s hard. Take our advice and hire a professional designer to help bring your ideas to life.
When you were a new entrepreneur with razor-thin margins, you likely had to do much of the heavy lifting yourself. But now that you’ve “made it,” recognize that you can create the most value by sticking to what you’re exceptional at and delegating the rest.
Trust Your Instincts
So, after all that brainstorming and a few dozen mock-ups of a new logo, how do you know when you’re done? The same way you knew it was time to rebrand in the first place: you trust your gut. When you feel like you’ve found the right design, the one that resonates with you, listen to that feeling.
Our instincts are all we have as entrepreneurs. They tell us which risks to take and which to avoid, which deals feel right and which don’t. Listen to those feelings.
To help you conceptualize all this, here’s where the process took us.
And ultimately to this:
The central, continuous line creating “LUX” conveys the forward momentum and growth we’re striving for, a theme reinforced by dropping the period that once followed the name. The ideai – for our company, our clients, and this new logo – is to create connections. Whether at home, at work or in the community, connecting with the people and places that create Inspired Living is the ultimate purpose of our brokerage, and we love how this logo conveys that.
Rebranding our business reminded us of the fundamental lessons of entrepreneurship that are all too easy to forget when you’re in the daily grind. A refresh of your logo is an opportunity to get out of a rut and explore new possibilities for you, your brand, and your business. So what are you waiting for?
In 2014, Colorado native Aaron Cummins and Emily Duke founded LUX Denver Real Estate Company. As entrepreneurial-minded individuals with backgrounds in psychology, both were seeking a business that would enable them to create meaningful relationships, make a difference in an industry they loved and find Inspired Living in their lives and business. You can learn more at luxdenver.com.