The Pros and Cons of Rebranding Your Small Business
Remember that gang-promoting, violence-glorifying rapper named Snoop Dogg? He died in 2012 – well, sort of. The man behind the international rap star, Calvin Broadus, is alive and well. However, you may now know him by his new name: Snoop Lion.
While Snoop’s name change may have seemed like a simple formality, it signaled a major transition in his brand. After all, the former “Death Row” rapper traded his brand for a new one as a reggae artist, a genre which he labels a “music of love.”
Should you follow in Mr. Lion’s tracks or stick with your current brand? Let’s discuss one, two, three and to the fo’ pros and a few cons to doing so (yes, I went there).
Pros
Attract new customers
By morphing into a lion (figuratively), Snoop positioned himself to attract new customers (reggae fans). The lion is the symbol of Rastafarianism, which is a major influence in the reggae genre.
Had he literally morphed into a lion, he’d have an additional customer base at the circus.
Differentiate from Competitors
In the 1990s, Target was seen as just another discount chain. Today, it attracts middle-class “yuppies” at its stores through exclusive deals with high-profile designers. In a nutshell, it decided to offer high-quality merchandise at affordable prices versus the junk often found at competing retailers....More
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