Welcome back to the second week of our 5-part series on how to rebrand your business. Each week we will cover a unique and important aspect of the rebranding process. Be sure and catch up on the previous weeks’ posts if you’re just joining us! And now for this week’s critical question…
Who are my customers?
When you first start a business, you have to take an educated guess as to who is most likely to be your core customer base. But after several years in business, your sales may suggest that who you’re targeting is not who is actually buying. It’s important to monitor this data and regularly evaluate whether your current brand is still appealing to your target market.
If you should find, for example, that your brand is designed to appeal to men, but most of your sales are to women, this is one indicator that rebranding your business may be a smart move. So how do you begin to identify such trends and changes in your customer base? Here are several ways to pinpoint who your customers really are.
Who is most engaged on social media?
What people are saying about your business is just as important as who is saying it. Take a look at your business’s Facebook page, Twitter accounts and Instagram followers. Who is tagging you in posts, leaving comments and liking your updates? It shouldn’t take too much digging to uncover the demographics that describe your most engaged social media connections. Their names will give you an indication of their gender, their photos will give you an estimate of their age, their profile will tell you where they live and their updates will help to understand their passions and hobbies. The is a powerful way to begin understanding who your target audience really is, but first understanding who is currently engaged with your business.
Who is making the purchase?
Next, you should look at who is paying your bills. While social media provides some great information about your fans and followers, there are many people who will sing praises of your business, but have never made a single purchase with you. Sure, they might be potential customers down the road but the only thing they are paying you right now is lip service. Look through your client accounts and identify the gender, location and any other pieces of personal information you collect to identify who is giving you money. This will tell you who you should continue to target because they are people who have already moved to the “action” step and will likely do so again.
Who are your loyal customers?
Finally, identify those customers who have made large and/or multiple purchases with you. Who keeps coming back for more? Try and find what they have in common. Are they of a similar age, geographic location or income level? Create a profile of what this “superstar customer” looks like and use it for the next and most important step. Which is….
Evaluate how well your current brand connects with your core customer base?
So you have all this great information about your most engaged and loyal customers, now it’s time to evaluate your brand against what appeals to them. Ideally, you will form a small focus group with people who fit this customer profile. If your resources are limited, hold an internal brainstorming session with your team and play the role of this customer. Critically look at all aspects of your brand – logo, slogan, colors, website, social media, marketing materials and outreach. The ultimate question to answer is “Do our efforts align with the brand that is most likely to attract our best customers?”
And remember…rebranding alone won’t fix a poorly run business or a broken process any more than a bandage will fix a gaping wound. When venturing down the road to rebranding, be sure to reevaluate all aspects of your business to identify weak spots!
In case you missed it, here’s a look at the previous posts from this 5-part series:
Join in the conversation by commenting below!