Is your business not attracting the clients you want? Although you might think you have the perfect business idea, that doesn't explain why your growth is slowing, or your target demographics are not being reached. If your business, whether it's a startup or an established company, is suffering from these problems, then maybe it's time for a brand overhaul.
How you brand your company and present it to the public is considered to be the single most important factor in determining business success. How your company looks, feels, sounds and engages with audiences is in many ways more important than what you're actually selling. A rebrand can be just what you need to revitalize a slumping business. Here's how to do it the right way.
Rebranding Done Right
A rebrand is never a magic cure-all for your business. You need to make sure the time is right and that you're going about it the right way. The best way to do this is to follow the lead of some companies that have staged hugely successful rebrands in the last few years, as they have plenty of lessons to teach.
One of the most common reasons companies rebrand is to adapt to shifting demographics, usually in an attempt to attract younger customers. Plenty of household names are still thriving because they managed to successfully inject a little youth into their brand. Take the fragrance giant Old Spice, for example; ten years ago sales were struggling, as the brand struggled to throw off a reputation as an old, outdated fragrance, in the face of competition from younger brands such as Axe. They overhauled their brand with their iconic "Axe Swagger" ad campaign, featuring rap stars, NFL players and famous young actors using the fragrance in a series of sarcastic commercials. The brand took off exponentially as a result and is today one of the top selling body sprays in the US.
Successful rebranding does not just apply to products. Take the UK-wide bingo chain Buzz Bingo, which only recently completely overhauled their brand to become a more trendy, youthful venue. They revamped the logo and completed redecorated many of their spaces, providing more space colour and of course, hipster food staples like fully-stacked burgers and spicy burritos. The move was a huge success, and has since helped spur on a new trend of millennials heading to bingo.
A re-brand could also re-launch your food and beverage business. Take the classic American beer Pabst Blue Ribbon, which only a few years ago was seriously in the doldrums. Rather than going for an intensive marketing campaign, the brand managed to reposition itself as a staple of the young hipster night out, simply by ensuring a strong presence at some of the hippest venues and club nights across the world. With a little help from pop stars like Lana Del Rey, who famously references Blue Ribbon in her song "This Is What Makes Us Girls", the brand has enjoyed its best growth streak in history.
Follow these examples, and you'll be able to move your business forward. Targeting high spending demographics like millennials is a tried a tested winner, so doing your research and learning to connect with them is key to revitalizing your brand.
Three years ago, I made a deal with myself - I wanted to have $100,000 saved when I'm 25. But I didn't mind if it didn't happen until the day before my 26th birthday.
One of my biggest priorities in life has always been to save as much money as possible — and I owe much of that to my parents, who made sure I had a strong financial education at a young age.
My dad even helped me start a vending machine business when I was nine. The experience taught me essential skills like how to pitch a business, cope with rejection and open a checking and savings account.
For the past three years, I've never made more than $80,000. About a year ago, I reviewed my rate of savings and investments and realized that I was on track to save $100,000. With only a car loan away from being debt free, I've got another year and $10K to go!
I want to acknowledge that privilege is a key part of my story. I'm white, I come from a middle-class family, and I was able to graduate college without any debt. All these things helped a great deal.
But my parents didn't raise me with a silver spoon. Paying for college was a collaborative process. We'd sit down at least twice a year to discuss how we were going to pay for the next semester. The first question they'd always ask me was: "How much can you contribute?"
I've been fortunate. But it also takes a lot of hard work, sacrifice, and responsibility to save and maximize your earnings. Feeling motivated and knowing that I'll be prepared for whatever life throws my way fuels my drive to keep making smart financial decisions. Here's how I'm getting to $100K.
- I side-hustled
This kick-started my journey towards six-figures. In addition to saving the majority of my 9-5 salary, my first year of freelance social media marketing made me quite a bit of cash that I could immediately save. I was able to establish both a SEP IRA and a fully-funded emergency fund with my earnings.
2. I started investing early
Knowing that compound interest is so important, I wanted to start investing early to have my money work for me. Once I started my first big-girl job, I opened my first Roth IRA. Starting to save for retirement at age 22, I was able to max out my Roth each year and also contribute to aSEP IRA and a non-retirement investment account. My first job out of school had a 401(k), but you couldn't contribute until you were there at least a year. Knowing I wasn't planning on staying long — I was at that job for a year and a few months — I opened a Roth 401(k) and then rolled my earnings to my Roth IRA.
3. I negotiated salary offers and raises
Negotiating should be a collaboration, not a confrontation. Growing up, I watched my father sit on hold, patiently waiting to negotiate our cable and phone bills. Negotiation was always part of my life, and I grew up with parents who knew how to do it. So when I was offered my first social media freelance gig, I negotiated over $10k more than they offered. And after achieving a 20% bump at my first 9-5, I negotiated $20k more than what was offered at my next job. And $10k more at the next job. If negotiating for raises freaks you out, here's a guide that can help.
4. I've automated my savings
Automating your money not only makes your life easier, but it makes you feel like the percentage you're saving just doesn't exist. I have 26% of each paycheck automatically deposited into a high-yield savings account. This savings account is purposefully at a different bank than my day-to-day checking account, so I'm less likely to withdraw from it and less likely to think about it. This "set it and forget it" level of financial freedom was something I worked hard for -- through money diarying, budgeting, and conscious spending. So now, my savings amount is completely on autopilot.
At the age of 24, I know that I am on the right track to make my goal a reality. Inspired by my own journey, I wanted to help women everywhere to have that same feeling of confidence that financial education gives — and get information from someone who isn't an old, rich white dude. As a money speaker and coach, I run Her First $100K, a financial literacy platform for millennial women on the path to get their first $100K too.
It's possible to achieve your first $100K — whether that's debt paid off, earned, saved, invested, or something else. With intentional strategies and focus, you've got this!