Kinky Boots

Summer’s been a great time to get more inspiration from the movies.  I recently re-watched ‘Kinky Boots’ – set in London, it’s based on a true story.  Charlie Price, the son of a sensible, conservative men’s shoemaker finds himself on a quest to save his family’s business, which is sinking fast.  Old-fashioned values are no longer enough to service the market – new and creative ideas need to be explored.  This is the story of overcoming adversity by defining a sexier niche market.

Sometimes as business owners, we feel like we can’t deviate from our original plan, especially when we’ve created something from scratch.  Even if the original plan isn’t working any more, we feel we’d be admitting to failure if we shifted direction.  We’d rather waste more and more time, energy and money trying to fix something, that perhaps shouldn’t be fixed.  Maybe our plan has just run its course and now its time to move on.

It’s not shameful; it’s practical.  Rebranding may be the key to survival.

It’s worked for some billion dollar enterprises, why not yours?

Although McDonald’s Restaurants have always done well in just giving us fast, fun and cheap food, public opinions and concerns do change.  In the last decade the trend toward healthier lifestyles has definitely impacted their reputation.  Documentaries, like ‘Super Size Me’ made a mockery of the business and emphasized their contribution to the obesity epidemic in the United States.  Since then, McDonald’s has added salads and more healthier choices into their menu.  The result…business has never been better.  So, be sure to pay attention to your customers and your critics – give them what they want.

One of my favourite examples is Old Spice.  I remember the old commercials from when I was a kid – sailing ships and rugged, manly men.  I must admit, up until recently, it was a scent I’d associate with my father’s generation.  Not something I’d buy for my husband.  But since Old Spice launched a fresh new campaign with former NFL player, Isaiah Mustafa and a series of clever and unexpected TV & online ads, they’ve engaged a whole new generation.  In this example, the product remained the same; the perception of that product is what changed.

So, is rebranding right for you?  Well, you need to consider some serious questions take lots of time to properly research your answers:

• Why do you want to rebrand?
  • Have you had some negative publicity?
  • Are you being confused with your competition?
  • Are your products and services outdated?
  • Have you changed ownership?
  • Are you branching out in a new direction?
  • What do you hope to achieve from rebranding?
  • What is the current perception of your company to the public?  To your customers? Competitors?
  • Will you be keeping your current target market or taking on a new one?
  • What will these customers expect or want from you?

Now, although I’ve given a couple of examples of rebranding that worked, it may not always be the answer.  Don’t be quick to jump into something new – perhaps just a change in marketing strategy might be what you need and a complete re-branding may be overkill.  The simple answer…take your time; do your research; consult with your advisors, especially your customers.