Every company strives to be known and to have a positive reputation. Having a strong and recognized brand is a valuable asset that helps a company boost its revenue and profits, and increases the value of the business.
But a strong reputation can be a double-edged sword. If your company is well known for particular products or services that are no longer in demand, this strong reputation can make it more difficult for you to build a reputation for new offerings. Customers and prospects tend to see companies as they are or were—not as they want to be.
For many B2B companies, this situation has become a reality over the past few years. Changes in technology and buying behaviour are reducing the revenue and profits of many firms. As a result, formerly thriving businesses are being forced to reinvent themselves and find new offerings that will generate profitable new revenue streams.
Strategic reinvention is the process of transitioning from one offering and reputation to a new one. Think of IBM in the late 1980s, when it transitioned from a product company to a customer-centric service company. This isn't easy. In IBM's case, it took 10 years—during which most people had written off the company—before it became apparent that the firm had successfully remade itself. Thankfully, for most small and mid-sized B2B companies the task of strategic reinvention isn't as enormous as IBM's was, and it doesn't generally take 10 years. Still, it's no cakewalk, either.
Does your company need to reinvent itself? If so, here are the three steps you'll need to take in order to make a successful transition to a new brand and renewed success.