Strategic rebranding, which involves changing your business name, focus, and positioning to target a specific niche market, can dramatically increase your business value and revenue. By micro-niching down to a focused area and communicating your value more clearly, businesses can achieve significant growth, as demonstrated by a band that increased its market valuation 20-fold by rebranding from a general tribute act to a specialized Coldplay tribute band.
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The Power of Rebranding Your Business! #businessstrategy #simoncoulson #inspirationAdded:
I said, "Why don't we change our band to be a Coldplay tribute band and just do songs by this Coldplay band? Cuz I've got a little hunch they're going to be quite big."
Um so, this was our first lesson in business. And this is a really interesting lesson. It's basically the lesson of rebranding. So, what we did was we changed the name of the band.
We changed the name of the band to Coolplay, cuz we thought it was a clever little twist on Coldplay. And instead of just doing two Coldplay songs amongst a mixture of other songs from the Beatles and the Monkees and the Rolling Stones and Snow Patrol and lots of other bands, we just did Coldplay songs. So, it was just rebranding. It was change the brand, change the focus a little bit.
So, we just niched on something. We micro-niched on songs by Coldplay.
And what happened was our market valuation went up 20-fold overnight. So, instead of getting $100 a gig, we started getting $2,000 a gig.
And suddenly, doing a couple of gigs a week, then this was like paying me more than my day job with me, too.
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