Say the word ‘Pawn Shop’, and images come to mind of shady characters haggling with seedy shop owners, trying to get rid of stolen jewelery and property.
Today as I was walking to work I saw a similar scenario. There was the shady looking character trying to pawn a ring, but the seed shop owner was replaced by a clean cut kid wearing a polo shirt with the ‘Cash Converters’ logo on it.
Amazing, Cash Converters took a concept that had words like, thieves, shady, and scum associated with it and transformed it into a place where a middle class person might find themselves stopping in to get rid of a stack of old CD’s or a blender, and checking out to see if there are any good deals.
Cash Converters is profiting because they were able to take the concept of the pawn shop, re-create it and re-brand it, and give it an entirely different image. More professional, organized and systematized.
This is no limited to businesses. People can do the same thing.
I’m sure this is a common experience at high school reunions. You get to the event, start talking to Jeff -handsome, beautiful wife, three kids, successful entrepreneur- he looks sort of familiar, but you are having a hard time placing him. You suddenly realize that he was the nerdy, chubby awkward kid that so many of you had mocked in school. Jim had re-created and re-branded himself, he developed a completely different image and persona.
Where else have you seen this done?
Think of people you know that have gone through this personal change.
How could you apply this idea to your business to yourself?