What is Rebranding? Rebranding is a kind of marketing strategy that gives a new image to the established company, including the brand name, logo and symbol or a change in design. It is the process of creating the differentiated identity of the brand or company in the minds of customers, investors, stakeholders and competitors. Today,
What is Rebranding?
Rebranding is a kind of marketing strategy that gives a new image to the established company, including the brand name, logo and symbol or a change in design. It is the process of creating the differentiated identity of the brand or company in the minds of customers, investors, stakeholders and competitors.
Today, various business organisations are resorting to rebranding or brand positioning whether for their well-established company or for giving a lope to their unsuccessful company.
Time to Rebrand?
Rebranding is a technique to reposition the company or its products identity deliberately. There can be a multitude of reasons for brand development or rebranding depending on the necessity of distinct business organisation. Rebranding can further be categorised as proactive and reactive rebranding.
Proactive rebranding is performed when an entrepreneur is seeking to add new things to the organisation while reactive rebranding is performed to highlight the existing brand of the company. Now let us take a look at those factors which prompt an entrepreneur to rebrand their company or product.
To Build a Newbie Image
When companies want to come out of the past image and create a new one for the targeted market, customers, partners or stakeholders, they take a decision on brand development. This is an effective way to create awareness and a new perception about your brand or company among the people and in the market.
To Enter a New Marketplace
A business cannot be driven without customers and hence, when you wish to enter a new marketplace aiming to get a new set of audience or customers, rebranding is the best way to do so. Also, if business owners want to take their brand to the global market, the need of brand development arises.
To Shed Bad Reputation
When a company earns bad reputation and loses its image, it becomes crucial to go for rebranding. It helps the business owners to introduce their product or company with innovation to reach out to new audience and connect with them. It also works well in bringing the old client or customers back.
Here we can take the example of Apple company. Its sales had dipped and the company did badly in the market in the early 1990s. Then Steve Jobs took over the company and brought out innovative new products and launched a series of marketing campaigns. Soon Apple became successful in attracting a new customer base.
Conflict with Stakeholders
When a conflict arises between a company and its stakeholders, it affects the image of the company and its business. Here, rebranding can be a smart decision to sustain the reputation of the company. But sometimes rebranding can have a negative impact on the stakeholders. So, this decision has to be taken and implemented carefully.
In order to maintain the competitive edge in the continuously evolving marketplace, brand development is an essential tool which can help you sustain the company and brand reputation. Remember, no brand can survive if it doesn’t differentiate itself from its competitors because consumers can remember and identify only those brands which have some distinctiveness compared to others.
Repositioning Your Brand
When a company remains a market leader, its brand transforms and stands for something different in the challenging market. Hence, to stay fresh and contemporary in the targeted marketplace, the need for repositioning the brand is essential.
Various major organisations are rejuvenating their brand by utilising the brand positioning service that helps them attract new audience base and connect with them. We cite the example of Microsoft which timely changes its logo and re-enters the market with a newbie approach every time.
Rebranding is a technique that can transform your business structure in a short timeframe. Rebranding can always be a crucial decision which helps give a new direction to the business organisation and boost the image of the brand or the company.
(The author is the CEO, Brand Strategist and Digital Marketing Expert at Fresh Mind Ideas)