Is your brand looks almost similar to your competitors, does it have a negative image, have you lost market share or are you going through some emergent situation.
If yes! Then your brand certainly needs an image makeover and that is what we call rebranding. You actually change certain elements of the brand to reposition it in the market while rebranding your business. If done prudently rebranding can work wonders for a sinking brand.
In this article we are going to discuss about rebranding, why it is done however before we go with it let me first brush up your concept of branding.
Why your business needs branding
You need branding because it determines the commercial success or failure of a particular product or service. There could be millions of sellers for a single commodity but something that distinguishes them from each other apart from quality, extra features and so on is what we called a brand.
Branding is not just the logo, the color, or the fancy font. It is rather the message or feeling that is delivered or recalled upon viewing an identity of some sort. In short it is the unambiguous combination of logo, words, type font, design, colors, personality, price, service, etc.
What is Rebranding
Rebranding is a marketing strategy in which significant elements of a brand such as name, term, symbol, design, or combination is changed in order to develop a new, differentiated identity for it in the minds of consumers, investors, and competitors.
Now you must be wondering as to why you would rebrand your business after putting in so much of effort while branding it. The answer is simple! Because you did it wrong the first time and that it’s not giving you desired results. By rebranding your business, you can reposition the brand and the company in the market and re-establish their image in the eyes of the consumers, investors and competitors. However, rebranding requires almost the same amount of investment and time that is required by branding and so you must take into account all the significant factors and, establish and rationalize the need of reinventing the brand.
We have two types of rebranding-
Evolutionary (when most of the original brand aspects are kept intact)
Examples: Pepsico and starbucks.
Revolutionary (when drastic changes are being made to the brand by changing a lot of major brand aspects, such as the name)
Examples: Andersen Consulting turning into Accenture and Comcast being rebranded as Xfinity
Rebranding mistakes to be avoided
If you have finally decided to revamp your brand, make sure you don’t practice the following mistakes that people commonly make.
Giving utmost priority to visual aspects like the graphics, colors, etc
Like we discussed above a brand is not just visual identifiers it has and that sticking to just that may not be enough. The brand message, theme, communication, etc must be considered equally and should be altered to bring out the image reinvention efforts. Although it takes a little more effort but then you would be able to reconnect with your audiences in a better way.
A complete overhaul of the brand even if it’s not necessary
If it is about change in core product or services, or about change in the company’s business direct etc , a complete revamp of the brand is still understood but in all other cases it will only serve to push away the consumers and stakeholders from the brand. This is why if it’s not necessary you should go with evolutionary rebranding and not the revolutionary rebranding.[useful_banner_manager banners=24 count=1]
Rebranding can act like a magic wand for your sinking business if done astutely and artfully. It might sound like making a big endeavor in the beginning as there are a lot of things that need to be considered such as degree of brand overhaul, resources to conduct proper research and so on but once done the right way is immensely rewarding in the long run.[useful_banner_manager banners=20 count=1]
Learn from real practitioners not just trainers.