What is rebranding?

Rebranding is the process of changing the design of a brand. It is a marketing strategy that consists of giving a new name, symbol, or design change to an existing brand. The idea behind Rebranding is to create a different brand identity from its competitors in the market.

What are your reasons for rebranding?

There are several reasons why a company might change its brand. One notable factor is communication with customers. Rebranding is good for business, but at the same time, it can be risky. There is always a possibility that consumers will not like the new brand.

There are two types of rebranding: one is proactive rebranding and the other is reactive rebranding. Rebranding is done proactively when a company realizes that there is an opportunity to grow, innovate, tap into new businesses or customers, and reconnect with its users.

Interactive rebranding is done if the existing brand is discontinued or changed.

Possible reasons for such action may be mergers and acquisitions, legal issues, or aim to beat the competition, or create your own niche.

Whether your branding efforts started (and ended) with a slogan scribbled on a napkin, or you charted your way through the entire branding process, somewhere along the way things stopped working.

How to rebrand a company

The right reasons to change the brand

Rebranding is complex and carries significant risks. Even big brands are not immune. Knowing the pitfalls of rebranding can help you decide whether or not to move into rebranding for the right reasons.

If you’re considering Rebranding because sales have been slow or your brand awareness efforts don’t seem to be paying off. You may want to reconsider – these issues can likely be solved by creating a new marketing strategy or conducting market research to determine the root cause.

But if you’re considering Rebranding because your company’s vision, mission, values ​​and market don’t fit if that’s reflected in your brand. Rebranding may be the right decision.

There are some other key reasons you might consider Rebranding, including:

• New locations You may need to update your branding if you are expanding into international markets that won’t need to know your current logo, messaging, etc.
• Repositioning the Market Brands are designed to connect companies with their customers. So if you reposition your business to target an entirely new customer profile – whether through product, place, price or promotion – your brand will need to follow suit.
• The New Philosophy Your business’s mission, vision, and values ​​should govern every decision you make—including branding decisions.
• If your average market value (MVV) changes and the direction of your business changes with them, you will need to re-evaluate your brand.
• Mergers and Acquisitions When two companies merge together, two brands come together as well.
• If your company is acquired or joined with another company, you cannot allow both brands to compete.
• Finding a new brand that reflects the new entity will prevent confusion and build trust.

Here are some reasons not to change the brand:

Boredom Often times, people think about Rebranding because they are tired of seeing the same logo and tagline every day. When you start to feel anxious about your branding, remember that your customers may love — or quickly recognize — the signature color you’ve come to hate.
Covering Up a Crisis Whether internal issues or fending off bad press, Rebranding is not the answer. Most consumers and employees are smart enough to properly see your rebranding and recognize it for what it is – a cover-up.
Impact For new managers, rebranding may seem like the quickest way to make your mark. However most new managers don’t implement the kind of organizational change that justifies rebranding. More often than not, new leadership that insists on rebranding does so more for itself than for the company.

Seeking Attention Perhaps sales have been faltering, or perhaps brand awareness efforts have not improved. Either way, jumping into a rebrand is the wrong move. At best, you’ll generate some buzz in the short term without any sales and marketing strategy to sustain it. At worst, you will lose any brand recognition and hamper your sales and marketing efforts.