In this day of digitalization, when companies look at product packaging and how their brand is perceived, it is imperative to stay relevant and in tune with the market. Situations change and so does the perception of the company objectives. Based on the changing times, it is always healthy for companies to review their current market strategy which includes the branding of their product. Rebranding is a strategy that is used by all major brands across the world with predominantly positive results. Before we delve into the benefits of rebranding, let us understand what it actually means.
Rebranding is an explicit marketing strategy of renovating the corporate image or business of a brand. It is usually achieved by creating new visual assets such as marketing materials symbols, logos, and occasionally a new name and motto as well. The ultimate aim of rebranding is to change the perception of the brand identity in the minds of consumers, competitors, prospect customers, employees, investors, and other stakeholders.
Reasons to Consider Rebranding
1. A company takeover or the merger of different organizations: This could result in a new logo and name along with a re-evaluation of all brand materials.
2. The company outgrew its Mission: After a certain while, the company needs to grow. This does not mean just financial growth, but also expand into new markets. The business could be missing opportunities to connect with new markets and would need to outgrow its current branding.
3. Keep up with Times: The brand is usually developed based on the current times. As and when your current branding becomes outdated, it may not reflect your business as effectively as it does now.
4. A new company strategy: Market share, target audiences, and positioning can all differ during a product or company’s lifecycle. Ideas that were popular and highly effective 5 years back may now hold your company back from catering to the requirements of consumers.
5. Diversification of Products: When a company name is decided, it usually reflects the service or product it offers. When new additions of varying features are added, the name no longer suits and thus a rebranding can solve the problem.
6. To stay ahead of the competition: Sometimes Popular companies are mimicked by the competitors to the point where they are not easily distinguishable. Adopting a different branding can set you apart from the competition and can bring uniqueness once again to the company.
7. New Technological inclusions: Technology will keep on evolving over time. Softwares used 10 years ago are no longer the same. In order to accommodate the technological advancements in your company, rebranding will come in handy. Try animating your logo or making it more meaningful to use on your website designs and across different social media platforms.
8. Change in target audiences: When the services offered change, so does the target audience. A rebranding exercise can definitely help to engage with new customers. A change in strategy and the way of approach will be beneficial by rebranding.
9. Creative Challenges: The logos and designs used before the advent of social media need to be revised to be able to share them across social media platforms without a dip in resolution and design.
10. Improve Company Personality: A poorly managed conflict can damage the reputation of an organization. Companies rebrand to a new identity in order to save face and emerge with reformed objectives.
The whole purpose of a rebrand is to improve the overall image of the brand in more ways than one to increase profit. Now that we covered why rebranding is chosen, let us understand the benefits of rebranding as given below:
Rebranding needs to be a calculated business decision and not just a vanity exercise. It is a conscious decision to refresh your business reputation and image. Outdated branding does nothing to motivate your team and only damages the perception of your business. A fresh new brand identity can often add new energy to the business from both inside and outside.
Attract More Customers
Over time the brand image and company message may have become stagnant & incapable of attracting new audiences. The branding also needs to evolve once your goals and mission as a company adapt over time to your customers’ unique needs. By rebranding your company personality, your image, or your target audience you can attract more customers while rekindling the interest from your existing audience.
Target New Goals
Rebranding allows you to shift the focus of your efforts and achieve new goals like developing new products or improving existing ones. Also making the company more employee-friendly can help in future recruitments as well.
Increased Customer Engagement
You have the opportunity to make a big splash by adding something new and exciting to your product line or make a change to your brand. Rebranding is a golden opportunity to get people talking about your company on social media. You can highlight the positive attributes of the change to your existing and potential customers about why you are making them.
By rebranding, you can streamline the objectives that may have become diluted or inconsistent. It offers the opportunity to regroup the focus again. Also, it can help with online reputation management which is key for business growth now and in the future.
In conclusion, rebranding is never a quick-fix, nor is it a miracle solution to all of a company’s problems. It requires a lot of quality work by experienced professionals to pull it off successfully. Intersmart Solution is a leading digital marketing agency in Kochi with experience in successfully rebranding many established companies.
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