28 Apr 2017 | By Jish
Topics: Business Re-branding
Rebranding existed ever since brands evolved. Choosing to rebrand a business has never been so easy. If a business chooses to rebrand itself, there must be some solid reasons behind. What are they? When should a brand consider itself to rebrand? Let’s check into the reasons.
Most often branding changes are unnoticed unless these are some serious makeovers. For example, in 1985, Harley-Davidson opt for a serious brand makeover when the company was in serious danger of going out of business. In spite of the fact that they were the most recognised brand in their market, Harley-Davidson had to redesign their bikes for smaller, more manageable and affordable bikes to attract a new generation of riders. The strategy worked and Harley reclaimed its place among the leaders in motorcycle brands.
Before going into the reasons of rebranding, you must clearly understand what it is.
What is rebranding?
It is a marketing strategy adopted mostly by established brands where there is a change in name, symbol, design or terms with the intention of developing a new, differentiated identity in the minds of consumers, investors, stakeholders and competitors.
Rebranding can also be referred to a change in a brand that may own several sub-brands for products or companies.
Rebranding can be applied to any products new, mature or even that are still in development.
What is mostly changed in the rebranding is a company logo, image, name, marketing strategy and the themes selected in an advertising.
What is the Purpose of Rebranding?
It is done with the aim to repositioning a brand/company from negative connotations of the previous branding or when they want to move the brand upmarket or a new board of directors take charge.
Rebranding can happen through a deliberate change in strategy or from unintentional, unplanned or emergent situations.
If you are experiencing a decrease in sales and customers, it may be the right time to rebrand your business.
If your company want to set it apart from that of competitors and want to attract more customers and more promising employees, then a rebranding is desirable.
When your looks don’t reflect what you are or what you deliver, it may be time to rebrand. It is important to match your looks with what you offer.
Sometimes it can happen that you attract wrong customers. If your company is no longer attracting the customers you want to be attracting, it may be time to rebrand. It will help in switching your target audience and the benefits you offer.
When companies bring in new management with a different set of values in doing and delivering business, it may also be a good time to think about rebranding. It is advantageous if the new management can show their audience that something is new and fresh.
Consider about rebranding when you have a new function added or when there is a change in what you were doing. For example, BP changed from ‘British Petroleum’ to ‘Beyond Petroleum.’ Rebranding can help to bring an awareness in people on what you offer now.
If you have a new management but haven’t changed anything that your company was doing previously then, do not think about rebranding. Rebranding without changing the purpose, direction or value proposition of the business, will do no good.
Branding is not something that should happen every often. You need to give some time for your brand and message to spread through the marketplace. Don’t rebrand every often because people will get confused.
Rebranding should happen only when all the people in a company is united and think towards one goal. Rebranding cannot solve internal problems in a company. It happens once you get to act together.
Rebranding your business may require you spend some amount of money. When you rebrand, you have to formulate new messaging for your business cards, brochures and signage. If your financial condition doesn’t permit, leave it.
Market conditions are not static. You will face competition and your business position in the marketplace will need an uplift. What’s critical is that you don’t change the whole business, instead, ensure your brand continues to develop gradually with the company.Previous Next