Rebranding is a successful trend in today’s ultra-competitive scenario. Before we start understanding the concept in detail it is a primary prerogative for us to understand a Brand first. Brand can be simply defined as unique design, sign, symbol, words, or a combination of these, employed in creating an image that identifies a product and differentiates it from its competitors. Over a period of time Brand is associated with the credibility and the Goodwill factors of the product and the company. Branding is considered to be the most invaluable asset of a company. It is the very core of the company, the culture that permeates through the working style and quality of output in the company.
Rebranding occurs, when a company intends to build a different image from one that it holds presently in the market especially in the minds of the customers, associates, partners and interested parties. It involves creation of a new logo, marketing strategy and work culture. The reasons necessitating such a strategic initiative could be introduction of new line of products, expansion that may either be geographically or business wise or a simple improvisation on the existing Brand to reposition itself in the market and distance itself from the negative impacts of the old Brand. The idea of this piece is to analyse the latter motive.
What is a good time to rebrand a company? The answer is as simple as when the sales tend to slacken and the market share either saturates or weakens is a good indicator to start. Rebranding starts with identifying the fallacies in performance of the present Brand. If the present Brand is not doing what it is supposed to do for the company the bottleneck needs to be removed. The result of rebranding is expected to be positive repositioning of the business entity amidst the existing and prospective target audience thereby increasing the customer base ultimately translating long term economic benefits for the organisation. Rebranding is definitely easier said than done. It needs utmost dedication and untiring creativity to accomplish the mammoth task of unseating and recreating a Brand for the better. There are a million aspects to the minutest possible level that needs to be analysed and decisions crystallized in the process. A few sample issued that needs to be addressed are detailed as follows:• Necessity for Rebranding
The most famous and meticulously built Walmart Brand can be thought as a best example of rebranding and reinventing. The retail juggernaut is an indisputably successful business house. However, in 2007 Walmart replaced its standard image line “Always Low Prices: to a more encompassing “Save Money. Live Better”. Not only this but it proceeded to reflect this style statement by revolutionising the interior designs of the stores as well as resonated the same in its work culture. REBRAND, an organization that judges companies on their rebranding efforts, awarded Wal-Mart a for this rebranding exercise.
There is a flip side to this coin too. BP is a classic example to explain the concept. In 2010 BP, a global giant in oil drilling and exploration decided to change its logo greener to depict an eco – friendly picture. However, unfortunately, this initiative took flight in another direction and people looked at this rebranding as intended deception. To amplify the effect the largest marine oil spill by BP completely spiralled the rebranding effort in a downward direction.
It is rightly said that “A Brand is worth less if it does not connect with the right audiences in the relevant way” and nothing losts forever. Hence, whatever is reinvented is reborn for the benefit of the organisation and the society.
For more interesting insights on rebranding and stupendous ideas to rebrand your products get in touch with us at www.magnetikmind.com