ReBranding a company and why it is important for your sales volumes.
Definition of Rebranding:
It is the process of changing the corporate image of an organization. A market strategy of giving a new identity in the form of a new name, new symbol, or a change in design for an already established brand. Re-branding a business is the harsh reality that every business faces at least once in its lifetime, no matter for big or small business. Breaking up may sound downright dreadful but you have to do so in order to start a new relationship. Not all brands may need to go through extensive overhauls; but there are a few that might require such changes in order to achieve profitable returns and a consistent growth. That’s when they should think about rebranding.- It is like a goodbye to the business you have created around your brand but sometimes it is only for the better.
- Look at it like a relationship which isn’t working anymore.
- Your brand doesn’t seem right for your business anymore, you might have to think of moving on.
Rebranding Examples:
Global iconic brands such as Coca-Cola, Kellogg’s, and Guinness have earlier undergone rebranding. Yes, they have been market leaders since the time we have known them but over time, they all have changed, even if it is in an evolutionary sense.
A year after acquiring complete stake in the joint venture, STAR India revamped the branding of the sports network. The company removed the name ESPN from all the channels and created a new identity- STAR. Now the channels are called STAR Sports 1, 2, 3, 4, HD1 and HD2, and starsports.com making it a network of sports channels.
Why does your business need a Rebranding strategy?
Rebranding exercise comes at a cost which is inevitable. Bigger the brand, more the cost. But, no matter how big the brand, it is always the marketplace that gives signs of a lurking rebranding strategy. Rebranding a product might look like a nightmare to a small business but if you fail to recognize the signs at their early stages and make the necessary changes, it could get too late by the time you rebrand. So catch it at the bud while things are still going great.There are many rebranding case studies of business giants going back to the chalkboard, sitting with their branding agency, putting in some branding ideas and come out rebranding a product. Here are some reasons why you need it..Leadership Changes Hands.
Brands are usually the image of the company’s leader, particularly in privately owned organizations. The brand is a reflection of their personality. So, when the company changes hands, a new identity is the way to reflect the transition. Modern Bread underwent a total shift in their branding strategy. When the brand changed hands, it underwent a rebranding based on the insights from the consumers. The brand now has a vibrant identity and positioning by ‘Making wholesome awesome’ which now has new variants and targets younger audiences.
When A Brand Needs a Makeover.
If there is something permanent in the marketplace, it is change. Staying contemporary and fresh is a challenging task where you have new brands and competitors sprouting up every day. The marketplace is always dynamic in nature and even big brands have evolved their brand identity to keep up with the changes. When Ratan Tata set out to make the cheapest car in the Indian market, he did not realize that his solution of putting a car in every home would be considered as a cheaper alternative to buy car. The Tata Nano was widely marketed as the cheapest car ever produced. The idea was to make it easy for people to own a car. But the consumers thought it to be a demarcation of their status symbol. Their sales dropped and so did their market share. Tata then rebranded and re-launched the Nano Twist by branding it as a smart city car.
Keeping your old audience and getting new ones.
