Rebranding is a part of strategic marketing that comprises changing your company’s design, concept, name, and name. Its goal is to clarify its intentions in order to win the trust of customers. Today, we’ll discuss what is rebranding; its types, reasons, how to do it, and examples.
What is Rebranding?
Rebranding is the process of giving the current brand new identity and adding new properties and traits within or outside of the developed company; in order to create a new brand image and amplify the brand recognition with different perceptions in the market.
When you change the logo, design, name, and other traits of the already developed company with the purpose of making people recognize the brand differently, it is called rebranding. Some of the main elements of defining the rebrand are as follows;
- It comprises branding of the current and existing brand
- The goal is not to develop a new brand but to give the current brand a new face in order to compete in the competitive market
- Its focus is not only on changing the visual of the brand but also on changing the internal operation of the company that is making the brand
Types of Rebranding
Some of the main types of rebranding strategies are as follows;
It is a type when brands include something new to their existing brand without completely changing it. Refreshing is significant when your company’s image and logo become obsolete, and there’s a shift in the company’s objectives.
It’s a type when there is a shift in the company’s foundation in terms of product overhauling, leadership changes, and acquisition or merger. Resultantly, the company has to go through a lot of changes in terms of brand values, vision, and mission statement. It means a complete makeover of the company.
For instance, Facebook bought the game manufacturing company, Oculus in 2017, Facebook rebranded the whole company started with its logo and design.
Reasons for Rebranding
When we talk about rebranding a company, then it is a very costly and complicated process that comprises a lot of risks. Some of the main reasons for the rebranding of your business are as follows;
Repositioning comprises changing the status of your product and brand in the marketplace. It becomes a difficult process when the company has an obsolete and weak brand image. It would require a new target audience and changing the strategy. If you’re planning to reposition your brand, then target the new segment of the market in terms of place, price, promotional channels, taste, size, and package.
Any type of scandal on social media like data leakage or lower quality product would jeopardize the reputation of your brand. It would badly impact the reputation of your company and the customers. When you bring some real changes to the company, it would address the negative associations that are in the minds of customers in order to win their trust.
A merger is when two companies join hands and combine their resources. It is to improve the quality of the product, avoid confusion, amplify brand awareness, and win the trust of customers. It would help you to enter new markets, new management, obtain profit, and efficiently use resources. Resultantly, you would have a lower price, better quality products, and higher customer service.
When you enter the global market, then rebranding would help you to achieve higher financial and distinctive growth. When you’re launching it in the new location, then it is important to come up with a new logo and design that the people in the new location could easily remember and recognize.
Leadership defines the identity and destination of the company. When the ownership and leadership of the company change; then it would emphasize giving a new identity to the company.
How to Implement Rebranding
Some of the main steps on how to implement rebranding are as follows;
Redefining Target Customer Market
You should research your target customer market, the plans of your competitors, unique elements of your brand, and it differs from the competitors. The research comprises data analysis and conducting focus group studies, it would help you to know whether your target customers are matching up with your product idea or not.
You should recognize your potential customers and their preferences, compare the data, and know the differences. When you identify your actual customer market, then implement your strategy.
Rethinking Vision, Values, Mission
Brand Vision gives the direction to your company and what action the brand should take. When the vision of the company changes, then it becomes the new normal. Therefore, you should redefine the company’s vision in order to make sure that the brand is moving in the right direction.
The brand mission is the purpose and objective of the company where it wants to be. It is the roadmap of your company that outlines your location, products, and actual customers.
Brand Values tell you why you’re working on your vision and why you do the things that you do. When companies evolve, so do their values and reflect the new focus of the company.
Reconsidering Company’s Name
When it comes to changing the name of the brand, is a highly risky step and it may cost your company lower organic traffic and brand recognition. If you’re planning to change the brand’s name, make sure that you should have a recovery plan. However, if the brand name is relevant to the company’s mission, vision, and values, then you should keep it. Otherwise, you should modify it. You should also ensure that the new brand name is catchy, simple, and send the right message.
The slogan of the company should be memorable and relevant to the company’s vision, mission, and values. It should send the purpose of the brand. Just like the slog of Nike is “just do it” and “I’m loving it” of McDonald’s, and they’re simple, poetic, catchy, and memorable.
Rebuilding Brand Identity
You can change the identity of the brand by changing color, imagery, shape, and logo. If you’re bringing a lot of changes to the company, then you should also consider changing the logo. The new logo would give a new identity to your brand.
According to a study by Maryland, the color scheme amplifies brand recognition roundabout 80%, and it would influence your target customers. Along with changing the visual appearance of your brand, you should improve the imagery and shape of your company.
Examples of Rebranding
Dunkin Donuts is a fast-food chain brand. The company brought revolutionary changes in 2019 by redesigning and launching the new logo and dropping the old donut. According to the CMO of the company, the new logo would help the company to shift its focus to sandwiches, coffee, and other drinks.
The House rental and lodging company brought revolutionary changes in 2008 by changing its design and introducing a new logo, typography, and color palette. The radical changes brought a lot of criticism to the company on various social media platforms, but the customers accepted the gradually.
Conclusion: What is Rebranding? Types, Reasons, How To, Examples
After an in-depth study of what is rebranding; its types, reasons, how to implement rebranding; and examples; we have realized rebranding is a very risky step for the company. If you’re planning it for your company, then you should keep in mind the abovementioned tips and guidelines.
Ahsan Ali Shaw is an accomplished Business Writer, Analyst, and Public Speaker. Other than that, he’s a fun loving person.