Rebranding is a strategy utilized to revamp and overhaul the image of a business. A business is branded with a new name sometimes out of natural causes like mergers or acquisitions. It also takes place to shed the old mould of staleness and take on the world of business with a new zest.
Some businesses also go for rebranding to get over a tainted or damaged market image. Rebranding is however, a crucial part of business and an entrepreneur should weigh the pros and cons of rebranding before making the plunge.
There is no guarantee that rebranding will improve or revamp the image of the business. We have the example of new Tropicana orange juice packaging that torpedoed while the experiment of Apple to reimage the logo resulted in dwindling sales.
Why and when you need to rebrand
Time and strategy are important factors to consider when thinking of rebranding. You should also have a clear idea of the extent to which rebranding may be used. You may want to exercise the choice of partial branding of the business or totally change it. Branding and rebranding are pretty elaborate and expensive exercises. So make sure that a highly efficient and workable rebranding team is in position.
You might have to take the help of independent market surveying and advertisement agencies and launch an extensive public campaign to inform the consumers about the change. Rebranding sometimes goes to show that the company has nothing new to offer and that it is taking recourse to customization of brand to reinvigorate its image as a distraction.
So go for total rebranding only if the other marketing techniques have not proven effective. Obsolescence of imagery is one relevant reason for rebranding to fit it into the current cultural and social ethos.
Begin to think with the end in mind
Brand is a nurtured child of the company, changing its character, logo or theme might kill it. Try to find the reason that makes rebranding necessary. Will it be worth all the exercise put in? Rebranding may be needed if a brand name cannot keep pace with market needs, or if it fails to address the goals and priorities of the business.
For a rebrand to succeed, it might have to be substantiated with other changes like change in content or model of the product and other marketing strategies. A business might also think of rebranding before expanding into a new market. End expectations, budget, time and resources are factors that must be in mind of the entrepreneurs before rebranding.
Things to keep in mind while rebranding
A brand must identify with a socio-cultural profile of a company. While maintaining the core values of the business, the brand should be able to play the game of competition and consumer aspirations. The rebrand should focus on making available long-term impact on the image of the company and the market situation in favor of the company.
Rebranding is a tough nut to crack. A business should only indulge in the practice if it becomes mandatory, and even so, consider looking for a partial rebrand before going for a complete change.