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Re-branding is necessary to keep up the brand fresh and relevant. It is a marketing strategy in which a new name, term, symbol, design, concept or combination thereof is created for an established brand with the intention of developing a new, different identity.
There are few good reasons when the re-branding should be undertaken and there are:
- Change of or new locations -The business might expand to different market hence the brand might need a refreshment hence your brand might not know brands current logo, messaging, etc.
- Market repositioning -- brands are designed to form close ties with their customers, so every repositioning of the business targets a completely new customer profile. Regardless if the change concerns product, place, price, or promotion -the brand has to follow.
- Change of or new philosophy - business’s mission, vision, and values should influence every decision including those connecting to a brand. If MVV are changing the direction of the business along with them, the brand will need re-evaluation.
- Mergers and acquisitions - when two companies come together often brands come together. If acquired or joined company the brands cannot be allowed to battle out. A better solution is finding a new brand that reflects the new entity will prevent confusion and build lasting trust.
There are some instances when the re-branding is not advised and they would be:
- Boredom – some business have enough of same logo, tagline, etc. when their customers might love that signature colour or logo.
- Covering Up a Crisis - whether the business has persistent internal issues or try to fend off bad press it might consider re-brand. Most consumers and employees are smart enough to see right through and see the re-brand as a cover-up.
- Impact and ego - for some managers, a rebrand might seem like the fastest way to make them shine. Most new managers aren't implementing the kind of institutional change that justifies a rebrand. More often, new managers are doing it more for themselves than the business.
- Looking for additional attention – are sales dropping, or perhaps brand awareness efforts aren't picking up, and then someone takes the decision about re-branding. This is the wrong move. At best, the re-brand generates some short-term buzz, without the sales and marketing strategy to sustain it. At worst, the brand loses a recognition it had and set back sales and marketing efforts.
Full vs part re-brand
To successfully implement a rebranding strategy, you'll want to start by identifying whether your brand needs a partial or total rebrand. Two steps are here crucial:
- Brand's target market must be established through research to identify what demographic are we hoping to attract with a rebrand.
- Re-defining company's vision, mission, and values, and use these new definitions as guideposts for your strategy.
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