Rebranding can either be ‘Evolutionary’ or ‘Revolutionary’ but regardless of the process, the intention for rebranding is always the same: To differentiate the business or service in the minds of their target market.’
Rebranding can also be one of the most rewarding and transformational undertakings an established business can make. However rebranding a business needs to be done for the right reasons:
Good Reason to Rebrand No 1
Coming of age.
In the life cycle of a business – a business will often begin, and experience growth, without necessarily having a professionally designed brand. However Rebranding becomes a crucial step for businesses to be taken seriously as they expand into more aggressive markets.
Good Reason to Rebrand No 2
Due to a fundamental change in the business, it’s product or service or a change in direction or thinking. eg to reflect a new “green” corporate focus/citizenship.
Good Reason to Rebrand No 3
Need to differentiate the business from competitors. Many industry’s are very competitive and have a large “middle tier” ie; where the majority of businesses sit in terms of competitive advantage. Usually the Mid Tier is undifferentiated and most businesses struggle to demonstrate an advantage in service. eg The Financial Services industry.
Good Reason to Rebrand No 4
To remain relevant to consumers in a changing market place. This is particularly appropriate to retail businesses. To shed a negative perception of image from the past.
Good Reason to Rebrand No 5
Relaunch of a product or service. Again this is often associated with remaining relevant to a particular consumer group.
Good Reason to Rebrand No 6
Rebranding can also be used as a way of retaining an original product brand while introducing a competing product in a different market segment or price point. Another form of product rebranding is when a business sells a product manufactured by another company.
Good Reason to Rebrand No 7
As a business grows it develops or acquires various products and services, some of which develop into company brands. Often this organic brand growth can result in a complex and confused brand clutter not to mention a fragmented and expensive trail of advertising and media proliferation.
Rationalisation and consolidation through Rebranding has the power to transform this cluttered brand mish mash into an effective marketing tool and achieve renewed brand impact and strong growth.