What rebrand is for
In the case of a radical change in development strategy, changes in activities, or approaches, companies use rebranding. Its purpose is to change the perception of the business in the eyes of consumers, and not only from the point of view of the visual component. There is a formation of a new image of the company, which may include a change of logo, name, image, and brand mission as a whole.
When the company has been on the market for a long time and has already achieved a certain level of trust among consumers, after a while, there is a process of reducing the interest in its products and brand as a whole. The thing is that people’s expectations change, as well as their needs and market conditions, and not always business can keep up with these changes. In this case, drastic measures are taken – rebranding.
Among the brands that needed rebranding are very famous ones, such as Apple Corporation. During its history, the IT-giant many times conducted a partial formation of a new image, changing the logo and basic messages. In most cases, this strategy worked, and Apple became interesting to its consumers again.
To understand what rebranding is, you must first realize what changes it brings. Sometimes this approach may not work, and the company will lose even more ground in the market. In some cases, it is enough just to change the logo, and in some – to radically change the way of communication with customers.
The first thing to start the process is a market analysis, which will help to find the right direction to create a new strategy. Securing media support also plays a big role.
There are several factors that determine the need for rebranding:
- loss of brand relevance;
- unsuccessful positioning of the product on the market;
- change in the company’s field of activity or development of new directions;
- reputational losses of the brand;
- changes due to the merger of companies.
Rebranding is divided into two main types. The first involves updating only the visual component. Examples of the rebranding of this type are changes in packaging, color design, and graphic elements. In this case, the update attracts more attention and disposes of consumers.
The second type involves a comprehensive rebranding with a change in marketing strategy, target audience, and visual style. Here is a large-scale work, where the basis is the study of new market conditions and the allocation of categories of consumers who will be interested in the product.
A fundamental change in the company requires significant labor and financial investments, and it is better to entrust such a process to professionals. They will draw up a rebranding brief and, in accordance with the highlighted goals, will systematically introduce new approaches.
