Rebranding a brand - when is it worth it?
Rebranding a brand – when is it worth it?
Nowadays, when competition in the market is fierce and customers are demanding more and more, companies must constantly adapt their strategy to changing trends and consumer needs. One way to improve your image increase recognition and adapt to customer demands is to rebrand your brand. When is it a good idea to opt for rebranding? What are some examples of successful rebranding?
Rebranding – what is it?
Rebranding is the process of changing a brand’s image, which can include changing the name, logo, colors and other identifying elements. The goal of rebranding is usually to improve customer perceptions of the brand and adapt it to changing market needs. Rebranding can also be related to the introduction of new products or services, changing the company’s strategy, and adapting to changes in the market environment.
When is rebranding worthwhile?
Rebranding can be a good idea in various situations, such as:
1. change the company’s strategy
Changing a company’s strategy may also require changing
to better reflect the company’s new goals and values.
2 Entering a new market
If a company plans to enter a new market, rebranding may be necessary to better capture the attention of customers in that market.
3. the need to adapt the brand to changing trends
With the development of technology, social changes and other trends, there may be a need to change the brand image to better meet the needs of customers.
4. introduction of new products or services
If a company is introducing new products or services, rebranding can help gain customer interest.
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Main advantages of rebranding
Rebranding a brand can bring many benefits, such as:
1. improve brand image
Rebranding can help improve a brand’s image, especially if it has previously been perceived negatively by many consumers for some reason.
2. increase brand recognition
A new brand image can attract customer attention and increase brand recognition.
3. brand alignment with changing trends
Rebranding can help bring a brand in line with changing market trends and increase its appeal to customers.
4. improve the company’s financial performance
Rebranding can improve a company’s bottom line by attracting new customers and increasing sales.
Successful rebranding – examples
Apple had serious financial problems in the 1990s. In 1997, Steve Jobs returned as CEO and decided to rebrand. He changed the company’s name to Apple Inc. and introduced new products such as the iPod, iPhone and iPad. The rebranding has helped change the perception of Apple as a computer company to a brand associated with innovative technologies.
In 1985, Coca-Cola launched a new formulation of its beverage, dubbed New Coke. Customer reaction was negative, prompting the company to return to the original recipe. In the process, the company also decided to change its packaging and introduce a new logo, which proved to be a very successful rebranding.
In 2003, McDonald’s introduced a new marketing strategy to attract customers from different age groups and increase interest in the brand. As part of the rebranding, the restaurant’s décor was changed, a new menu and new marketing communications were introduced, which contributed to improving the company’s financial performance.
How to carry out rebranding?
Conducting a rebranding requires careful planning. The goals and strategic objectives should be defined, the target audience should be identified, and key identity elements such as the logo, color scheme and communication style should be defined.
Communication is key in the rebranding process. The company should inform customers and other stakeholders about the changes and explain the reasons and goals of the rebranding. It’s also important to make communication consistent and unambiguous to reduce chaos to a minimum.
Implementation of rebranding should be done gradually to avoid confusion and confusion for customers. The introduction of changes should be preceded by an information campaign that communicates the company’s new values and goals to customers.
Does rebranding always pay off?
Rebranding a brand is a resource-intensive process and a company-wide effort. Therefore, it is not always worthwhile to carry out rebranding, especially if the company has a well-recognized image and a strong position in the market. Before deciding to rebrand, it is worth conducting a thorough cost-benefit analysis. It is also worth remembering that rebranding after a major image mishap can still stir up controversy among consumers.
Rebranding is the process of changing a brand’s image, which can bring many benefits, such as improving company perception, increasing recognition and aligning the brand with changing market trends. Before conducting a rebranding, it is a good idea to carefully plan the process, consult the decision with the team and properly communicate the changes to customers.
I have been active in Google Ads, SEO and e-commerce for almost 10 years. Now I share my knowledge and experience on the blog, on social media and in courses, audits and training sessions.
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