What is Rebranding?

What is Rebranding? Rebrandingis the creation of a accented name, term, symbol, design, or compounding thereof for an established brand with the intention of developing a differentiated ( unfermented) position in the heading of stakeholders and competitors. This may involve radical changes to the brands logo, brand name, image, tradeing strategy, andadvertisingthemes. These changes argon typically aimed at the displace of the brand/company, sometimes in an attempt to distance itself from certain negative connotations of the previous branding, or to hold out the brandupmarket.However, the main reason for a re-brand is to communicate a new message for a company, something that has evolved, or the new board of directors wish to communicate. Reasons for Rebranding Proactive Rebranding Sometimes a company sees a reason to rebrand to conquer an opportunity or thwart potential threats in the future. Proactive rebranding world power happen in the pursuit situations * Predicted Growth When a company is preparing for expected growth, particularly international growth, it might rebrand products and services into a amalgamate brand. This is often done for consistency and to save money over time.This type of rebranding is also done when a company simply needs to create a greater sense of brand unity crossways its business. * New Line of Business or Market When a company enters into a new tune of business or market that is not cohesive to the existing brand identity, a rebranding might be in order. * New Audience When a company wants to appeal to a new audience, a rebranding might be necessary. Keep in mind, the rebranding might not require an actual name or logo change. * Relevancy When a company realizes its brand is losing relevancy in consumers minds, it might be time to rebrand.The chickenhearted Pages rebranding is a perfect example. With the use of printed Yellow Pages directories declining, Yellow Pages rebranded to YP and began to focus more attention on the digital space making it signifi drive outtly more relevant. Reactive Rebranding Companies could also rebrand in reaction to an event that is so significant that the existing brand must be changed. For example, reactive rebranding might happen in situations similar the ones listed below * Merger or Acquisition When companies merge or acquire other companies, rebranding is often required. licit Issues There are a number of different legal issues that could cause a company to rebrand. Trademarks are often at the root of these rebranding examples. Hence, it is imperative to conduct an exhaustive brandmark search and obtain the trademark rights to your brand name before you launch it. * Competitive Influences Sometimes a companys competitors activities can be the catalyst to a rebranding. When a competitor renders your brand useless or dated, a rebranding could stand by you regain a foothold in your market and give you the facelift you need to effectively defeat back. Negative P ublicity When the image of the merged or the brand has been tarnished by a sudden incident or more so, a crisis that has arisen, companies adopt a rebranding marketing strategy. The mistakes when while rebranding 1. Do not confide only on history Rebranding well means staying relevant. Assumptions made when the brand was established may no longer hold true. Analyze changes in target markets when exploring opportunities for brand expansion, repositioning and revitalization.One must try and guess current market conditions before finalizing a rebranding exercise for the brand. However, one must ensure that the core oblation is in line with the initial offering, the essence could be the differentiator. 2. Thinking the brand is the logo, stationery or corporate colors The brand not only encompasses these elements, but also customer perception and run across to quality, the overall look and feel of the brand, customer care, retail and web environments, the tone and voice of communi cations, and more.One must ensure that the new image, thus to be communicated, touches upon all the aspects of the brand. 3. Navigating without a plan Effective rebrands rely on a seminal brief to keep everyone focused as the project progresses. Include sections for a situation analysis, objectives, target markets, compute and resources, timeframe, point person, known parameters, approval structure, stakeholders and metrics for assessing results. 4.Refusing to hire a branding consultant without industry experience Its ok to consider an agency that hasnt worked in your specific industry before. Sometimes it is idealistic especially if youre serious about a turnaround. Smart companies recognize the value of a fresh perspective. 5. non leveraging existing brand equity and goodwill. Dismissing brand equity when rebranding alienates established customers, while needless overhauls can irreparably damage a brands perception.Consider the needs and mindset of the target market carefull y before digging into the process. Sometimes a small evolution or a new coat of paint is all thats needed to rejuvenate and make a brand relevant. 6. Not trying on your customers shoes. Simply calling your own 800-number or receptionist may snap off challenges customers face and inform your rebranding strategy. Take the time to navigate your own website, buy your products and return something. Better yet, take on a friend or family member to do so and learn from their experiences