Rebranding is often regarded as the most boring type of advertising campaign in marketing and advertising. Rebranding is a necessary and inevitable part of every business's life cycle. Many businesses go through this process several times over the course of their history. Pepsi is a prime example. Since the beginning of the twentieth century, they have not been afraid to rebrand in order to stay current.
Rebranding is not something you should do in a lazy manner. If done poorly, rebranding can be very difficult and result in significant revenue loss. It is important to determine whether a rebranding campaign will work for your company. Continue reading to learn more.
Rebranding can be a good idea for your business.
Rebranding is a great way to differentiate yourself from your competition, especially if you are in a highly competitive market with many competitors vying for market share. Rebranding can be a way to differentiate yourself from the many other brands and products competing for your attention. Old Spice is a good example. They rebranded their brand to appeal to a new generation and differentiate themselves from the rest. Old Spice decided to focus on younger men and boys instead of the older, distinguished male population. They started by updating the names of their existing product portfolio to appeal to younger people, changed their marketing strategy to leverage brand desirability instead of product effectiveness/quality, and hired popular celebrities such as Brian Urlacher of the Chicago Bears, LL Cool J, Terry Crews etc. To appeal to a larger, younger audience.
To grow your brand as you business diversifies Sometimes, a company's brand grows as it expands into new markets or targets a different audience. This could be a company changing its visual brand identity to reflect current business goals or its philosophy. This could be done when trying to reach different demographic groups. To appeal to international markets, Twix was created to rebrand the British candy bar Raider in 1991. Raider was not the most well-known candybar on the marketplace at the time and was rapidly losing market share. To create a memorable brand identity, the name "Twix" was created from the combination of the words "Twin" and "Sticks". It is a portmanteau between the words "Twin" and the word 'Sticks". The candybar contained two sticks-shaped, cylindrical cookies in each package. To maintain consistency across the global product range, the Raider candybar was rebranded as Twix after it was found that the product was identical in both the UK and Europe. Google's logo rebrand in 2015 is a great example of a brand changing its visual identity to reflect its expanding reach. To keep with the new "Material Design", Google's new logo had a cleaner font and brighter colors.
To salvage a damaged reputation - Another reason to consider a campaign to rebrand is to try to shed a bad reputation and try to win back public attention. There are many factors that can cause a company's image to be damaged, including legal problems, unethical business transactions and negative brand images of its product portfolio. It is better to rebrand than trying to save a brand that is in decline. In 2003, Philip Morris Companies, Inc., a prominent tobacco producer and cigarette maker, rebranded itself to Altria Group, Inc. to avoid the negative associations that were associated with the Philip Morris brand, and the entire tobacco industry. Philip Morris was experiencing a lot of stress at the time from pressure groups, environmental and health activism, class action lawsuits, and public opinion. Philip Morris was able to distinguish their tobacco business from other ventures, thereby shedding the baggage of their notorious history. Any rebranding campaign should be done with great care and thought. Otherwise, the brand can project a shady image.
Rebranding can be a costly venture for businesses, despite all its potential benefits. Any radical changes that seem to be abandoning the core values of your brand could anger customers, especially if you have a strong brand reputation and customer loyalty. Public opinion tends to be negative for rebranding campaigns that are purely visual and do not change the core business philosophy or direction. This was evident from Tropicana's 2009 spectacular rebranding disaster. Consumers were not happy with the new logo and packaging. This redesign was not appreciated by customers who had a strong affinity for Tropicana's iconic logo and the 'fruit with straw' packaging. Many associate the new font with low-quality products. Others may not recognize the brand because of the dramatic visual changes. This particular rebranding effort only succeeded in confusing the core consumer base and alienating them. Tropicana's infamous oversight led to a drop in revenue of 20%. This is a classic example where a brand forces change even though it is not necessary or desirable. If a rebranding campaign is to succeed, it must be built on solid foundations and be mindful of the brand’s history. Clear vision combined with the right timing can help you to revitalize your brand, and make inroads in new markets and revenue streams.
To rebrand your brand, talk to BrandnBusiness Consultant in Pune, Jaipur
