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WHY 2021 IS THE BEST TIME TO REBRAND YOUR BUSINESS

 

 

How do you feel looking - without flipping - in an album from the past? Yes, it's nostalgic but picturing yourself and loved ones in what was popular back then, but has become outdated now. ...? Fashions change, and that is true for your business. If this happens and your brand's position is no longer "with it" It's time to change your branding. This isn't the only reason. It is possible to change your brand for a variety of reasons.

INNOVATION

Now you've got this fantastic new product that people will surely enjoy. However, they will not choose to buy it even when it's got your company logo on it, or even when you've made it due to popular demand from customers. It is imperative to inform your customers that you've listened to and responded to their feedback Therefore, you have to change your brand. It is also crucial to match the new product with the existing brand you have - and this might require a fresh approach to rebranding.

BETTER Engagement

With the pace of competition, the market, keeping customers engaged is difficult and you may have customers who are already loyal to you drifting away or even ones who are loyal. The most successful competitors will imitate your color scheme and logo to take advantage of your coattails. If this happens, your company is in danger of disappearing to obscurity. time to rethink your branding and possibly design a logo that will be your unique selling point, but remains consistent in highlighting your USP importance and value.

Negative Publicity

It's possible that your company's image could be the subject of criticism. There are a variety of reasons this might occur. However, if customers began to complain about their brand's reputation, it will have an immediate impact on the sales of your business - and even profitability. Rebranding your brand gives you the chance to dispel any misconceptions and negative opinions regarding your brand - and begin afresh.

 

ACQUISITIONS

If you buy an existing business it is possible to keep the name of the acquired business, but you'll likely wish for the new company to reflect the branding and image of your business. This might not be feasible, especially if your image for the company is not in line with your own. Changes in ownership via takeovers, mergers, and collaborations - require changes to the company's brand. In these situations, it is possible to rebrand the company. best option.

DIFFERENTIATION

There's always a plethora of competition. Even if you've got the advantage of first-mover status and have successfully developed your brand, the moves of your competition will prompt important decisions within your boardroom. Rebranding is a decision that can help you establish your USP and create a distinctiveness that will encourage customers whether they are new or existing and new to select your brand over others.

Globalization

Globally, the population has shrunk. this is a cliché, but in the last 10 years - especially during the pandemic and the swine flu epidemic - it shrunk even further since virtually every company was online. In this situation you may want your business - that was until recently regional or local but now to sport an international look. This implies that you need to reconsider your mission and vision, your value statement, or even your branding strategy or change your brand name.

AUDIENCE APPEAL

You might be in contact with your target audience, however, are you getting enough people to notice? This can happen because your item or service is targeted at different audiences. Perhaps a new service or feature that is introduced could target a slightly different target audience, which can disrupt the positioning and alignment that your company's brand has. In these situations, it is helpful to rebrand your brand to integrate the new customer into your branding strategy and will increase the reach of your brand.

TRANSJECTORY CHANGING

Do you remember the time Drum Foods International moved from an ice-cream product to lactose-free curd? There were two motives behind the switch ice-cream sales were seasonal and many Indians who suffer from lactose intolerance were unable to consume curd. This kind of change requires brand rebranding to change the way you present your brand, regardless of whether you change your name.

Product Takeover

When Nestle launched Maggi Noodles they found that it was the star of the show and not the rest of its products. In these situations, brands are faced with two options either reposition other products to pull them into the spotlight or opt for the most popular product. Rebranding is vital to change their positioning.

Rebranding can be done in a variety of ways. As the pandemic spread, many major brands changed their positioning and changed their branding to portray themselves as compassionate and caring brands. An example of this could be Castrol Activ which quickly identified its brand as an enabler of the relief of pandemics.


 

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