Some brands feel the need to tell the story better, with the changing demographics, business scenarios, and a shift in priorities. Read more on how rebranding needs to have the right purpose and strategy to be successful, and not just as a means to uplift sagging sales.
The Rebranding Choice – When is it Required?
While looking forward to a future of economic growth, companies seldom realize that there is a need for a revamped image to address potential market needs along with a fresh voice to communicate the same. Some companies realize that it is better to tell their story with a fresh, innovative approach to their brand that gives them a strong edge over their competition.
There are many reasons why an organization would rebrand and several ways to address it too. With the right approach, processes and attitude, a rebrand can pivot future marketing endeavours and help companies deliver a sound and successful message to their intended audience.
Identifying the Prime Reasons for a Rebrand
There are two types of rebranding processes to focus on, depending on the end goals:
- Partial Rebranding Approach:
The partial rebrand is meant for well-established businesses who need to update their services or identity with specific tweaks in offerings, marketing strategy, and sales pitch. The changes reflect a new focal point in terms of look, message, and direction of the brand too.
The Old Spice brand is an example of a partial rebranding approach. The brand originally focused on older men, since 2010. With the increase in competition in the niche market, the company behind the brand determined the change of target audience as the next step. The brand revision led the way for a new, energized brand that relied on humour and wit with a unique ad campaign headlined by Isaiah Mustafa. It engaged a new demographic for its market and made a huge difference in sales too.
- Total Rebranding Approach
The total rebrand approach is useful when a company wants the brand to drop its original identity in favour of an entirely reimagined identity. The strategy works when two diverse companies merge and undergo changes within their offerings. The new company sometimes has new goals or focus in terms of their business strategy. The rebrand results in name changes, new logos, new messaging, and completely fresh imagery, and sometimes even a new target market. A business might determine if the total rebranding exercise is necessary to position themselves but through this approach, the transformation is holistic in nature. It is advisable to take help from expert rebrand consulting services offered by veterans if one is clueless about devising a strategy.
Apple is one of the biggest companies to undergo a massive rebranding shift. Since the 1990s, the company was in disarray with a brand suffering from low sales, a huge drop in consumer interest, and tremendous competition. The brand didn’t make any impression until Steve Jobs started flipping consumer expectations and rebranded the entire approach, imagery, and direction of the brand in 1997. The brand stood for minimalism and modernity with a slew of new products and projected the same through revolutionary marketing and advertising campaigns. These campaigns focused on ideas and experience rather than the hardware, earning them a huge, diversified customer base that has led to its evolution as the most valuable brand worldwide, even after Jobs’ death.
To Rebrand or not to Rebrand – That is the Question!
The most important factor when going for a rebrand is to ensure that your business needs it in some way. Consider the motives behind the rebranding decision and then consider the factors being impacted by the action.
A rebrand should help businesses realign with expected future progress. When one can tweak their logo, taglines, or brand messaging, effectively, they do not need to go for the complete overhaul. It is tough to reposition the direction of the new brand, but one should stick to carving a novel identity that speaks honestly to its target audience.
Rebranding should not be used as a strategy to cope with a weak sales cycles, or since every other strategy failed to bring brand awareness among your target audience. Rebranding is not a marketing exercise. Instead of a rebranding, an innovative marketing campaign should be in place related to business goals, to boost brand awareness and in turn, sagging sales.
Your brand is your being. Let every move count!