WHY THERE IS A NEED OF REBRANDING ?

by Dot Coach, Dec 15, 2018

How well does your brand know its customer?
Your customers know about your brand story?
Do you think Rebranding is important in today’s era?

There are several reasons for a company to go for rebranding. One prominent factor is to connect with customers. Rebranding is good for the business, but at the same time it may be risky. There is always a possibility that the consumers do not like the new brand.

Rebranding is the process of changing the image of a company or product. The aim is to make the new image more attractive to customers. It is a marketing strategy that involves changing the logo, name, symbols, or a combination of all of them.

Brands need to make their first step, their first key turning point by choosing to tell meaningful stories, which isn’t intrusive but is completely focused on its audiences. Where the hero and protagonist are the audiences not brands and the focus is not on impact or views and likes but on provoking and expanding the conversation and the relationship, leaving a legacy.

Rebranding can be good for a company because it can boost sales. Also with goods, rebranding can extend a product’s cycle in the market.

There are two types of Rebranding :

1. Proactive: Proactive rebranding is done when a company recognizes that there is an opportunity to grow, innovate, tap into new businesses or customers, and to reconnect with its users.

2. Reactive: Reactive rebranding is done in a situation when the existing brand has be discontinued or changed. Possible reasons for such a action could be mergers & acquisitions, legal issues, negative publicity such as fraud, aiming to beat the competition, or create your own niche.

Example of rebranding is Old Spice. If you'd only heard about Old Spice before 2010, you might be thinking for a brand of older generation it was a brand largely unnoticed by young consumers. Then, in 2010, it launched an impressive rebranding campaign advertisements Attempt of a campaign "Smell Like A man, Man" created a buzz. Specifically appeal to younger audiences. People see Old Spice in an entirely different light.

There are many reasons for Rebranding:

1.New taste and trends has emerged

2.Changing business ways

3.Advance technology

4.Need of refresh your brand

Sometimes change is better.