Rebranding

Rebranding refers to giving a new look to an existing brand, product, or company. The main purpose is to cater to new aspirations or changing customer needs and desires. In this process, the brand is revitalized and modified to increase its relevance among the target group. This process of rebranding involves changing the brand name, logo, color palettes, visual, packaging style, and marketing strategies. Here is a summarization of the most common reasons for rebranding:

●     To correct the brand image and change the perception of the brand among people.

●     To update the logo with new trends and designs.

●     To introduce a new product and to remove or change an existing product.

●     To distinguish a brand from its competitors and create a unique style or image to reach a large audience.

●     To make the audience aware of the social and environmental activities of a brand.

●     To correct mistakes in the original branding.

●     To adapt to new technologies, trends and fashion — Analyzing a market shift and adapting to that change.

●     To recover from a poor reputation, disastrous marketing campaigns, poor customer service or product quality — To start afresh and build a squeaky-clean image.

●     To enter a luxurious market space with high selling points. In this case, rebranding is needed to speak to the new target group. It also applies in reverse, when a luxury product is made more accessible (and affordable) to a wider audience

There are numerous reasons for a company to opt for rebranding but the most prominent factor is to connect with prospects and customers differently. Mergers, acquisitions, and spin-offs can also be the reason for rebranding to make the modifications visible but also to comply with legal procedures. Rebranding is good for any business that requires a change but sometimes it may be risky. Proper planning and the right allocation of resources are critical for profitable rebranding.