Before understanding rebranding, it is important to understand what the term brand means. The term brand can be explained as a set of physical or nonphysical attributes, symbolized by a trademark which can be a name, logo, etc., which once operated properly creates value and influence.
Branding is an essential part of business as it helps set an identity for a business in the market separating it from its competition. Rebranding, on the other hand, as the word suggests, is a process to alter the image of a product be it the name or the logo, rebranding can be defined as the creation of a new name, term, symbol, design, or a combination of them for an established brand to develop a fresh new image in the market.
WHY IS REBRANDING IMPORTANT?
There are various reasons why an organization might consider rebranding, given below are a few-
RELEVANCE:
With a market that’s ever-growing, an organization might need to opt for rebranding to stay fresh, updated, and relevant. Brands need to stay relevant to their target customers and keep up with the pace and the ever-changing consumer needs. In order to grab the attention of its customers and to keep up with the changing times and demands in the market, a company might opt for a brand change to better suit the relevance of the customers.
DIGITALISATION:
Living in the 21st century, the wants and needs of consumers have evolved from the earlier lot, they opt for a more tech-savvy approach and in this era of digitalization it would be a sin to not follow suit. Having a logo and a renewed approach in today’s world can do wonders for a business
MERGERS AND ACQUISITIONS:
A merger is when two
entities combine to form a single unit, mostly when this happens there are two
different and unique audiences to communicate with therefore there is a need
for change to refresh the brand image and value.
In the case of acquisition, the dominant side would prefer to rebrand the company according to their client needs and specification.
LEADERSHIP CHANGES:
Change is one of the constant things in life, similarly, it is bound for a company to go through structural change. If a founder departs a new person will take his place, be it professionally or hereditary. When this happens, the entire company starts going through a structural change, and hence the need for rebranding comes to play.
REPOSITIONING:
Taking a brand to a new position is an involved process e.g. from an economy brand to a premium brand. And this process, without a question, requires a rebrand to signal a change in direction, focus, attitude, or strategy to its target market.
In conclusion, branding decision has gained growing importance in the last decades because it has an important influence on the company's performance, but at the same time, it continues to be one of the major challenges for marketers. Rebranding is also a very difficult decision to make because in this case, the challenge is to rethink the image and the positioning of the brand in a way that will not create confusion in the mind of the customer. This is where an experienced brand agency or a brand marketing company comes in. They, with their expertise and professionalism help with the transition of rebranding.
Brandwand, a full-service marketing & advertising agency in Delhi has expertise in branding, brand development & rebranding. They, with their marketing-infused insights and creative prowess, ensure that rebranding not only brings in a changed personality but also more engagement with the customers and better brand visibility.
