Rebranding is a strategy involved in refreshing the image of a particular product or service of a well-known or lesser known brand, using a new identity. Rebranding can create a new impact on the product or the service among the consumers, investors, and overall market. Usually, rebranding will involve processes like changing or altering the logo, giving a new brand name, creating a new visual identity, and a lot more.
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Objectives of Rebranding and Changing a Logo
- The significant objective of rebranding is creating a new perspective of the current product or service among the key consumers and the investors.
- With rebranding, most companies modernize the brand by altering and customizing the product they market or the service they provide according to the consumer’s needs and preferences.
- It’s important to note that more than logo recreation or changing promotional materials, developing a well-structured marketing strategy to take the product within the customers is essential.
Need For Rebranding
The main aim of rebranding is to shift the business goal and connect it with a new marketing strategy. Rebranding as an idea becomes essential:
- When people no longer know who you are and what product or service you own in the market.
- At times when the need comes for changing the logo and messaging.
- When it’s time to give your company a new brand name.
- When you decide to shift your business’s core product or service.
- When your marketing strategy fails in bringing in the type of clients you need for revenue growth.
- When you decide to bring in an additional product or service into your business.
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Importance of Rebranding in Marketing
It’s well known that rebranding a particular product or service is never a straightforward process. It’s an expensive process, apart from brands needed to invest money and time, rebranding is also associated with certain risks too. Rebranding is still significant for several reasons listed below:
- Improves your competitive spot: With a rebranding initiative, you can position or place your product efficiently to new consumers using a new image and brand name
- Updating brand and identity: With fast-changing trends, keeping the brand updated as per changing technology and new market environments becomes essential. Because once your brand gets outdated, you can lose your consumers and sales.
- Get out of a negative impression: Rebranding will help your brand recover from issues and negative comments if any have been experienced in the market. These may cause damage to your products’ reputation in the long-term. Rebranding can throw a fresh light over the product or the service especially if the brand has been in a negative dispute as well.
- Business Expansion: Rebranding will give you a new group of consumers, you can expand your business to a new circle. With rebranding, you can connect your brand faster to a fresh set of customers.
Some of The Best Rebranding Initiatives in 2021
Pfizer, a leading global company hired a new CEO and changed their logo, an image trying to make them connect more with science and innovation was used. The new logo and visual identity depict their focus on science and research more than commerce. They have altered the oval pill-like design in the previous logo to a helix-shaped logo based on the double helix structure exposing their goal of ‘world-changing science.
With modernized trends, several companies are giving their brands a fresh look with new age visuals. Cadbury, threw off its historical logo and focused new marketing plans for newer products and a new logo designed with the signature of William Cadbury. A new logo and visuals add authenticity and an element of luxury to their future development plans.
BMW has been commanding a sense of pride with a significant logo for the past 20 years. They have brought alterations in the logo design with a new 2D version having white and blue variations. Also, the border of the old logo was lined by a black line, and now, after a rebranding initiative, it is revamped with simple lines.
Rebranding your products and services can bring your business a good deal of customers and credits besides giving it a fresh look. Before you start, its essential to decide whether one needs a rebranding plan or whether a team should stick to the brand image they have, there are specific issues with rebranding that may also result in negative output if not done well or done at the wrong time.
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