What is re-branding
Now that you have seen what branding is, it is worth understanding the relevance of rebranding. The idea of rebranding could seem rather vague and insignificant for many, because rebranding is a relatively newer task in remodelling a brand that requires a fresh energy. It is breathing life into a brand that has become out of place, unproductive or even dysfunctional.
Rebranding is done more now, than in the past because older brands are now facing stiff competition from new much improved and attractively packaged products ofcompeting brands. It is more relevant now because demographics are changing at a real fast pace. People’s buying habits have changed and more importantly competition has become a virtual threat.Usually when a new competitor comes into the market with an outstanding brand identity, yours could begin to look outdated, tarnished and therebyweak in comparison. This is the time to seriously consider a rebranding, lifesaving exercise.
Corporate image of an organization might change during rebranding. It could mean a new name, symbol or change in design of an existing brand. The idea is to shift gears, move forward, think futuristic and create a different identity for a brand from its competitors. Sometimes brands lose it’s connection with the consumers because they begin to lack that futuristic or even contemporary appeal.
There is a remote possibility that the consumers do not like the new brand. That could be the tiny risk in rebranding, but most of the time rebranding is healthy and productive for companies, especially when a brand needs to be appealing to the newer generation as well.
Rebranding has two sides. Proactive rebranding and Reactive rebranding. Proactive rebranding is rewarding when a company realizes that there is an opportunity to grow, innovate and add new businesses or expand to a renewed customer base. There is also an opportunity to reconnect with its customers using forward thinking ideas.
Reactive rebranding may be applied when the existing brand has to be discontinued or changedwith improvements. Reasons for such an action could be mergers and acquisitions, legal issues, negative publicity such as fraud, to improve and beat the competition or to create own niche.
Irrespective of whether companies fall into these situations, it is always a good idea to do some thinking on rebranding if your business is stagnant without progress. Rebranding can always be a revival and a rejuvenation.Talk to J&B about rebranding. One of the most effective and successful rebranding we did is that of CSB (The former Catholic Syrian Bank). That was one of the very first rebranding exercises by banks throughout India.
As you can now see, these are all areas that influence your branding. So if you think your branding is outdated, a branding expertlike J&B Associates can certainly help to revive your branding. If you are thinking about doing a new branding; a new company, launch a new product, you need expert consultation.If the brands performance has diminished, then it is time to seriously consider a rebranding. Remember, new or old, a good branding can make your company go places, while a poor outdated branding can kill thesales efforts and hurt your company’s progress financially.
