Rebranding of a brand is not as easy as altering the logo or renewal of the company website. With a gala of digital marketing platforms available in the current scenario, the procedure of rebranding your brand identity has become more complex.
Rebranding of business can be executed in a couple of ways. It can have a positive as well as a negative impact on the brand. Thus, a brand needs to be highly vigilant of how the competitors are performing. One requires significant strategizing to revamp a brand. There are good ways to rebrand and then there are bad ways to rebrand your company. The brand needs to decide the level and scope of the rebranding strategy.
Here's how Coca-Cola had a major setback after rebranding. Coca-Cola failed terribly when they tried to bring together all their Coke sub-brands under the packaging of ‘One Brand’. This created confusion among the customers and they ended up picking the wrong variant from the refrigerator. Coke recently had to make amendments in their rebranding concept to make things more sorted and clear out confusion.
Rebranding can involve the addition of new services as well as little tweaking of the brand logo or changes in packaging design. A brand, while undergoing rebranding can even change the target market or the demographic segment or include the sale of new products. Sometimes, the requirement for rebranding also depends on the changing ideas of what’s acceptable. A major shift is visible in the current market trends that brands are getting rid of any kind of stereotypical ideologies. If there's anything in your company that can be connected to racism, sexism, ageism, unethical or offensive practices then the brand had to be rebranded immediately.
Here's an example of a positive rebranding. Recently Uncle Ben's has been rebranded to Ben's original to get rid of racial stereotypes.
Are you sceptical about whether to rebrand your company or not? Answer the simple questionnaire:
Has the preference of your target consumer’s changed?
Do you feel your logo or brand colours are falling out of the current market trends?
Is your brand failing to stand out among your peers?
Have our customers changed over time?
Are you failing to stack up against the competition?
If you answered yes to all of the above, then your brand is in dire need of a re-branding strategy. Knowing the need for rebranding is a crucial step before the strategizing part comes into play.
Carry out the market research extensively and conceptualize upon the new requirements of your brand. Whether it needs a little re-touch or an entirely new makeover – a successful rebranding always depends on that initial research. Do your research right; else all your efforts might go in vain. From logo rebranding to rebranding of packaging, each and every step should be minutely brainstormed and planned. With time, the preferences of your audience might change. Tweak your brand accordingly. As we all know, change is the only constant. But if you recognize the drastic change in your target segment, then it's high time you change the game plan. There can be chances of your consumers shifting their interest towards your competitor. In such cases, a major revamp is the need of the hour. Don’t worry if it’s being heavy for your pocket, rejuvenation of the brand is the key to success.
Before rendering a re-touch to your brand, ensure to keep these rebranding statistics in mind.
86 % of consumers say that authenticity is the prime criteria to choose their favourite brand (Source: Stackla, 2019).
Stay clear about your company. 66 % of consumers think that brands that are transparent can be trusted more (Credit: Accenture Strategy, 2018).
81 % of consumers say that trust is the building factor of a brand. (Source: Edelman, 2019). Thus, to gain loyalty and trust from a brand one needs to deliver authentic services, products and experiences.
Don’t forget the digital platforms while rebranding. Only 50 milliseconds (0.05 seconds) is required by the audience to form an opinion about the brand website (Credit: 8ways, 2019).
The application of a single colour as a signature brand colour can increase brand recognition by 80% (Source: Reboot, 2018).
73 % of consumers prefer good communication with the brand. (Source: PWC, 2018) Customer experience is an essential factor in the purchasing decisions of consumers.
Rebranding is certainly not everyone’s cup of tea. It’s not advisable until there are major requirements to rebrand your firm. Several brands commence on the journey of logo and website redesign projects as if they are willing to completely get rid of their old identity. While this idea might work out for the rebranding of small businesses, it might not be a terrible failure if you are already well established. Its recommended looking for elements that can fill the void between your old brand and your new one. By keeping the brand colour intact, or the font or concept style- one can build the connection between old and the new so that a whole new redesign is not necessary.