Re-branding is a marketing strategy in which a new name, term, symbol, design, concept, or combination thereof is created for an established brand with the intention of developing a new, differentiated identity in the minds of consumers, investors, competitors, and other stakeholders. Often, this involves radical changes to a brand’s logo, name, legal name, image, marketing strategy, and advertising themes. Such changes typically aim to reposition the brand/company, occasionally to distance itself from negative connotations of the previous branding, or to move the brand upmarket; they may also communicate a new message a new board of directors wishes to communicate.
Product rebranding
As for product offerings, when they are marketed separately to several target markets this is called market segmentation. When part of a market segmentation strategy involves offering significantly different products in each market, this is called product differentiation. This market segmentation/product differentiation process can be thought of as a form of rebranding. What distinguishes it from other forms of rebranding is that the process does not entail the elimination of the original brand image. Rebranding in this manner allows one set of engineering and QA to be used to create multiple products with minimal modifications and additional expenses. Another form of product rebranding is the sale of a product manufactured by another company under a new name: an original design manufacturer is a company that manufactures a product, often in a location with lower operating costs, which is eventually branded by another firm for sale.
When should a company consider rebranding?
Rebranding can be complicated and does introduce some risks and costs. Although rebranding doesn’t need to involve a complete brand overhaul (you don’t have to change your company name to rebrand, for example), you will need to make meaningful changes to build a new brand identity when you rebrand.
Companies should rebrand when they outgrow their original mission
Maybe your business started off selling personalized t-shirts, but now you want to add customized coffee mugs and other product offerings. If your branding and brand strategy revolves around t-shirts, customers probably won’t know that they can look to you for mugs, too. That creates an identity crisis that you can easily solve.
Small business rebranding
Small businesses face different challenges from large corporations and must adapt their rebranding strategy accordingly.
“The powerful first impression on new clients made possible by professional brand design often outweighs an outdated or poorly-designed image’s weak brand recognition to existing clients
Are you ready to rebrand?
A rebrand is a declaration of your company’s commitment to upward growth. It gives you a chance to revamp and refresh the primary touchpoint between you and your customers.
Change is never easy, but sometimes, as the song goes, a change will do you good.
Whether you rename your business, redesign the logo, or do a complete rebrand, after reading this rebranding guide, you’re ready to consider the best rebranding strategy to move forward.
The Benefits of Rebranding
Rebranding can be a positive change for a company. It gives a company the chance to revamp its primary touchpoint with customers and can be a declaration of its commitment to upward growth. a company decides to rename itself, redesign its logo, or do a complete rebrand, it should carefully consider its rebranding strategy and be prepared for the challenges and risks that come with change.
Conclusion
Rebranding is a powerful marketing tool that can help a company differentiate itself from its competitors, reposition itself in the market, distance itself from negative connotations, or communicate a new message to stakeholders. It can be a complex and risky process, but it can also bring many benefits, including a refreshed image and a renewed commitment to growth. Whether a company is a small business or a large corporation, it should carefully consider its rebranding strategy and be prepared for the challenges and risks that come with change.
