Rebranding: Risk vs Reward
BY:ThinkBAG POST IN:ARTICLES #Marketing Strategy, #Re-Branding
Rebranding is the process of changing the image of a company or product. The aim is to make the new image more attractive to consumers. We rebrand to raise awareness of a company’s or product’s new identity.
Some of the reasons for rebranding, relaunching and revitalizing a brand include the following:
- Globalization & extroversion: I want to enter new or foreign markets
- Repositioning: I wish to change my production’s direction, launch new products and attract new customers
- Leadership Changes Hands: I am changing the shareholding structure of my company by handing over the reins to the next generation in the family business
- Your Corporate Identity has evolved: I wish to create a new corporate social responsibility profile.
- Modernization & Innovation: I have decided to create a modern feel in my brand that fits better into the current age
- Morale & Reputation: I am changing my complex, highly confusing and difficult to relate to logo, to a new one reflecting my values
Αlthough there is usually one main reason for making a change, the motivation behind a rebrand project is often a combination of several factors. Here is an overview of the ten most common reasons for a corporate rebrand:
Rebranding a company is typically prompted by a number of factors, aiming for a new period of growth. But rebranding is risky too.
It’s possible that you could alienate or lose existing customers who are comfortable with your established brand and uncomfortable with change. There is a possibility that the new brand will not be liked by consumers, will contradict the values it previously advocated, or will disorient consumers, forcing them to change their habits.
In some cases, a fundamental rebranding is needed, while in others a «gentler» redesign of the image. In any case, rebranding must be accompanied by strong communication of the core values of a brand so that the public remains loyal to the brand and knows that the key elements that it has loved in it are still there.
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