Company rebranding is a marketing strategy that helps business update their brand identity
Rebranding is an often used term in the field of marketing. Although most people might have some idea about its meaning, they are unaware of the process and its purpose. Rebranding can include certain established products or services. It can also include a whole company rebranding. Companies rebrand themselves to refresh their identity to consumers in a completely new light. The process involves creating a new look for the company to influence the consumers’ perception of it. Management jargon can sometimes appear confusing, but not so if you can relate it to some real-life examples.
Reasons to rebrand
There may be multiple reasons for company rebranding, but the purpose is the same : to present a new brand image different from the first one. It helps the company establish a new identity with clarity about the change in focus that sets the company apart from its competitors.
It also helps to refurbish the company’s image by targeting a new and younger market, expanding the scope of business, and even reflecting a significant change in the business structure, such as merger and acquisition.
Sometimes, companies want to refresh their image to distance themselves from problems faced in the past and prefer to undertake the rebranding exercise. It helps to build a new reputation for the company. Another purpose of rebranding is to take advantage of some new trends while underscoring the relevance of the company in staying trendy. It’s now happening for companies trying to ride on the trend of greenwashing.
Companies must go through the same process as they did when they first created the brand. However, the change is not all cosmetic, as it involves changes in the company’s operations and marketing approach while addressing the same consumer base or a new audience or market segment.
In a rebranding, you need to consider the following:
This might seem complicated, but if you hire a creative digital marketing agency in dubai most of the hard work is reduced
Rebranding can be highly rewarding
Companies rely heavily on the brand image to popularize their business and products by gaining the trust of consumers, especially the target audience. However, as the business evolves, there are chances that the brand value reaches a saturation point and the company is unable to extract more juice from it. The business might face stagnation despite the company having enough potential to perform better and convey more value to customers.
To avoid outdating the brand and staying relevant, companies go for rebranding. It is a complete brand makeover. Executing a well-thought-out rebranding strategy can prove highly rewarding for companies that present themselves in a new avatar.
However, timing the change right is critical to success. So, when should companies think about rebranding?
1-Consider the company’s position in the market
Rebranding is not for everyone, and only companies that have a firm footing in the market but want to outgrow the competition by shedding their stale image are best suited for the rebranding exercise. Companies that command a leading position and have enjoyed popularity as recognizable and long-standing brands are the ones that can think of rebranding. At the other end of the spectrum are companies that are underdogs, ready to present themselves in a new garb to cut through the completion.
You should note also, that a rebranding affects the company’s website. So, all the updates must be also transferred on to the website. Any Web Design Company in Dubai will also help you in this transition.
2-Weakening of brand value
Although all branding have a futuristic element built into them, there are times when the brand value might start eroding, especially when the market scenario changes drastically.
At such times, there may be a disconnection between consumer expectations and the underlying brand value. Allowing the situation to persist for a long can drive the company toward an existential crisis. Recently, many food brands had to reconsider their packaging after public outcries for cultural appropriation and racism.
Over the years, many companies have rebranded themselves. Some prominent names are Starbucks, Domino's Pizza, LEGO, Tupperware, Eir, and Dunkin Donuts. Rebranding allows the company to redefine its place and offerings for its valuable customer base. Brands with a strong market presence seem to profit from the process. They tend to build on more equity by selling products at higher multiples, as has been proven by market research by experts.
As rebranding a company is like its rebirth, it is a critical decision that requires enough thought before implementation. If a company goes for a well-planned rebrand, then it can enjoy many benefits of the same. It gives a growth impetus and energy to the organization. For instance, the company will gain a competitive advantage with improved customer loyalty. In addition, it proves the benefit of foraying to newer markets.
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