REBRANDING- What Does This Mean?

Rebranding is the Reshaping, Remodeling and Recreating of your business trademark and brand identity.It involves more than making a few changes to your established brand; you are basically restructuring your powerhouse and developing new, improved strategies that will enrich your business and create a closer bond between you and your clients.

WHY DO COMPANIES REBRAND?

There are actually a multitude of reasons why a business might initiate a corporate rebranding or the rebranding of a product or service, but no matter what the reasons are, those reasons can always be categorized as either proactive or reactive. Let’s take a closer look.

FIRST

Proactive Rebranding

Sometimes a company sees a reason to rebrand to seize an opportunity or thwart potential threats in the future. For example, proactive rebranding might happen in the following situations:

Predicted Growth:

When a company is preparing for expected growth, particularly international growth, it might rebrand products and services into a consolidated brand.

New Line of Business or Market

When a company enters into a new line of business or market that is not cohesive to the existing brand identity, a rebranding might be in order.

New Audience

When a company wants to appeal to a new audience, a rebranding might be necessary. Keep in mind, the rebranding might not require an actual name or logo change.

Relevancy

When a company realizes its brand is losing relevancy in consumers’ minds, it might be time to rebrand.

SECOND

Reactive Rebranding

Other times, companies rebrand in reaction to an event that is so significant that the existing brand must be changed. For example, reactive rebranding might happen in situations like the ones listed below:

Merger or Acquisition

When companies merge or acquire other companies (and even when they break apart), Rebranding's are often required.

Legal Issues

There are a number of different legal issues that could cause a company to rebrand. Trademarks are often at the root of these rebranding examples.

Competitive Influences

When a competitor renders your brand useless or dated, a rebranding could help you regain a foothold in your market and give you the facelift you need to effectively strike back.

Negative Publicity

Whether it’s your own strategic goals or macro-environmental factors that necessitate a rebranding, realizing that it might be time to rebrand is just the preliminary step in the rebranding process.

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