A brand attracts the attention in a market place where thousands of products and services are rapidly commoditized. The business brand stands to identify the product in the crowded market and create the faith, trust.
Brand: The Ultimate Change
A brand is a recognisable symbol, mark, logo, name, word or a combination that company use to distinguish their products in the market. Basically, it represents the face of the company, the public associated with.
Changing the brand seems whenever turning around to the business world. Undergoing the brand change is a complex task that requires a well thought out strategy.
Things you should ask yourself before changing your brand:
Is redeveloping the brand solve the problem?
Does the new brand name resonate with the target audience?
How much goodwill did you build into your existing brand name?
Would a change alienate the existing customers?
Would you lose business revenue as a result of the brand change?
Things considered as 'Brand Change'
Change brand name- You can rebrand your business by changing your brand name. By changing the business focus into new directions can be a good reason to change a brand name.
Change the logo- Logo evolution of the well-known brands counts as a major brand change. By changing the logo something new will be delivered to customers with the changing time.
Change graphic standards- Graphic standard change does not include the big scheme of things. But it could work in a positive way if the change is done towards readability and clarity.
Social changes- How people's changing needs and demands can affect your business, will help you to stay with the changing trends and endure your business in the competitive market. Social changes are harder to predict; it's better to take the factors into consideration before changing.
Rebranding is the radical changes to brand's name, logo, an image with the intention to develop a new differentiate identity in the mind of customers and competitors. Rebranding is aiming to reposition the brand or company and sporadically, to distance the brand from negative connotations.
Corporate Rebranding- The Business world acknowledges the value of brand. Business rebranding now appears on the corporate agenda in times of change. In order to avoid alienating the customers, corporate rebranding can be launched. Corporate rebranding helps the companies to shed its negative image.
Product Rebranding- Targeting a separate market segmentation involves offering different products in each market. Product rebranding differentiates rebranding from others, but it does not include the elimination of the original brand.
Small Business Rebranding- Small business rebranding strategy served better by rebranding in short time frame. Change in branding in small businesses has more mobility.
Reasons for Rebranding
Differentiate the brand- Differentiation is important to attract the customers, by incorporating changes in the brand. Rebranding is necessary when the market comes to its saturation.
Change of ownership-This may not be a good reason; mergers, acquisitions and demergers result in rebranding. Here, the main aim for rebranding is to comply with the legal requirements, not to make the changes visible. The new company develop as a completely new brand.
Internationalisation- Some brands are too specific in certain countries. To use the brand internationally, rebranding is necessary. Some organisation sell the same product in several countries under different brand names which also increases the rebranding to use one brand internationally.
Change in the market- Through extensive research make sure that such rebranding would truly be in your favour. Change in the market could be a valid reason to drive a change in business model or business name.
Damaged reputation- A brand which has a bad reputation, having a serious impact on its operations. In that situation, rebranding ensures the dispel of negative impact associated with the damaged reputation of the brand. The changes can be interior or in any other aspect of the business.
Brand not reflecting business- A brand which is not capable of reflecting the product or service associated with, the change in brand is necessary. If by adding or removing any service or product, changes reflected in the brand name, this could be a reason for rebranding.
Outdated image- This can be the most common reason for rebranding. Over the period, the brands come across as old fashioned. Trend demands to update the brand. A modern image of the brand can be counted as a motive for rebranding.
Must follow rules for 'Rebranding'
Want to rebrand your business?
It can be a huge success or fail miserably. Follow the rules may pave a way to your success.
Give your brand a story
Do not compromise brand equity
Streamline your identity
If it is not broke, do not fix it
Revitalise to broaden your appeal
Do not rebrand if you are just changing the name
Revitalise to broaden your audience
Do not be reckless
Brand Change Impact
Basically, brand change resetting the work you have done on the brand. On the positive side, this may help you to capture new brand segments by turn around a brand completely.
Negative impact on revenue- Rebranding always has a negative impact on business revenue. If you rebranding, revenue impact are likely to expect.
Wallop fund raising- Every brand has some basic flaws in its structure which do not work in your context. So, at times the brand changes brought the bad impact which wallops the fund raising.
Transition from old to new- Restructuring the brand, temper the negative reactions and swing into the positive. A change in the product, spark a need for change. If it's outdated, the transition to new identity is needed for rebranding. In the success of business, the transition period between old and new brand identities will have long lasting impact.
About the author
Limiting her in few words would be a herculean task. She Likes to add some zing to the story. When not writing, she loves to watch movie. She especially enjoys being a fashionholic. Affiliated with QuickCompany which deals in Company Registration, Trademark Registration, Company Search, Trademark Search and Other Legal Activities.