Definition:
Rebranding is a marketing strategy that aims to change the name or brand, it can be either a variation of the original or changing completely to a new one.
What is rebranding?
Rebranding is a strategy that consists of various actions among which is the change of name, logo, typography, design, advertising messages or combination of the above, seeks to change the opinion of customers and investors of an already established brand.
Rebranding cannot be confused as a way to create a new brand. It is simply the evolution of one that already exists and that seeks to compete in a market that is constantly changing. It is very common that, over time, brands update their identity throughout their lives. From the most discreet changes to the most profound.
In other words, it is a way of questioning what the brand has done up to that moment, it is to know if it is acting in the best possible way in the market.
When do you need a rebranding?
The fundamental thing for a brand is the value it has in the market. If you are broadcasting one that is considered not to be the right or the right one, it is time to develop a rebranding strategy:
- The public no longer identifies with the brand. It is linked to the moment when the company is no longer as relevant as it was before. The audience is not static and is evolving.
- The goal changes. The brand can be well positioned for a specific objective. However, if trends in the market change, they assume that there must be a change in identity and that this change is reflected in products, in the purpose of the brand and the culture of it.
- If the brand is in a phase of maturity. Companies also have a process. They have a beginning, where you begin to know the brand, they grow exponentially and in the end, in an inventive way, comes the decline. If we are in the last phase is when it is necessary to consider rebranding.
- New markets are emerging. The safest thing is that if a brand decides to open up to new territories, it must resort to rebranding to adapt to new markets. It is essential if we want to connect with new audiences.
- The brand identity has become obsolete. One of the biggest mistakes is staying anchored in the past, no matter how well it has worked. Brands must maintain freshness and modernity constantly.
- Commercial change of the company. There has been a change in the legal situation of the company (merger, acquisition…)
- Remove the bad image. The brand has been affected or is developing actions that damage the image or perception that consumers have about it. Rebranding is a way to avoid the death of the brand, through giving a new air to it.
Rebranding Tips
- Study the competition: It is important to observe what the competition is doing. You have to look at both the design and the image, the typographies and the strategies they follow to attract customers. It is not to copy what others are doing but to observe the good ideas that are working in the sector.
- Don’t be afraid to try: The idea is to experiment without fear of making mistakes. Fundamental for a rebranding is to try all kinds of combinations until you get the one that is considered the best.
- Listen to customers: It is essential. The goal of any brand is to reach the target audience, so it is essential to know their ideas, what they want and what they do not. For this it is necessary to attend to their requests, complaints and wishes.
- Ask for an opinion. It is important to collect the more information the better. This will have a greater number of different points of view. The most serious mistake is wanting to work only with a small team.
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