The corporate brand is one of the most valuable intangible assets for a company and its stakeholders or interest groups. Therefore, implementing a Rebranding strategy, or rebrand, cannot be a trivial decision. This is a serious strategic decision. In addition, it involves careful and thorough prior planning.
But what is it that drives a company to launch a rebrand? What are the main implications that it entails?
In this article, you will discover the different ways to make changes to the brand, the correct and incorrect reasons for rebranding, Digital branding Agency india the necessary steps to do it successfully, and much more.
What is the Rebranding strategy
The Rebranding strategy is a permanent process that allows a brand to evolve and adapt to new market circumstances and the expectations of its target audience.
What is rebranding
Therefore, a skillful and carefully studied rebrand can be very useful for the company. It is sometimes the necessary evolution for a company that does not want to remain obsolete and stagnant ad agecny .
Ultimately, the Rebranding strategy must achieve a balance between the company’s brand equity and its recognition by its real and potential customers. And also, manage to remain “desirable” for them. This change in the brand should serve to stimulate a change in the attitudes, perceptions, and behaviours of consumers. It should help to choose your brand and not another in the buying process.
For what reasons to implement a Rebranding strategy?
There are many reasons why your company may consider a Rebranding strategy. advertising company To a large extent, the need to reposition your brand in the market tends to have a lot to do with it.
Thus, before starting any brand change, you need to be very clear about the reason or motive for wanting to make that brand change.
Some preliminary questions would be: Is this change due to the need to accelerate growth? Does your company need to compete with bigger and more established rivals?
The main reasons that can drive you to implement a Rebranding strategy are:
1. You need to compete in a new market
The market in which a company has initially competed may no longer be profitable enough over the years to establish a growth strategy.
Therefore, it is necessary to make brand changes that allow you to be competitive in other markets where you plan to position yourself.
2. Your brand no longer reflects your values
It is quite common, for companies that have been in the market for many years that the image has become obsolete. A logo that looked fabulous twenty years ago today may be completely irrelevant and no longer reflects the current values of your company. In this case, it is absolutely necessary to implement a Rebranding strategy that allows you to reconnect emotionally with your audience Digital branding company india.
Therefore, if any of the elements of your corporate brand such as the logo, slogan, website, etc. They are no longer going in the direction the company is focusing on, it is probably time to rebrand.
3. You plan to internalize your brand
Something that you have to take into account when marketing your products in other countries is whether your corporate brand or that of any of your products is “bad sounding” or inappropriate in another language.
It is very important to be successful if you are going to sell your products abroad, that you pay attention to cultural differences and, more importantly, respect them.
4. There are relevant changes in the company’s directive
Another reason why the implementation of a Rebranding strategy may be necessary may be a significant change in the company’s management positions.
A new CEO or a new head of the company’s marketing strategy can mean a change in business vision.
5. Your brand has serious reputation problems
It may also happen that your brand has suffered a serious reputational crisis. The social media have led to the enormous business advantages from the point of view of marketing.
But any mistake or widespread dissatisfaction can turn into a serious brand image problem.
6. Your brand image is similar to that of other competitors
When your brand image is very similar to that of other companies that compete in the same market, it can be a disadvantage.
It is important to consider setting up a Rebranding strategy that achieves differentiation. The company must fight to achieve its own brand identity and without the possibility of mistakes.