Have you ever had a company or product you loved change its name, logo, or even the entire feel of its brand? It can be frustrating when something you like suddenly feels new and unfamiliar. But even though it’s often jarring, rebranding is an ordinary and necessary part of the business. This blog post will explore rebranding, why it happens, and some common pitfalls to avoid.
Goals of rebranding
Rebranding is when a company changes how the public sees it. You can do it by changing the company’s ideology, position, and perception. Unfortunately, it often takes several years to complete these changes.
The purpose of rebranding is to extend a company’s or product’s life. Each brand goes through a life cycle, which can be divided into three large stages:
A new innovative product in terms of service or image has just been released to the market. The product is meant for people looking for something new and exciting.
Entering the mass market
A strong brand can withstand competition. To achieve this, the company must work to occupy as much of the market share as possible. In addition, the brand must meet customers’ needs and create an emotional connection with them to become a love brand.
After a product is successful for a while, it eventually becomes less popular. If the owners understand that it is time to end the product, they might switch to cheaper production of consumer goods or leave the market. If not, the product might need an update.
How to know when it’s time for a company to rebrand
- The company is not reaching its target market
- The company has new leadership
- The company wants to appeal to a new demographic
- There have been changes in the industry
- The company has undergone a major change (e.g., merger, acquisition, or re-structure)
Pitfalls to avoid during a rebranding
Rebranding can be a great opportunity for companies to start fresh, but there are some pitfalls to avoid.
- Don’t alienate your existing customer base
- Be careful not to over-promise and under-deliver
- Don’t make changes for the sake of change
- Make sure your new branding is an accurate reflection of your company
- Get input from all stakeholders before making any decisions
Rebranding can be a great way to breathe new life into a company, but it’s important to do it thoughtfully and with input from all stakeholders. By avoiding common pitfalls, you can ensure that your rebranding effort is successful.