Rebranding is a strategy that entails altering the identity, positioning, or image of an already-existing business or product. The company's name, logo, packaging, website, marketing materials, and messaging may all need to be updated to better reflect its new/updated objectives and target market.
Rebranding is frequently done to breathe new life into a tired image, appeal to new client demographics, reflect organisational changes, or distance the company from undesirable associations. An effective rebranding campaign strives to influence stakeholders and customers positively, boost brand recognition and loyalty, and eventually spur business expansion.
How should a rebranding strategy be approached?
Customers appreciate stability. People want a brand they can trust, which is why businesses that present themselves consistently across all media generate 23% more income. Customers also frequently react poorly when well-known brands make changes.
Taking a rebranding risk may be the only option for a brand to advance at some point in its lifecycle. Additionally, if done strategically, your brand can end up being much greater than it was.
These tactics explain why some of the biggest corporations in the world decided to rebrand and how their clients reacted.
What are the most well-liked rebranding strategies?
A brand merger, a brand renewal, and a full rebranding are the three basic types of rebranding in marketing. They are required for various reasons, and each type requires a different amount of work.
This kind of rebranding takes place when two current brands combine to create a new brand. When there is a purchase, brands will change together. When two brands are coherent with one another, brand mergers are most successful. In other circumstances, it can be a better idea to completely rebrand the two businesses. Be advised that a complete rebranding may require additional time.
Refreshing your brand can be as easy as changing your logo or as complex as refocusing your objective. Although this requires changing all current versions of your logo, printing materials, website, and other design elements, it is considerably less time-consuming than completely rebranding your business.
A complete redesign involves ripping your brand down to its core and starting over from scratch. Perhaps you are extending your business into a different sector, or perhaps there has been a significant shift in management. Full rebranding requires a lot of work in either case.
When it is required, such as when your target market is not responding, you should only do this. The best marketing plan you can have is to connect with your target market, therefore if you aren't accomplishing that, a complete rebrand may be a smart option.
Every rebranding's primary objective is to enhance the brand identity communication. Why are you in business, and why should your consumers buy from you? These are the enquiries that your brand identity should respond to.
It will be challenging to grow your brand if consumers perceive it to be overly similar to that of your rivals. To better distinguish your brand in customers' perceptions, consider rebranding. The rebranding of Target is a perfect illustration of how effective this strategy can be.
Target was perceived in the 1990s as being virtually identical to other budget retailers like Kmart or Walmart.
Target made the decision in the early 2000s that it couldn't expand if it kept trying to outbid Walmart on price, especially since Walmart was designed to keep expenses and prices low. Instead, the company decided to stand out by reinventing itself as "a mass merchandiser of affordable fashionable items."
Target's logo was modified.
Also, it started concentrating on brand-new product partnerships, first with Alessi designer Michael Graves, that brought excellent design to mainstream prices.
Additionally, Target unveiled promotional materials that highlighted a different collaboration with fashion designer Isaac Mizrahi. In these images, Mizrahi is pictured standing between two street signs that read "5th Avenue" and "Main St," celebrating the union of premium design and affordable prices.
Rebranding can be as easy or as complicated as you choose to make it. YBC can assist you whether you are undertaking a minor makeover or a whole rebrand.
To find out more about rebranding, contact us!