Re-branding a
business is the process of creating a new look and feel for an already existing
brand or product in order to influence its customer’s perception. This may
include changing the name, logo or packaging. Re-branding can be a very challenging
but extremely rewarding process. It requires careful consideration and planning
to achieve the desired goal which is to breathe new life into a brand to
attract new customers and increase its popularity. Nigerian Breweries, Oando, and
Glo are examples of Nigerian companies that are constantly re-branding and are
enjoying wide acceptance among the Nigerian public.
In 1997, tech giant Apple was very close to
declaring bankruptcy, but a little less than 17 years later, stock prices have
gone up from $6 to $350 and the company keeps shooting in an upward trajectory.
Apple did not only rebrand the company’s name, mascot and logo, but also started
producing reliable and elegantly designed products, adding artistry to
technology; as changing its name from Apple Computer to Apple enabled the
company to produce innovative products such as iMac, iPod, iPad, and iPhone.
Apple found a way to polish its brand and create a positive experience for its customers.
Until recently,
McDonald’s had the image of a chain that served unhealthy meals sold at
exorbitant prices; in fact, critics touted McDonald’s meals to be one of the
leading causes of obesity. McDonald’s has since rebranded itself, now serving
more healthy meals with reduced prices under the slogan “I’m lovin it”. This
makeover appears to be having a ripple effect as there has been a reported 5.3
percent rise in sales according to Business Insider.
Wal-Mart, in a 2007
re-branding, replaced its tagline “Always low price” with “Save money. Live
better”. This singular act changed the company’s reputation from offering retails
at rock bottom prices to suggesting that buying items at low prices will
improve the lifestyle of the customer. In 2010, Wal-Mart was the world’s
largest public corporation by revenue, according to the Forbes Global 2000 for
that year.
Re-branding is
generally aimed at re-positioning a brand or company, usually in an attempt to
move the brand up market. According to Business Insider, it doesn’t only change
the customer’s response to the brand but also helps the brand achieve its
goals. It’s a careful strategy; often times subtle and methodical, and may
involve both re-imaging and regeneration. Change, as it is said, is inevitable;
it is pertinent that companies adopt new strategies when needed rather than sticking
with the same strategy for years even when it starts to feel uninteresting with
time.
Re-branding is
considered a smart business decision for the following reasons:
- Every brand needs refreshing to stay relevant as the 21st century market is an ever evolving one, re-branding affords companies the chance to sort out a new strategy to make their brand relevant and more importantly, remain relevant.
- Re-branding influences the customers perception, when a product wears a new look, or has a new feel or a company updates its marketing materials and strategies with a careful consideration of the target customer, the customer perception changes and tilts more positively.
- Re-branding offers the opportunity to clarify image, while allowing room for future growth this naturally improves the bottom line by conveying a company’s core value and brand message.
- Re-branding can breathe new life into a business when it is done with a strategy, a process, thought and most importantly for the right reasons. This will set the product or company apart from competitors.
As has been
undoubtedly witnessed in the examples of companies that have re-branded, re-branding
brings along with it its own basket of gifts both for the company and their
customers. It must be stressed that in re-branding,
corporate establishments must take the current needs and desires of their
customers into consideration but still stay true to themselves as a respectable
brand as seen in the example of McDonald’s.
Re-branding must also be meaningful
and powerful enough that it would improve the relationship between the company
and current customers as well as prospective new ones. Most importantly,
companies need to rebrand to stay ahead of competition in a very competitive
market where you can get left behind if you don’t keep up with the ever-growing
demands of customers and the trends in the society that create such demands.
This will ensure that brands don’t lose their usefulness and help them create a
stronger voice for their brands.
Copyright(c) 2014 Wemy Industries.
Source(s):
Business Insider.
