What is Rebranding?
Rebranding is the creation of a new name, term, symbol, design, or combination thereof for an established brand with the intention of developing a differentiated (new) position in the mind of stakeholders and competitors. This may involve radical changes to the brand's logo, brand name, image, marketing strategy, and advertising themes. These changes are typically aimed at the repositioning of the brand/company, sometimes in an attempt to distance itself from certain negative connotations of the previous branding, or to move the brand upmarket. However, the main reason for a re-brand is to communicate a new message for a company, something that has evolved, or the ‘new board of directors’ wish to communicate. Reasons for Rebranding
Proactive Rebranding: Sometimes a company sees a reason to rebrand to seize an opportunity or thwart potential threats in the future. Proactive rebranding might happen in the following situations: * Predicted Growth: When a company is preparing for expected growth, particularly international growth, it might rebrand products and services into a consolidated brand. This is often done for consistency and to save money over time. This type of rebranding is also done when a company simply needs to create a greater sense of brand unity across its business. * New Line of Business or Market: When a company enters into a new line of business or market that is not cohesive to the existing brand identity, a rebranding might be in order. * New Audience: When a company wants to appeal to a new audience, a rebranding might be necessary. Keep in mind, the rebranding might not require an actual name or logo change. * Relevancy: When a company realizes its brand is losing relevancy in consumers’ minds, it might be time to rebrand. The Yellow Pages rebranding is a perfect example. With the use of printed Yellow Pages directories declining, Yellow Pages rebranded to YP and began to focus more attention on the digital...
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