What is Rebranding?

What is Re seting? Re gradeingis the creation of a new name, term, symbol, design, or combination thereof for an established shuffle with the intention of developing a secernate (new) position in the mind of stakeholders and competitors. This whitethorn involve radical changes to the soft touchs logo, blur name, image,marketing strategy, andadvertisingthemes. These changes are typically aimed at therepositioning of the grade/ confederation, sometimes in an attempt to distance itself from certain negative connotations of the previous(prenominal) branding, or to move the brandupmarket.However, the main causation for a re-brand is to go by a new message for a ships family, something that has evolved, or the new come along 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 rule in the following situations * Pre dicted 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 reference of rebranding is also done when a company simply needs to realize a greater sense of brand unity across its business. * recent Line of Business or Market When a company enters into a new line of business or market that is not sticking to the existing brand identity, a rebranding might be in order. * modern Audience When a company wants to appeal to a new audience, a rebranding might be necessary. Keep in mind, the rebranding might not exact 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 yellowed Pages rebranding is a perfect example. With the use of printed Yellow Pages directories declining, Yellow Pages rebranded to YP and began to focu s to a greater extent attention on the digital space making it evidentially much relevant. Reactive Rebranding Companies could also rebrand in reaction to an event that is so signifi put upt that the existing brand must(prenominal) be changed. For example, reactive rebranding might happen in situations like the ones listed below * Merger or Acquisition When companies unite or acquire other companies, rebranding is often required. Legal Issues There are a number of different legal issues that could cause a company to rebrand. Trademarks are often at the root of these rebranding examples. Hence, it is imperative to conduct an consummate(a) trademark search and obtain the trademark rights to your brand name out front you launch it. * Competitive Influences Sometimes a companys competitors activities layabout be the catalyst to a rebranding. When a competitor renders your brand visionary or dated, a rebranding could help you regain a foothold in your market and give you the fac elift you need to effectively strike back. detrimental Publicity When the image of the corporate or the brand has been tarnished by a sudden happening or more so, a crisis that has arisen, companies adopt a rebranding marketing strategy. The mistakes when while rebranding 1. Do not rely scarcely on history Rebranding well means staying relevant. Assumptions made when the brand was established may no longer hold true. Analyze changes in fag markets when exploring opportunities for brand expansion, repositioning and revitalization.One must try and evaluate current market conditions before finalizing a rebranding exercise for the brand. However, one must ensure that the core offering is in line with the initial offering, the essence could be the differentiator. 2. Thinking the brand is the logo, stationery or corporate colors The brand not only encompasses these elements, but also customer perception and experience to quality, the overall olfactory property and feel of the brand, customer care, retail and web environments, the tone and voice of communications, and more.One must ensure that the new image, thus to be communicated, touches upon all the aspects of the brand. 3. Navigating without a device Effective rebrands rely on a creative brief to moderate everyone focused as the project progresses. Include sections for a situation analysis, objectives, target markets, budget and resources, timeframe, point person, known parameters, approval structure, stakeholders and metrics for assessing results. 4.Refusing to hire a branding consultant without industry experience Its ok to portion out an agency that hasnt worked in your specific industry before. Sometimes it is noble-minded especially if youre serious about a turnaround. Smart companies actualise the value of a fresh perspective. 5. Not leveraging existing brand equity and goodwill. Dismissing brand equity when rebranding alienates established customers, while unnecessary overhauls can irreparably damage a brands perception.Consider the needs and breaking ability of the target market carefully before digging into the process. Sometimes a small evolution or a new coat of winder is all thats needed to rejuvenate and make a brand relevant. 6. Not trying on your customers shoes. Simply career your own 800-number or receptionist may reveal challenges customers face and inform your rebranding strategy. return the time to navigate your own website, buy your products and return something. Better yet, anticipate a friend or family member to do so and learn from their experiences