Definition:
Rebranding is a marketing strategy that involves the modification of various elements of an established brand, with the objective of changing the perception that both customers and investors have of it. This strategy may include changes in the name, logo, typography, design, advertising messages or a combination of these elements. It is important not to confuse rebranding with the creation of a new brand, as it is the evolution of an existing brand to adapt to an ever-changing market. Over time, it is common for brands to update their identity, from subtle adjustments to profound transformations.
When a rebranding is necessary
The fundamental thing for a brand is the value it has in the market. If you are broadcasting one that is considered not to be the right or the right one, it is time to develop a rebranding strategy:
- The public no longer identifies with the brand. It is linked to the moment when the company is no longer as relevant as it was before. The audience is not static and is evolving.
- The target changes. The brand can be well positioned for a specific objective. However, if trends in the marketplace change, they imply that there must be a change in identity and that this change is reflected in products, brand purpose and brand culture.
- The brand is in a phase of maturity. Companies also have a process. They have a beginning, where you begin to know the brand, they grow exponentially and in the end, in an inventive way, comes the decline. If we are in the last phase is when it is necessary to consider rebranding.
- New markets are emerging. The safest thing is that if a brand decides to open up to new territories, it must resort to rebranding to adapt to new markets. It is essential if we want to connect with new audiences.
- Brand identity has become obsolete. One of the biggest mistakes is staying anchored in the past, no matter how well it has worked. Brands must consistently maintain freshness and modernity.
- Commercial change of the company. There has been a change in the legal status of the company (merger, acquisition, etc.).
- Eliminate the bad image. The brand has been affected or is developing actions that damage the image or perception that consumers have about it. Rebranding is a way to avoid the death of the brand, through giving a new air to it.
Rebranding Tips
- Study the competition: It is important to observe what the competition is doing. You have to look at both the design and the image, the typographies and the strategies they follow to attract customers. It is not to copy what others are doing but to observe the good ideas that are working in the sector.
- Don’t be afraid to try: The idea is to experiment without fear of making mistakes. Fundamental for a rebranding is to try all kinds of combinations until you get the one that is considered the best.
- Listening to customers: It is essential. The goal of any brand is to reach the target audience, so it is essential to know their ideas, what they want and what they don’t want. For this it is necessary to attend to their requests, complaints and wishes.
- Ask for an opinion. It is important to collect the more information the better. This will have a greater number of different points of view. The most serious mistake is wanting to work only with a small team.
Benefits of rebranding
The benefits of rebranding include the following:
- Brand image renewal: A rebranding can update a brand’s image, making it more contemporary and aligned with current market trends. This not only attracts consumers’ attention, but also revitalizes interest in the brand, both internally and externally. A refreshed image can lead to new business opportunities and partnerships.
- Increased brand equity: By aligning the brand’s identity with its values and mission, rebranding can increase its perceived value. This strengthens the emotional connection with consumers, who may see the brand as more authentic and committed to its principles. Stronger brand equity can also translate into greater customer loyalty and premium pricing.
- Competitive differentiation: In saturated markets, standing out is critical. Rebranding can help a brand differentiate itself from competitors by offering a unique and compelling value proposition. This can include a new visual aesthetic, an innovative brand message or an enhanced customer experience that resonates more deeply with the target audience.
- Attraction of new customers: A rebranding can attract new customer segments that previously did not identify with the brand. By redefining the brand identity and message, it is possible to capture the attention of different demographic or psychographic groups, thus expanding the consumer base and increasing growth opportunities.
- Improving internal culture: The rebranding process not only affects the external perception of the brand, but can also revitalize the company’s internal culture. By involving employees in the change process and clearly communicating the new vision, morale, commitment and alignment with business goals can be increased.
- Reputation recovery: If a brand has suffered reputational damage, rebranding can be an effective strategy to rebuild trust and improve public perception. This may include changing the name, redesigning the logo or adopting new values that reflect a renewed commitment to quality and responsibility.
- Adapting to new markets: When a brand decides to expand into new geographic or demographic markets, rebranding can facilitate acceptance and success. Adapting the brand identity to resonate with local cultures and preferences is essential to establish a meaningful connection with new audiences and ensure seamless integration.