The reasons for rebranding and or relaunching a company, product or service are numerous and should not be taken on lightly without sound strategic reasons for engaging in the process, Brands are constantly evolving to ensure they keep abreast of changing needs in the market place, It's the level of change required that is the critical issue. A brand audit and market research will help assess the rate of change required amongst other things.
Even some of the greatest brands in the world need rejuvenation, however some branding does require an extensive change in order for the business to achieve the required regeneration for growth and profitable returns, Change is necessary to stay relevant to the times in which a brand exists and to ensure its future success.
ITBS Branding Strategies provide a full services of rebranding, relaunching and revitalizing a brand include the following:
A brand that has become old-fashioned in the eyes of its audience is in danger of stagnation if not already in a state of erosion and loss of market share.
Rebranding can be used as a means of blocking or outmaneuvering competitors or a way of handling increased price competitiveness.
Sometimes rebranding is required because of globalization where the same product sold across multiple markets is inconsistent or different.
4. Mergers & Acquisitions:
When two entities combine there are typically two unique audiences left to communicate with. In other cases one of the brands may be more dominant requiring more of a revitalization or refresh with it becoming the sole dominant player.
Rebrand frequently follows the natural and fast rate of change, ensures the brand's change hungry customers keep coming back to see "what's new?”
Taking a brand to a new position is an involved process, from an economy price fighter to premium position, rebranding used as a means of blocking or outmaneuvering competitors or a way of handling increased price competitiveness.
Rebranding can be used to decrease business development and operational costs, or a way of countering declining profitability or consumer confidence. It can also be used where there are complex and sometimes confusing mixes of product portfolios which frequently undermine the brands impact.
When small companies grow into bigger entities they and/or their products frequently require a rebrand or revitalization to meet the needs of the bigger business.
9. Legal Requirements:
Occasionally legal issues may arise that require a company to make changes to their branding such as copyright issues or bankruptcy.
10. Morale & Reputation:
A rebrand in this instance can improve a brand's competitiveness by creating a common sense of purpose and unified identity, building staff morale and pride, as well as a way of attracting new customers, enhancing relationships with existing customers and attracting the best talent to the business.
ITBS Branding Strategies service can be categorised to include one or a combination of all the items listed:
a) New brand name.
b) Brand identity (brand logo), trademark, tagline or slogans.
c) Graphics, brand imagery, online presence i.e. website, Facebook pages etc.
d) Company or product livery, uniforms, stationery, digital presentations.
f) Product displays, exhibition stands, signage & way finding systems.
g) Exterior and interior design.
h) Advertising, on and offline.
i) Movies, video and show reels.
j) New product launches, differentiations, extensions or enhancements.
k) A change in brand profile, values, mission, goals, story, message, promise, offerings, personality, emotion, behaviors, tone of voice, culture, brand experience, customer care.
l) Potential change in target market, brand positioning, brand architecture.