A business cannot keep on running the same way forever. Change is the need of the hour. A brand that may have been a big giant at one point of time, may not necessarily stand in the same position forever if it does not update itself, and this is where rebranding comes into the picture.
Rebranding is a way used by businesses who want to grow through change: change of message, colors, image, values, etc. Not only it helps in repositioning the brand but also in healing from a bad reputation if there is any. The idea to rebrand a company is to make it look different in the market and to embark on a new image in the consumers’ minds. Rebranding is basically creating a new name, term, symbol, design or concept with the intention of developing a different identity of the brand for customers, investors, shareholders, and of course the competitors.
Be ready for the change!
A brand isn’t just about a logo or a slogan. There’s a lot more to it. For instance, McDonald’s is McDonald's not only because of its I’m loving 'it’ tagline but also for the combo meals that it offers.
But when you are rebranding, be prepared to accept the change both mentally and physically. There must have been perfect instances in your organization, but if you are not willing to let go of it - the impact of rebranding will not serve the purpose of its full potential.
Here’s a stellar example of how Starbucks welcomed the change with open arms.
Starbucks, the premium coffee maker, revitalized the 40-year-old-brand, Seattle’s Best Coffee and increased its diverse distribution points to achieve the goal of 1,000,000 places all across the United States. In less than six months, the distribution points were increased almost ten-times, right from 3000 to 30,000 including company-operated stores, franchise businesses, retailers, and everywhere else wherever there was a scope of serving a hot cup of coffee.
Starbucks branding is strong so who else could have done such a great re-branding job?
How can you create a better version of your brand?
Before that, we recommend you check some of these well-known marketing disasters so you can avoid these branding mistakes.
#1 Know your position
Self-awareness is the key to successful branding. If a company, all by itself knows what it is and what position it holds in the market, a lot of time and money will be saved while rebranding. It will be easier to analyze the end results and adopt the necessary strategies. It is at this stage that you figure out and comprehend if you would require an external consultant for market research or your own team can pull it off! Since market research is crucial.
Pepsi is a classic example of this. Pepsi knew its position in the market when Coca Cola was the emperor of aerated drinks. It has rebranded itself more than 42 times over the years just to secure a place just beside Coca Cola – and who would deny that Pepsi certainly achieved it! Pepsi has drastically uplifted itself through the years. And the major component of branding is – the logo.
Pepsi’s logo is almost unrecognizable back from its first logo of 1898, evolving from a ‘wood-mark’ to a clean modern icon. Check the history of the Pepsi logo design here.
#2 Keep Updating
Lead generation is with sales one of the ultimate goals of a business. But before rebranding, one needs to figure out if its current strategies fit the needs and wants of the current customers and if they want to attract a new section of the audience or dazzle the same set of consumers in a new way.
Surveys and focus groups can help the company gather information which in turn will help them to align with the intended audience.
With technology gaining massive pace, companies can quickly lose its name in the market. But rebranding can stimulate growth with the amendment that it carries with it.
Mastercard changed its logo to two connected circles that depicted that it could work on mobiles too and this was the direction that now most bank transactions are heading towards.
#3 Stand out from the crowd
A company shouldn’t try to appeal to everyone, everyone is not your consumer.
Your focus should be on the needs of the targeted audience and serve them with an unmatchable buyer experience so that you cannot be intimidated.
L'Oréal can be rightly said as an out-of-the-box leader, in terms of rebranding.
L'Oréal rebranded itself from “Because, I’m worth it” to “Because you’re worth it” and presented the ad in such a way that today people of every age group use L'Oréal.
#4 Don’t lose your focus area
What’s the whole point of rebranding if you lose your focus along the way? After all, it’s a game of patience and hard work. You must be crystal clear about your prime focus, prime goal, and side goals. Your business can anytime hit the lower tip of the graph if you dare to lose the focus anytime around.
McDonald’s was considered as a cheap and unhealthy option once. When the documentary ’Super-size me’ came out, McDonald’s sales were in the weeds. But McDonald’s refused to give up and did not lose focus. It spent a huge amount of money in its rebranding and filled the menu with earthy colors and salads that in turn increased its sales.
#5 Secure mutual agreement
You can’t take this decision alone. It’s a big decision, and every party who would be affected by this decision must be on your team. It is necessary to take the opinion of the board members, employees and sometimes also the customers. Employees are the wheels of your business cycle. They deserve an opportunity to share an opinion that might change the whole perception of the company. In fact, you must infuse the excitement among the employees as well as customers with the new ideas which in turn will keep their enthusiasm on the skies!
In 2007, Walmart changed its slogan from ‘Always low prices’ to ‘Save money. Live better’. This created a positive impact in the minds of the target audience and in 2010, Walmart became the world’s largest corporation by revenue according to Forbes International 2000.
#6 Make public appeal
The public launch of the new brand must be quick and decisive. It will not be a good idea to keep the general public waiting. You must also consider to break-out to the public as to why you want to rebrand so that there remains complete transparency between the customers and the company. Social Media can be your biggest help to breakthrough any announcement or promotion. Instagram and Facebook Stories work really great and they are not even so complex to create. With tools like Canva, Facebook/Instagram stories can be created in minutes.
Titan Industries rebranded itself in 2013 and changed both the company’s name and logo. Titan Industry changed to Titan Company. The reason for this was, Titan wanted to diversify its businesses to various categories like jewelry, watches, eyewear, etc. Titan now has over 60% of the domestic market share, with over 650 showrooms and over 12000 dealer outlets. Titan has become the largest retail network in India.
#7 Seek Feedback
None of the above tips are as imperative as this one. Feedback is one way to assemble all of the above steps in one – you get to know the customers' views or perception and well, that’s what you need and intend to change. Conducting some online surveys, distributing feedback forms, or sending out emails will give you a detailed insight into the impact of your rebranding.
Feedback is one thing that almost all of the companies follow today because to them, customer satisfaction is the most important thing (it should be to you too!). Taking feedback may also be beneficial in many other ways such as connecting to existing customers, improving the reputation, regaining lost interest of the customers. As it’s said, the customer is the king and you need to know what the king thinks of your kingdom!
#8 Innovate and create!
The age-old proven techniques of rebranding like issuing press releases or press conference is undoubtedly impactful, but brands have been employing new techniques to communicate the message and it’s been working almost 10-times faster and better than the outmoded techniques.
For instance, release a YouTube video, or draft a fun meme and let it out on social media, or maybe create suspense with a series of ads. Do anything that the world has not seen yet, infuse your own personalized ingredient in the process of rebranding - believe it or not, the world loves the personal essence to everything!
Here’s what Starbucks did along with Seattle’s Best Coffee -
Final thoughts about rebranding and creating a better vision of your brand
Evolution is inevitable and rebranding might be what your brand needs. It marks a new exciting face in the life of the business. If done correctly, the company might land up in a strong position in the market.
Let me put it straight up, Rebranding is a game-changer, not just new glitter, coated on the same old products – so it either makes you or breaks you, so put every step with thorough research and keep going one step after another. You will reach there, just like everyone else did!
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