5 reasons you need to rebrand your business
Rebranding seems to be a very daunting task. It is not a mere execution exercise that can be carried out in isolation. The idea that rebranding involves only a change in logo design is just too naïve to hold on to in these times. A logo is only the front line of the bigger picture that involves business premises, websites, marketing campaigns, offline activities and even the tone and voice of your communication.
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When rebranding is done right, it breathes new life into your business. However, it has to be done for the right reasons in a focused manner. Take a cue from Nearbuy, a service commerce platform that was earlier called Groupon India, which has grown five-fold since its rebranding in 2015.
Here are some of the reasons why your business might need rebranding:
To differentiate your brand from competitors
Usually, middle-tier businesses in most industries tend to seem similar from a consumer’s point of view. They can hardly be differentiated from one another. As a result, the customer does not exercise their own choice and preference but opts for the most readily available products and services. If you feel that the branding of your business is quite similar to that of your competitors, it is time for you to break the monotony and rebrand for a better future. This will help communicate to your customers how you are evidently different from your competitors, and then there will be a good enough reason to seek out your products or services.
To acknowledge a paradigm shift in your business
When management roles shift, the business shifts to a different gear. If your business has seen some crucial changes like a merger or a takeover, rebranding becomes absolutely necessary. It lends a new identity to your business and reassures consumers about what they should expect and what benefits can they reap out of these changes. For instance, after the split between Hero and Honda, Hero rebranded itself, with a new logo, to retain the customer base that was loyal to Hero Honda.
To reflect changing times
Your current branding might have become outdated and irrelevant. If your business is quite old, chances are that your branding wasn’t given a lot of attention. Also, you might have been offering only, say, X product/service when you started out but have now expanded to include X, Y and Z product/services. Your branding needs to reflect this change both in product line and your company’s aspirations. Godrej, a popular brand established about 120 years ago, opted for rebranding in order to highlight its changes and attract the younger audience. myNoticePeriod.com also rebranded itself to Hiree.com when they increased the number of services they offered.
To attract the right audience
When your target audience changes, your marketing strategies also need to change accordingly. It can start with rebranding. For instance, you cannot hope to attract the older generation with a branding strategy that incorporates all things young and hip. When Marlboro, initially a women's cigarette brand, realised that it needed to talk to men, ‘Marlboro Man’ was born. With its 180-degree advertising shift, Marlboro Man became the first brand repositioning success story. When Airtel wanted to attract the younger crowd, it came up with a new logo and a new marketing campaign: ‘Har ek dost’.
For the sake of innovation
Your brand is the public face of your business. In order to reflect the technical and social innovations that your business has achieved, rebranding becomes a necessity. Brands that continuously rebrand their products and services could potentially outperform you in terms of reputation and profitability. A classic example of this is the fact that towards the end of the 80s, most businesses changed their ‘westernised’ tone of communication to a more rooted Indian tone to attract the growing middle-class.
If done right, rebranding can be the biggest turning point in your company’s success story. Take a cue from predecessors in your industry who have rebranded successfully, but also make sure that you retain your company’s spirit even in the makeover.