First of all, lets throw some light on what does branding actually means. Branding is not just creating a logo or fixing some color scheme for the company. It has a much more broader scope than this. Branding means creating a visual presence for the company in the market through its visual image which can be through logo, colors, icon, business card, website, advertisements, brochure or any kind of marketing material.
Whether a company is small or big, all companies build their brand these days. The purpose of branding is to help your customers understand what you offer to them. Brand builds a connection betwwen a customer and company.
All these companies at some point of time plan to rebrand. Now, what is rebranding?
Rebranding is creating the new look of your company or product. However, sometimes its impossible to recogonise the changes that the company has gone through.
The next question that comes to our mind is why and when a company needs Rebranding.
Change in the vision, mission or business of a company
Every 10 years, we get to see a lot of positions holding a say in the company change and new people takeover those positions. These people have different vision towards running a company. They look towards the market with a different perspective. So, in order to reflect this change companies plan to rebrand. Also, sometimes the company’s purpose or scope of business either changes or expands so the companies rebrand in order to accomodate the new scope.
Sometimes the companies plan to go global so local names and branding would not work in international market. In order to bring this change rebranding is essential
Every year brings in new color, font and website trends. In order to become competitve we need to adapt to these trends every now and then. If we donot adapt to these changes with time our brand gets lost in the new trends. Our Competitors who would be rebranding and adapting to these changes will leave us far behind.
A bad reputation of the brand may have a negative impact on the buiness of a company so in order to compensate that Rebranding might help. This rebranding will change the image of the company further leading to better reputation and good business.
Connecting with new audience
Sometimes a product or service is for a particular segment of income or particular age group and the company plans to expand its segment or age group and cover either all segments or more segments so in that case as well new branding image is required to let people know that now the particular product or service is available for others as well.
In the end to conclude these are just a few basic reasons for rebranding and a lot more points can be listed as a reason to rebrand.