Rebranding a Company

Rebranding a Company 101 – A Guaranteed Guide to Amplify Your Business

What is rebranding a company – An introduction

Changing a company's brand is one of the most advantageous trends today. As the business scenario is becoming very fierce these days, it is necessary to design unique marketing strategies to stop losing their potential consumers to their competitors.

Brand change strategies are mainly used to change the complete image of a company, giving a new appearance to its brand appearance, name change, revitalization of the website or new packaging of products and services, etc. According to this process, a company can generally change the design elements of its brand or give new meaning to its entire marketing mission.

The concept of brand change is really to provide a new meaning to the general structure of the company with the intention of presenting it as new.
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An appropriate brand change process generally influences the customer's perception of the service and product of a company. In most cases, companies make efforts to change the brand to modernize the brand and provide a more relevant connotation according to the needs of their customers.

Exchange rates of a business brand

The brand change is mainly done for two types of requirements:

Proactive brand change: this type is used when a company identifies the extent of growth. That's when they try to innovate and enjoy new business to reconnect with their existing customers and attract new users.

In this type of brand change campaign, a company can change its logo and also the name of the company. The new logo would reflect the company's renewed commitment to develop value and maintain global standards.
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Reactive brand change: this brand change occurs when a company faces a situation in which the existing brand has been discontinued, whether due to merger and acquisition, legal problems, to reject any recent negative publicity or to create its own niche In the midst of stiff competition and get a new personality.

When a company is bankrupt, it can be sold or acquired by a company of high stature and merged with it. Finally, the change of brand occurs with the new name, the new logo and customers get to know it as a new company with previous products.
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Why change the brand: 5 reasons to change the name of your company

The main purpose of the brand change may vary from one organization to another. The process takes shape depending on the objective of a company and what an organization expects to achieve in the future.

The following are the main reasons why a company might consider changing the brand:

When an organization fails to keep up with the constantly growing market trends

Several organizations, large or small, can lag behind with constantly changing marketing trends. They may not catch up with developments in the developing industry. But to be visible in the midst of competitors, each vendor must have a clear idea about particular marketing trends. Monitoring these trends will allow marketers to know exactly when to proceed with the brand change campaign.
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As we live in an era of social networks and easy access to the collection of information on recent trends, a company must follow these marketing trends to appease its customers. Companies must make their existing users understand that they are not different from their competitors. Therefore, an organization needs to develop a dedicated infrastructure to monitor and evolve with market trends.

In addition, a company could be renamed if it had entered the market recently and wanted to align its brand with the new market scenario.
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When you feel you don't stand out from your classmates

Brand change becomes necessary when you discover that your market has too many competitors that sell the same product and services as you. In addition, they also follow a principle somewhat similar to you. The worst part is that your teammates use the same name as yours, which makes it even more difficult to find yourself among your competitors.

When you understand that customer needs have evolved

The strategic brand change plan becomes essential when you suddenly realize that the needs of your customers have evolved. The consumer's habit may change due to excellent technological innovation and this can be a driving force for him to adopt different marketing strategies. According to several important brands that are going to change brands, they admit that the process of changing the brand is easier than remarketing.

If a company faces negative image advertising

When a company faces problems such as negative public relations, there is the scope of the brand and the change of brand to bring the counter impression to a positive opportunity. Any establishment may face negative image advertising if consumers receive terrible products / services, have a terrible experience with the customer or any other problem that has seriously halted the reputation's attention. The brand change would eventually help a company relive its lost credibility, reputation and brand.

Negative feedback is detrimental to the brand identity.
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It is the way in which you react as a business owner to solve the problems that can make a significant difference in customer reaction and the perception of your company. A negative problem can be a major public relations problem of the company or become an unexpected opportunity to develop its brand promise.

Rebranding needed during the merger and acquisition

The merger and acquisition of weak financial organizations by larger establishments is a standard practice in the industry. When companies merge or acquire a new brand, brand change becomes essential to represent the new combined brand identity. New and existing potential consumers get to know the change and make the purchase decision accordingly.

How should you change the brand?

Companies that plan to change brands always lose their thoughts. Most of the time they can't find ways.

These are some of the successful steps to change the name of a company. These are processes used by successful companies:

Research on your company and target customers

When you plan to change the brand, your first step would be to conduct independent research on your entire company and its customers. Therefore, at the time you decide to enter a new market, you must conduct a thorough investigation about your company, how it will be after the brand change and also about your new target customers. The objective is essential to understand the difference between the current perception of your brand and your renewed skills. Without this investigation, your brand change objective will not be adequately met.

Focus on creating your brand identity

Creating a brand identity is crucial for every business. Therefore, every time you face a situation of brand change, you should concentrate on building your brand identity. It is a strategy in which you need to develop certain visual elements to communicate the image of your brand: name of your company, logo, business card design, motto, stationery, etc. The idea is to implement the characteristics of your brand in a consistent manner in all your marketing materials.

Invest in building your website and online presence

Business websites play an important role in brand building. The portals are the most essential communication and business development tools that represent the mission and vision of a company to the public. A well-maintained website provides your brand with a valuable online presence in this era of digital marketing.
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The brand change task remains incomplete without recreating your website. In addition to social networks, you should also invest some time in rebuilding the website and receive a valuable online presence. You can outsource the design team for more effective results.

Renew all your marketing guarantees

Marketing guarantees are among the best tools to attract and communicate your brand's message to your potential and existing clientele. While changing the brand, you can't miss those. In your next step, renew all your marketing materials, give a new look to your brochures, flyers, posters and other guarantees that are essential for your brand to stand out.

Importance of brand change in 2019

Now, from the previous context, it is clear that changing a company's brand becomes essential on several occasions.

With the new year about to bring new promises, it is necessary to establish more modern methods to become a prominent brand.

• One of the main questions that comes to mind: is it worth changing the brand name?
• Are you still confused with what your stand should be if you carry out the brand change plan?
• Then, take a look at the benefits of brand change in this current era. How will the brand change process help you exponentially to achieve a large customer base and what benefit will it have for your brand within the industry?

Remember that the brand change can incorporate a small logo change or transformation of minor things, but these more insignificant changes can make a big difference.
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These are the benefits of changing the name of a company:

Give a new address to your business.

Change is a continuous process and with the world rapidly transforming at your doorstep, your business also needs to grow. Therefore, brand change can help you add a new perspective to your business. If you are a large or small organization, you need to communicate with the unique needs and aspirations of your clients. Therefore, your brand must match the growing demands. What worked years before for your company would not work these days. With the change of brand, your company can obtain a new address for your business and succeed overnight.

Reflect a renewed commercial image

Successful brand change strategies can change the general perceptions of your business in the eyes of your existing customers. In addition, there will be a new brand image that, in turn, will also attract its new customers. Experts call the global brand the "showcase" of their organization to communicate with current customers, employees and their target market.

It allows you to gain an advantage over your peers

The change of brand would allow your company to evolve among these ambitious companies. There may be cases in which your current brand reflects the image of your close competitor. Or even cases can be that; I would like to simplify your identity so that your image of the industry is easier for customers to understand. The brand change process would add individuality to your brand and make it look different from its peers.

The brand change makes you constant in your business

Being prominent in the industry requires careful planning. It may be a popular organization in your niche, but it may not be very consistent with your brand image. Your brand is probably not compatible on different platforms either. Therefore, you should consider the brand change process. By rejuvenating the image of your brand, your company would return to the track and introduce new brand guidelines.

With the change of brand it becomes a valuable company

Marketing specialists consider brand change as a measured business decision. They believe that the process of changing their logo or updating their brand image would add some value to their business. Needless to say, the value of the brand is a tangible asset and, therefore, the brand change gives you the scope to engage a more loyal audience to increase sales and business opportunities.

Company brand change checklist: things to keep in mind when changing the brand

Brand change can be fruitful only when you follow the rules and guidelines of the entire process. Although beneficial, it is a risky affair. It must be quite informative of all processes.

Next, we tell you what to do and what not to follow and have a successful brand change process.

Two:

1. Remember to create a label that captures the attention of your current and potential customers.
2. Define each element of your brand measure to add value to your company.
3. Try to be different from your compared to your competitors. Create a visible difference.

Do not:

1. Do not dissatisfy your former audience and encourage them of your brand.
2. Do not create an image that you cannot keep.
3. Do not forget to do a thorough research on current market trends and current requirements after the brand change.
4. Brand change case studies

Modern bread

The new history of Modern Bread is also quite impressive. Marketing specialists who plan to use this strategy can develop their plan accordingly by taking lessons from the brand's history. Modern Bread was born when Modern Foods exchanged hands. The company planned to provide a renewed brand identity and present a vibrant identity by targeting younger audiences with newer variants. Modern Bread is, therefore, the best example of benefiting from new trends to recover lost recognition.

Vodafone

It is another historically successful story of brand change. In 2007, Vodafone acquired Hutchinson and, in this sense, the brand change process also took place quite quickly. They had established strong promotional strategies to keep existing customers satisfied and also planned to attract new customers.

They made their customer service centers for SIM -red card packages. A color to capture people's attention instantly.
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Old spice

Old Spice suffered the problem of low sales, reduced consumer interest and exorbitant competition in the early 2000s. The target market of the company was only older men and this led them to lose them in their business. Finally, the company decided to change its target audience and planned to reach the target groups. They renewed their marketing and advertising campaign by naming models of young and handsome celebrities as their brand face. Currently, the company has changed to a brand associated with legacy and trust.
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Apple

Apple presents one of the best stories of brand change in this contemporary period. In the 1990s, Apple faced problems of low sales, low consumer participation and great competition within the industry. The company began to lose existing and potential customers eventually. But things took a different turn when in 1997 Steve Jobs took over the company and began the process of changing the brand. The company began launching new innovative products with minimalism and modernity combined with creative marketing and advertising campaigns. The rest is history; Apple is one of the leading names in the industry. It has a broad customer base and is the best example of a dramatic change.

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