A few days ago a friend asked to meet me in town. I was excited, I couldn’t wait to meet her and catch up on many things. Having the address of the restaurant where I was supposed to meet her, I was dead sure that I would find it within minutes. As it turned out, I spent almost half an hour trying to locate the Highlands Restaurant.
After minutes of going up and down without finding any restaurant around with that name, I decided to inquire. I was shocked to learn that I was standing right in front of the restaurant, only that it was no longer called Highlands restaurant. The restaurant was now called ‘Home Lunch Restaurant’, with a brand new logo different from the one associated with the old name. I have been to the restaurant several times but I knew it by its new name while my friend had referred to it by its old name. The restaurant had re-branded.
Re-branding mostly occurs when a company or business decides to change elements of the brand. The change could be openly obvious like a brand logo or name or it could be a little subtle to changing the mission or vision to communicate the message effectively. Whichever way, re-branding is important. It can be one way of seizing a booming business opportunity or killing potential threats in the future.
Brands can decide to re brand for different reasons.
In this era of constant change and high customer expectations, losing brand relevance is very dangerous. Many companies struggle to remain relevant in their markets while ahead of their competition.
For a brand to be relevant, they need to meet the customers’ needs. Brand relevance which measures customers’ preference for a brand is a way to measure the success of a brand. When a brand is more relevant, customers become more loyal to the brand as it affects the buying decision. Maintaining brand relevance means maintaining customers’ trust and loyalty. When a company, therefore, realizes that it is losing its relevance to its customers, it is important to consider re-branding.
Many brands tend to re-brand to become more appealing to their audience. For instance, getting service requests from people that do not fit your target audience is a sign that you need to brand your business in a way that reaches and unites the right clientele. When it comes to the idea, customers are the backbone because it’s their needs that are your foundation. So when your brand’s vision and mission do not line up with the targeted customer needs, the business might hit a sudden end. At such a point, it’s always important to re-brand.
When a company or brand gets into a new business or a different market that is not in line with the existing brand identity, re-branding is always important. For instance, when a computer selling shop such as Mohamed Computers evolves into a new line of business beyond computers to selling more electronics, it would be necessary to re-brand. Maintaining the original brand name would be restrictive and limit the company from tapping into new opportunities or growing. Changing markets can have a serious effect on a company to the extent of losing it. When a company does not reflect current market dynamics, re-branding is necessary to ensure that it expresses the company’s evolution and stimulates growth that improves the brand.
Predicted growth and mergers
Growth is one obvious, concrete trigger for re-branding. Let’s say you merge your business or partner up with another business and want to make sense of the new, larger entity, you will be entirely needed to re-brand to have clarity of the vision and the business. Success comes with the need to expand and for a business to reflect the current brand strategy, sometimes it’s important to re-brand. When a company enters a national or international market, some brand elements may mean different things in different countries. To ensure that the message is communicated effectively to all of its customers around the world, a company ends up re-branding. A new brand with a simple message that can be related to in the market, gives consistency to the company ,creating the right engagement to customers.
Outdated Brand and Image
Many times, as a brand ages, it loses its strength. New trends mean that over time, brands can become outdated and need updating. With the constant change in branding, marketing, and even business strategies, re-branding comes in handy in creating a modern image that people can relate to. Talk of the hipster fashion wear that got replaced with tight-fitting jeans and the flooding vintage wear in the market today. When a business discovers that some of their products are no longer a thing in the market, it’s important that they consider revising the face of their business by changing the nature of the business and the services or products provided. Many shining businesses in the market always try to stay fresh to keep up with changes in their respective markets. Adding or changing a little colors typeface or logo treatment can honor your past and embrace the future of your brand.
Having a solid brand reputation is essential for business growth and longevity. Sometimes businesses get hit by a bad reputation and this can have a serious impact on its operating results. When a brand loses its reputation, the owners stand to lose time and financial investments. It’s like a bad toothache that won’t go away . Re-branding helps in ensuring that negative associations with the brand are dispelled. Implementing changes both internally and externally removes the negative association with the brand, giving it a new chance of succeeding. Maintaining a positive reputation is a good web to spread the goodness of your brand thus investing in your brands’ reputation is important.
There are varied and complex reasons as to why we should re-brand. Whatever the reason may be, re-branding is an important decision that should be handled well because when not, it could turn out to be catastrophic in terms of time, resources and the brands’ reputation. The value of re-branding lies in your ability to do it effectively.
What would be your other reason for re-branding? Lets share and learn!