What is Rebranding - Definition
Rebranding is a marketing strategy that involves changing the name, logo, design, and/or messaging of an existing brand. The goal of rebranding is to create a new corporate identity, that helps the brand resonate better with its target audience, reflect changes in the company's values or offerings, or differentiate it from competitors. Rebranding is a strategic approach taken by businesses to change their visual identity and messaging, with the ultimate goal of driving new business growth and increasing brand awareness. This process often results in a new brand name, a new logo name, tagline, colour scheme, website design, and marketing messaging designed to create a fresh image that resonates with consumers. Rebranding typically occurs when a company has undergone significant changes, such as mergers, acquisitions, or a change in ownership, or simply as part of a broader marketing strategy.
Reasons for Rebranding
There are numerous reasons why companies may undertake rebranding. Some reasons may include changes in the company logo target market, or industry, to differentiate from competitors, to reflect changes in values or offerings, to appeal to a new audience, or to shift away from negative brand associations. Rebranding can also create greater brand awareness, improve brand reputation, and drive overall business growth.
Benefits of Rebranding
Rebranding can have many benefits, including helping business owners stay relevant in the ever-changing market and industry landscape. It can help improve the perceived value of a brand's audience, refresh an outdated brand image, and create a new narrative around the company's values and messaging. Rebranding can also help to differentiate a brand from competitors and attract new customers or stakeholders. Ultimately, rebranding can help drive greater business growth, increase revenue, and enhance brand loyalty.
Examples of Rebranding
Some notable examples of successful and rebranding branding efforts may include:
- Coca-Cola, which underwent a major rebranding in the 1980s, introducing new brand identity, "New Coke," which was seen as a failure, leading to a return to the brand materials original formula. This led to a resurgence in the brand's popularity and a successful rebranding campaign.
- Old Spice, old brand which once marketed to older men, went through a rebranding in 2010 to appeal to a younger audience by a brand slogan featuring witty and irreverent commercials.
- Apple's rebranding in the late 1990s helped the company redefine itself, shifting from a computer company to an innovation-driven multimedia company with a focus on design, brand recognition, marketing materials and user experience.
- Google's rebranding in 2015 changed its name to Alphabet, signaling a shift in the company's business strategy and brand identity beyond search engines.
Overall, rebranding can be an effective marketing strategy when done correctly, helping businesses in new markets stay relevant and drive growth in new market.