23 April 21
The branding trend is always changing. Rebranding must be done due to causes such as outdated image, new management, or any reasons that require a company to stay relevant. The process of rebranding includes modifying logos, changes in colour palettes, or even switching the name itself. Now, what are the signs for a company to do rebranding? As an award-winning branding agency in Indonesia, Milestone has all the answers.
First, when your company’s target customers have expanded, or when your customers’ behaviour has changed, rebranding should be taken into consideration. Your company needs to stay relevant and suitable with what customers demand. As customers increase, your company has to connect with new potential audiences as well. Rebranding helps you to find out market preferences and this will guide you in presenting your company in front of the new market.
Next is about your company’s position. Your company’s stances can change from its original approach as it grows. If this happens to your company, then you need to do repositioning. An example of a successful brand repositioning was done by the British brand Burberry. Cited from joint research conducted by Joseph, et.al, in 2020, scholars from Newcastle University Business School and Sheffield University Management School in the UK, Burberry did corporate rebranding by repositioning themselves to a younger audience and managed to increase their sales to 46% in a year. Bear in mind as well when your brand is targeting a new possible market, it means that your brand also has to be creative in building connections with them.
Lastly, your company needs to do rebranding when mergers and acquisitions happen. Making sure that the partnership between merged companies, their goods, and services go hand in hand is crucial to prevent confusion in the eyes of customers. Therefore, crafting a detailed brand architecture must be taken into account for the company to run smoothly.
Embracing that the world keeps changing and the market will always evolve is a mindset for all business owners. Since the process of rebranding costs a lot, ensuring the company has a clear strategy, vision, and solid reason for the need to conduct rebranding are the first steps a business owner should take.