Should I consider rebranding?
One of the Marketing’s principles is that every product has a life cycle. The life cycle length depends on the nature of the product, the Marketing support behind it and the distribution. The same principle applies to any brand.
Reinventing the wheel is not necessary in many cases. When you think that your brand is outdated, not working anymore, not giving the results it used to or it really just doesn’t represent what you are anymore, then you should consider rebranding.
What is rebranding?
In order to make a decision whether rebranding is the right thing to do, let me explain what rebranding means. In very simple words, rebranding is a marketing strategy that involves changing the name, image, symbol or a combination of these elements of an existing brand with the intent of repositioning in the consumer’s mind. Rebranding can be applied to products, services or a corporation.
Reasons for rebranding
When contemplating and evaluating the decision to rebrand, you need to consider the reasons why the rebranding is needed. Among other reasons, here’s a list of the most common reasons to rebrand:
Differentiate from competitors- if you want to make a statement and ensure that your product or service is well differentiated from the competitor’s then rebranding might be the best option for you. In this case, rebranding will give you the opportunity to communicate why you are better or different from your competitors. This way, your target market can see the added value of going with your product or service rather than the competitor’s.
Eliminate a negative stigma- when a brand has been related with a negative image or message, it is important to “fix the damage” as soon as possible or else it’ll be something that will be linked to the brand for a long time. That’s why big companies pull their advertising campaigns off the market once the “image” that they’re using (ie. An athlete) for their advertising campaigns behaves in a non-desirable way. Rebranding to give a fresh look, image, name and a new story to tell so to speak, is ideal in this situation.
Poor performance of the brand- what worked 20 years ago doesn’t necessarily mean it has to work now. As a matter of fact, in this evolving world, what worked back then, most likely will not work now. The consumer’s needs, the offer and demand, the options that consumers now have, etc. make it impossible for any brand not to evolve and stay static. If your brand is going in a negative direction, then it is time to consider if bringing it to life again makes sense. Rebranding might be a solution for you, although beware that sometimes developing a new product all together might make more sense in this case.
If you’re unsure on whether rebranding is the answer to keep your brand alive, our expert Marketing team at iGo Sales and Marketing can help you evaluate and plan to make the best decision. Please contact us at no obligation for an analysis of your brand.