Branding Versus Rebranding
Rebranding is a marketing strategy whereby the company adopts a new name, logo, design or a combination of these to develop a new & differentiated identity of its own in the minds of shareholders, competitors and customers. Rebranding ranges from only changing the logo or a name to a radical change of the look & feel of the brand and the themes used in all marketing collaterals.
A company thinks of rebranding as a strategy to change perceptions without changing the business. This might be an intentional decision taken due to declining market share or come as a reaction to an unplanned or planned situation like a merger or a takeover. A company may apply this to a new product launched within the same brand or to re market an existing mature product or in order to reposition itself or a product in the market.
When planning to rebrand a company must determine its extent. In case of a company well established since years but is outdated as per current market scenario, modification in the existing product or service or launch of a new product altogether is required as rebranding. That is, in partial rebranding without disturbing the existing established brand name subtle changes are made to update it or make it more competitive.
In the case of a merger, a failed brand or in case a company wants to re-establish a lost image they opt for complete rebranding. In such a case, the company wants to erase the old brand identity & replace it with a completely new image to give it a new start altogether.
It is neither easy nor cheap to take an existing brand or company through the process of rebranding as it involves a complete change of brand logos, signage, marketing collaterals, digital presence, etc. Further, if the concern hires a specialist to rebrand, it becomes all the more expensive. Thus, every department should be involved during the process. Rebranding should not be considered as merely a marketing function.
Branding Vs Rebranding
Branding describes the overall design & promotion strategy of a company. It involves selecting the theme, design, color, pattern, company’s log and packaging of its products etc. to create a recall in consumers mind. Branding also involves creating a message connected with the design & other marketing features.
Whereas rebranding is the term used to describe changing or altering the message and design elements of an existing brand.
Branding distinguishes a company from its competitors. Effective branding makes consumers recognize the brand instantly through its theme, design etc. But to be effective brand messages must be repeated at regular intervals through all sorts of mediums that makes branding a very costly affair especially for smaller companies.
Rebranding is kind of putting an old wine in new bottle. It is like framing the old product or a complete brand anew altogether. It helps in changing the perception of the customers about a brand or a product. It also involves significant monetary investment by the company but at the same time runs on a threat of confusing the end user and losing the existing image of an already established brand.