What is Rebranding and Why is it Important? Which approach should you choose for rebranding? How to rebrand and what are the steps to achieve
What is a Brand?
Before, we look into rebranding, we need to understand what is a brand? A brand is more than just a logo, colours, fonts, imagery, packaging, messaging. It is the identity of a business. It includes the tone of a business, the way you communicate your goals and the way you depict your brand on social media channels.
What is Branding?
Branding is the process of making a business known to the audience. It consists of name, symbol, design and set of qualities that identifies and differentiates products. An effective strategy gives an edge to a brand in competitive markets.
Importance of Branding in Marketing
Branding is the foundation of marketing and all marketing campaigns conveys the brand’s voice. It is a message that is communicated to the target audience, repeat and again.
However, if a brand does not longer reflect the vision of a company, the target audience has changed and to refocus the attention of the target audience. It can also be used to changed your niche. A company needs to rebrand to access a large audience on a global pedestal.
Why is Rebranding Important?
Rebranding can help improve brand recognition and the process of shaping how your product/ company is perceived by the public. It involves changes to the name, company’s vision statement, core values, slogan or tagline, logo or colours associated with the brand.
For some companies, rebranding can be an overhaul of the brand identity.
On the other hand, some companies might only make small changes to modernize their look, regardless of the approach you choose, the brand must remain authentic.
There are many steps involved in rebranding:
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Researching the Brand: This is the act of investigating various aspects of a new longstanding brand to gain insights that can help curate brand value.
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Brand Positioning: This is the positioning strategy of the brand with a goal to create a unique in the minds of customers and in the marketplace. It has to be specific, clear and distinctive in nature from the rest of the competitor. Brand positioning has to be readily distinguishable from competing brands in the marketplace and it indicates elements of superiority.
Change your Logo and Position your brand
After you have changed your logo, it is important to shift brand positioning that communicates your brand message and voice to an audience.
Steps to Create a Brand Positioning Strategy
If the brand is new to the market, then, this first step does not apply to the new entrants, but if the brand is an established player and wishes to resurrect its brand positioning, overall brand architecture. It becomes important for brand management and to identify the current positioning of the brand.
It needs to analyze its strengths, core values, nature of products and services offered, and the fundamentals of the competitive brands their unique selling propositions and the factors that make them unique and different in the market.
Understanding the Competitor Brands
A further step involves understanding of the positioning of the competitive brands. It is to figure out their vision statement, mission statement, core values, brand fundamentals and entire brand architecture.
Identify the Uniqueness of a Company
This is about introspection of the brand within, identifying the core values and fundamentals. It is about strength, value propositions, long term vision, features and attributes.
Develop Unique Selling Propositions
The next stage to brand positioning involves developing unique selling propositions depending on features, objectives, attributes, core values and strengths which can give a unique brand identity in the market.
Importance of Brand Positioning in the Market
Market Differentiation
Unique and creative brand positioning clears the clutter from the market and gives differentiation to the brand. It makes the brand stand out in the market.
Justification of Pricing Strategy
Another reason why brand positioning is to justify the pricing strategy. If pricing of products offered by the brand is higher, it showcases the factors of quality and class.
Competitive Advantage
Strong brand positioning that tactfully and strategically highlights core values, strengths, attributes and the unique selling propositions of the brand. It results in higher sales, increased market share.
This leads to increased brand recognition, customer loyalty, and ultimately higher sales and market share. In the context of rebranding because it refreshes the brand and gives it a new perspective. It also helps to align with the market giving it a new lease of life. In addition, it also helps in connecting with a target audience just like Booksbay UAE and Bookswagon.ae merger into one company helped maintain its global essence and connect with a larger target audience.
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