Corporate Rebranding – Why You Should Implement It In Business
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Originally Posted On: https://blogs.harvard.edu/blockchain/corporate-rebranding-why-you-should-implement-it-in-business/
A lot of businesses engage in rebranding their business. It is mostly seen in the form of change in visuals like logo, font, color scheme, template, etc. Do you know what it is and why it is done? If not, then you are in the right place. This article aims at telling all about the concept of rebranding and its relevance in business.
What is Rebranding?
Rebranding is viewed as a process of modifying the current business image of any organization. It is a sort of a market strategy that gives a new name, design or symbol to an already recognized brand.
The fundamental reason behind rebranding is to develop a new identity for a brand. This new identity can be an inspiration from the brand competitors, or from the market.
In what forms is a rebranding done?
Brands and organizations modify or update their appearance once every 5 -7 years. Templafy is one of the leading brands that offer corporate rebranding services to its clients. It is done in various forms such as restyling of color palettes, logos, photographic style, strategic repositioning, and visual language. In some cases, the name of the organization even changes during the rebranding process.
Types of Rebranding
Having learned about the rebranding concept and its forms, let’s now see the types in which it is performed. Rebranding is performed in two major ways. One is the “Proactive rebranding”, and the other is “Reactive rebranding”.
The proactive rebranding is performed by companies that identify opportunity to expand, innovate, or start any new businesses or make new users, and to re-connect with the old ones.
Reactive rebranding is mainly performed by a company when an existing brand gets changed or discontinued. It can be because of mergers and acquisitions, negative publicity like fraud, legal issues, to beat its competitors, or form your own niche.
Why do corporate need rebranding?
When a company decides to rebrand itself, then it could be because of several reasons. Here we have discussed the commonest reasons for corporate rebranding.
Mergers, Spin-offs, and Acquisitions
This happens when a company sees a change in its business ownership. It can be in the form of acquisitions, mergers, and spin-offs. The effect is an instant rebranding. The new firm may create a fully new brand or it gets acquired by any other company. The aim is to bring a visible change and also to adhere to regulatory and legal requirements.
Repositioning of a brand
A change in the brand promise, the positioning of a company, its services, products, HR policy, corporate identity, customer contact, etc. Rebranding makes the change noticeable for all investors.
Internationalization
Rebranding is also essential to make a brand to be used internationally and not just to a specific country. It involves changing the name of the company too.
Conclusion
Sooner or later, a business may need to bring a positive change or improvement in its brand. This change is inevitable. Identifying the right time can be a little tricky for a business. If you relate your business to any of the reasons mentioned above, then it implies that you need to do rebranding.