Top 4 reasons to rebrand
Too many people think that rebranding is a very risky venture. You have to change the image of the product, rework the design, rebrand it and at the same time not lose a loyal audience. Indeed, this is a difficult task. However, there are at least 4 situations in which rebranding is almost the only right solution. Rebranding here means not only the development of corporate identity and logo, but also the redesign of the company's website and brand as a whole, including internal components.
Business reputation risk
Modern media isn't only an opportunity, but also a risk for a business. If a company does not manage its reputation, sooner or later a negative informational background may appear around its name and products. Criticism, negative reviews, comparative reviews of products paid for by competitors - all this spoils the "karma" of the business.
Often in such cases, it is easier and cheaper to rebrand than to fight the wave of negativity. The depth of change depends on the specific case. Sometimes it is enough to make small changes in brand identity, sometimes it is necessary to change brand positioning and strategy completely. But all this allows business to get rid of the negative informational background and to start work "from scratch".
The image of the brand was spoiled
This situation seems similar to the previous one only at first sight. In this case, the negativity is caused by wrong decisions or actions of the company, aggressive marketing of competitors and other similar factors. A spoiled brand image causes negative associations with certain consumer groups.
For example, the alcohol brand Stella Artois has always positioned its drinks as expensive and refined. At the same time, retailers put mostly cheap beers on the shelves, which attracted the lower segments of the population. Stella Artois had to invest huge sums in rebranding in order to regain the trust of its affluent target audience.
New and promising customer groups emerged
The company's offer could be of interest to several target audiences at once. As an example, consider a clothing manufacturer that works for the elderly. Suddenly, vintage clothing is coming into fashion. This leads to various groups of younger buyers who may be interested in the company's product. However, they won't buy it unless they are approached through available advertising tools.
This is where marketing comes in. In most of such cases, changes in the product are not required or may be minimal.
It is necessary to increase sales
If business sales are on a decline, it means that the reasons that previously stimulated the target audience to make a purchase, are no longer relevant. In such cases, it is necessary to understand what exactly has stopped working and change this factor. This may be due to the peculiarities of a particular product line, new conditions of services and so on.
Decline in sales can also be a market signal of the brand image damage and its negative reputation among the target audience. Whatever the case may be, it is better to consult with strategic marketing experts to find out the cause of the problem and eliminate it effectively.