Changing your branding is a great move but it can also turn into an embarrassing goof. It’s a risky endeavour. Though a lot depends on the purpose of rebranding whether it is a turning point in the company’s history or a massacre of followers.
Whichever is your reason, but rebranding surely calls for great marketing efforts. Without it, the brand could just lose it all, as the old doesn’t exist and the new has no recognition. Like Airtel, Videocon and Micromax; all did a great marketing exercise after rebranding to capture the market and gain recognition.
It’s always and never the right time for rebranding. It’s a decision that is based on a lot of variables and comes down to your brand’s exact positioning in the market.
If rebranding has ever crossed your mind, then it’s a good indication to start researching. No one knows your customer and brand better than you. Just trust your gut!
If you are still indecisive about it then here are a few pros and cons of rebranding.
• A new vision. A new promise. And new customers.
• Your brand will be in sync with the industry trends and the new generation.
• You will be ready to grab fresh opportunities in the new market.
• Brings a fresh energy into a workplace. Employees stick around more expecting a better opportunity.
• It also surprises your competitors.
• Expensive and time taking exercise. Requires Patience unless you hire Fiverr (but then you are definitely screwed).
• If you change your visual marketing without changing the company focus or vision, customers will detect that the new image is just ‘the lipstick on a pig’.
• And rebranding without remarketing is a ‘Suicide’.
• Rebranding is sometimes confused with a change of ownership or even bankruptcy. So, if you don’t do the research and hire the right experts, you can end up confusing your existing clientele too.
To summarise, if you are thinking about a rebranding exercise, don’t forget that it is an overall strategy and not just as simple as changing your logo. Every element you change can have a significant impact on your brand image as a whole. Also, make sure your new brand identity should be consistently carried across all marketing channels