- May 19, 2019
- Posted by: John Igbinosa
- Category: Uncategorized
Ever let your imagination roam as to why companies continue to make constant changes in services, names and more? Not too long ago, Burberry fashion company stood the risk of being dismissed as frumpy and was considered as gang wear, hence dropping product sales. In 2001, the creative director Christopher Bailey transformed the brand mixing it with classic and modern wears while adopting celebrities like Kate Moss and Harry Potter’s Emma Watson as models. Sales drastically increased by 27% ($747 million) and stood to increase by an extra 11% the next year.
As trivial as it might seem, rebranding is highly functional for growth. It is a public relations measure that entails creating a new and distinctive look or feel for an existing establishment or product. While rebranding, it’s useful to ensure that you’re doing it to enable success and not prevent failure. According to John Greathouse, rebranding should never be done in order to save an organization from failure. By doing this, your activities are focused on prolonged success and growth and not on the temporary satisfaction of preventing failure at the point.
Rebranding helps fight your competitors. There’s almost always a completion in the market for your product or service. It’s essential to rebrand if necessary in order to place your product above your competition. You study what your competitors are doing differently and rebrand your product in order to offer more. Also, an organization will fail if they don’t acknowledge the changes in their demographic. The market constantly evolves and organizations must learn to quickly adapt in order not to get left behind. Trends and events that directly affect your market in relation to your product must be considered to help you stand the test of time. If the original drive behind the establishment of your organization no longer suits the target environment, you rebrand.“ key to a company’s relevance is the evolution of the brand” Jim Freeze, CMO Aspect. Take Nike for example, their rebranding of the Nigerian 2018 world cup jersey plus their strong publicity adoption methods made the jersey the most popular in the world cup and recorded one of the most jersey sales ever.
In cases where the customer’s perception needs to be influenced and there’s an intent to introduce a new idea to your customers concerning your product, a good PR measure to take would be to rebrand. This could be done in several ways. One example is the new Coca-Cola and Fanta bottle which was introduced last year as a technique to further appeal to their consumers. Also, to shake off an old image, in an attempt to correct the damage inflicted either internally or externally, an organization needs to rebrand. This is to enable them to restart their journey and by doing this, instilling hope in unwavering customers on what lies ahead and giving the intending customers the notion that it’s a different entity. Rebranding is antibiotics to redirecting your target market, changing the logo and company name, restructuring the vision statement, etc.
As an entrepreneur, you ask how your customers and target market perceive your product, services or your organization in general.