By Mr. Prabhakar Tiwari, Chief Growth Officer, Angel Broking
With market trends changing rapidly, it is hard to keep updating the brand identity that reflects new developments within a company. The matter becomes even more cumbersome if it’s a legacy brand. However, sometimes, considering the company’s growth, rebranding is inevitable to grab the attention of a larger audience. The main objective of any rebranding exercise is to bring in more business or maintain a competitive edge in the market despite the influx of new-age companies in the sector.
While rebranding mostly has advantages for a company, there is a chance that it may backfire, especially if you are a legacy brand. Hence, it is vital to evaluate the market data before setting a rebranding exercise in motion. Industry-leading companies face another challenge in rebranding — keeping their legacy and heritage intact in a new identity.
It must be noted that rebranding a company can mean changing the corporate entity or the consumer-facing entity. It depends upon what you want to achieve with the process. If you are rebranding the consumer entity, it can mean changing the company’s visual look, such as its logo, name, or colour palette.
Here’s how companies can leverage the repositioning of a brand in the market.
Catering to a new audience
With time and new technological developments, it is only natural for the brand’s target audience to change over the years. You may have adapted to the new needs of GenZ and Millennials, but your brand name or identity may not be reflecting them. Retaining the old identity can also be perceived as hitting a stagnation point, making the company irrelevant in a brave new world. Therefore, changing the brand identity to target new consumers is a crucial reason for rebranding. By undertaking a rebranding exercise that focuses on fresh business aspects and promotes them, you will be able to absorb the attention of your new target audience easily.
Competing with new companies
Nowadays, it has become easy for anybody with the knowledge of technology and a unique idea to start a business. The lower entry barriers in almost every market segment have increased competition. An increasing number of youngsters are running new brands, and they quickly tap the target audience, leading to their rapid growth. As a legacy brand, you have to keep up with the market demands and transform in such a scenario. With a trendier identity, old school brands can gain a competitive edge. Since you are a legacy brand, you can leverage the trust and faith you have built in the market over decades. A well thought out rebranding exercise will only add to the growth of the company.
Reflecting new objectives and solutions
Lastly, you may have changed tremendously over the years, adding new state-of-the-art platforms and new-age solutions that cater to the needs of your new target audience, but your brand identity may not be reflecting it. This can result in a slowdown in growth despite all your efforts to keep your products updated. Rebranding is a great way to highlight the changes you have implemented in your business, made new additions and tell your own compelling story. It will not only reflect your recent efforts but will also highlight your ultimate goals. If you hit the right chord with your campaign, you may be able to attain mass customer loyalty as well.
Apart from these, rebranding has numerous advantages and can help businesses grow by leaps and bounds. However, since rebranding can be both overwhelming and daunting, you must plan it well. Begin with understanding the purpose, set some goals and then take action. Without clarity and ambition, rebranding exercise can turn futile. Therefore, ask all the important questions and rope in everybody in the company to get a more expansive view and evaluate the purpose of the exercise.
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