Rebranding is a complex process. It involves a brand’s history, current positioning, existing target audience, and sales channels, as well as the current market environment and variables, to adapt to the future brand strategies that need to be implemented.
When there is a significant change in the market environment or within the company itself, some brands may choose to create a new brand to support a new business entity, a new product line, or a new target audience. Others may opt for rebranding. Should you rebrand or create a new brand? Companies must evaluate and integrate their existing business strategies and brand assets to determine the most advantageous approach.
Typically, rebranding occurs at specific critical moments:
- Changes in the business model or operational scale.
- Establishing a new product image for a new target audience.
- Responding to environmental changes by repositioning in the market to highlight differentiation.
- Expanding into new markets, such as different countries or cultures.
- Improving reputation by reshaping the brand image.
- Mergers, acquisitions, or changes in leadership.
So, what does rebranding involve?
The public generally perceives rebranding as adjustments to brand identity or name:
- Changes in brand identity: Adjustments to logo design, colors, slogans, and other related elements.
- Changes in the company or brand name.
For example, the social networking service platform Facebook has undergone several identity design changes over time (including typography and colors). In 2021, the company underwent a significant corporate rebranding, changing its name from Facebook, Inc. to Meta Platforms (while retaining the platform name Facebook), enabling the business scope to better encompass various existing and developing ventures (under Meta, this includes products such as Facebook, Instagram, WhatsApp, Threads, etc.).
Rebranding can be divided into “partial rebranding” and “comprehensive rebranding.” Simply put, it involves revisiting the brand strategy, refining it, and simultaneously mitigating potential risks and challenges associated with rebranding, such as reduced loyalty and reactions from existing customers.
Key Steps in the Rebranding Process:
- Conduct market research and consumer analysis to determine the brand’s direction and positioning.
- Reassess the brand’s vision and core values to ensure internal and external brand perceptions are aligned.
- Redefine an integrated brand strategy and refresh the brand’s communication elements both internally and externally. Review all marketing channels such as social media management and SEO strategies.
- Strengthen emotional connections with the existing audience while also attracting new consumer groups.
A classic, long-standing brand will never remain unchanged; instead, it evolves with trends to meet the needs of the times.
In general, the most direct reasons for needing to rebrand may include stagnant sales, weakened competitiveness, or a brand image that no longer aligns with its original positioning. If your business is facing these situations, it might be time to thoroughly review your brand assets and consider rebranding.
