What is rebranding?
Rebranding is a marketing initiative in which a brand’s identity ( i.e. its “look and feel”) is changed, typically for the purposes of influencing how a brand is perceived in the minds of its consumers and stakeholders.
However, there is no single approach regarding how a company approaches the rebranding process—it can be as minimal as replacing the brand logo, or as transformative as a remodelled product concept to appeal to completely different audiences and/or markets.
What is the purpose of rebranding?
Companies may undergo a rebranding for a multitude of reasons such as an M&A or new product offering, but it typically stems from a need to create a stronger connection between a brand’s product and identity with the audiences they’re targeting. Inevitably, companies can evolve quite significantly over time regarding the products they sell, the audiences they’re appealing to, and the markets they operate in.
A rebranding process can be a complicated and expensive undertaking, but when done successfully, it has the potential to better differentiate companies from competitors, and more closely align with the wants, needs, and values of its consumers. Considering that change is constant in today’s fast-paced digital marketplace, more and more of today’s businesses are undergoing rebranding initiatives to remain competitive.
If you’re looking to initiate a rebranding at your organization, see how digital asset management can simplify the rebranding process.