The fact is branding matters. While successful brands stand the test of time, many others fizzle and fail to impact.
As a business owner, you must know what branding is, but the term 'rebranding' might confuse you. Rebranding is similar to branding but on a different scale, it serves another purpose and has various reasons.
Rebranding is conducted for the brands that already exist in the market. It incorporates chaining your brand's name, visuals, logo, marketing, packaging, and other aspects, which play a vital role in the connectivity with the consumer. Most of the brands conduct rebranding from time to time, but rebranding can arise anytime for any brand. Now, this question raises the question of when to rebrand your brand.
Although several instances imply that you must go for rebranding to improve your brand performance, we'll check out some of them:
To change the perceptions: we all know that a brand is not what its owner defines; it's what the customers define it as. Thus, people may perceive it in the wrong way. This raises the need for the rebranding of the brand to make people change their perceptions.
The logo has become old: If you designed it two years back, it will not match current market trends. This will alienate the customers, and people will consider it vintage. You need to take the right step and go for rebranding to ensure the share of your market share is maintained.
Negative cultural connotations: Sometimes, when a brand becomes international, it might happen that for some cultures, its name, logo, or colors are associated with negativity or inappropriateness. In such cases, you must rebrand to eliminate these negative cultural connotations. This way, you can make your brand globally acceptable.
Competitive difficulties: When you see your competitors moving ahead, this creates an urgent need to make remarkable changes in your brand to get more and more customers. This will balance both your marketing and the number of customers.
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