Rebranding is a complex change of an existing brand or its components (ideology, market positioning, strategy, values). Rebranding implies strategic changes and should not be confused with restyling - a change in graphic identification, which should rejuvenate the brand, but does not imply an expansion or change in the target audience. At the same time, restyling may well be not only an independent decision, but part of a more general rebranding program.
When rebranding is needed
Rebranding itself is a very costly event, moreover, it carries a share of risk: if it is carried out incorrectly, the company will lose part of its existing audience and will not acquire a new one. Therefore, it should be carried out not because “everyone does it” or because of the desire of top management to change at least something. For this, there must be clear indications, including:
the brand is outdated, a thing of the past and no longer meets the requirements of the modern world;
a competitor with a similar brand has appeared on the market, and radical changes are needed to defeat him;
new ambitious tasks were set (for example, it is necessary to reorient to another audience with a great sales potential);
the company changes its core business or takes over another company (for example, a tractor manufacturer starts producing cars). is a complex change of an existing brand or its components (ideology, market positioning, strategy, values). Rebranding implies strategic changes and should not be confused with restyling - a change in graphic identification, which should rejuvenate the brand, but does not imply an expansion or change in the target audience. At the same time, restyling may well be not only an independent decision, but part of a more general rebranding program.
When rebranding is needed
Rebranding itself is a very costly event, moreover, it carries a share of risk: if it is carried out incorrectly, the company will lose part of its existing audience and will not acquire a new one. Therefore, it should be carried out not because “everyone does it” or because of the desire of top management to change at least something. For this, there must be clear indications, including:
the brand is outdated, a thing of the past and no longer meets the requirements of the modern world;
a competitor with a similar brand has appeared on the market, and radical changes are needed to defeat him;
new ambitious tasks were set (for example, it is necessary to reorient to another audience with a great sales potential);
the company changes its core business or takes over another company (for example, a tractor manufacturer starts producing cars). More information here - https://en.wikipedia.org/wiki/Rebranding
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