Rebranding: When and why?

Rebranding is an extremely useful tool in the hands of every businessman. The redesigning of the corporate identity involves not only the name or the logo and the company’s image, but also the communication strategy and its products.

Such changes, even if they are small, are frequent and many times customers do not even realise them; this happens because all these changes are always made to meet customers’ needs and so they may seem obvious.
Rebranding

But, when should  we make such changes? This question has several answers, since the rebranding has many functions. Let’s check some cases where the redesigning of the corporate identity may be necessary:

-When you want to make a fresh start.

Sometimes even success can cause saturation. This means that the presence of a product on the market can be tiring for its target audience, even if it is good, and this mainly happens when the image remains unchanged for years. A thriving company can be tiring, too. How many times does this happen, for example, in cafés and restaurants? You will have probably noticed large companies with many years of experience updating not only their menus, but even the name or the style of their stores. Research shows that a 76-80% does not want any “commitments” with a single brand. In other words, 8 out of 10 do not buy the same brand over time, or remain “addicted” to it. Thus, any large company would not want simply to target only a maximum of 20% of buyers among the competition. And this exact factor links with the second case too:

-When you want to change your target market.

This means you want to open to wider audience or to target to a different market. Usually we proceed in this case in a rebranding always in reference to the new market trends. By following the new trends, we can attract the age groups of people that follow them. Similarly, a company, which is active for years, is aging along with its customers. So, at some point you need to think very seriously that you should renew your clientele. In such a case, an extensive research should take place just to establish all those data that may refer to younger clients in order to be able to adapt your company perfectly to them.

-When your field is saturated or exceeded.

It happens many times as the technology evolves and many of the services, which were closed and only available to a few, gradually become available to the general public. For example the internet cafés; if these shops had remained the same, nowadays that the internet access is easy from anywhere and a subscription is a very simple process, they couldn’t have survived. Nevertheless, most of them have combined their traditional services with other new ones, in order to attract again their target market, and not just by offering an adequate internet connection or a small variety of PC game.

-When there is too much competition.

It is an excellent achievement to create a strong business, which, due to the quality of its products, does not only attract customers but also new entrepreneurs who want to emulate your example. This increases the potential competition and shows you that it’s time to evolve. You should now be able to offer something more. Therefore, rebranding is the process which will help you to go a step further, making again the difference by creating even a new trend on your own.

Rebranding

All these examples conclude in one common key element: There is no such thing as “static market”. The market is constantly changing; it is always redefined through the public needs and the development of new technologies and products. What we accomplish with the rebranding is to adapt to the new circumstances. Rebranding does not mean that we change completely, but we re-create our identity so that it meets modern facts and keeps evolving with them.

Is there a guide for this process? There is, but it isn’t the same for every business. It resembles the initial process of Branding. In any case we should avoid being caught by exaggeration or make careless mistakes. We can succeed only by keeping in mind the ultimate goal.

Our ultimate goal consists of two components: Redirect and Attract. This simply means that we should be able to redirect our old customers from our previous identity to the new one and attract new customers by our new communication standards.

So, Rebranding is not just a “second chance” for a business, but, in essence, it is a useful tool of business development, by providing us the options to easily adapt to every new market factor; considering our products, the target market and the customer we want to attract.

Dare to change!

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