Rebranding is an important business tool in the arsenal of any brand marketing strategist.
What is rebranding, and why should you consider rebranding your current brands? When do you rebrand? Do you hire an expert to manage your rebranding exercise, or do you conduct it in-house?
There are many questions that come to mind around branding, rebranding, and brand marketing strategies in general. Consequently, the aim of this article is to take a closer look at the answers to these questions with the aim of determining why rebranding is a vital part of any brand’s lifecycle. It should be noted that a brand can include products, services, and large corporations right down to the smallest one-man SME (Small Medium Enterprise).
Before we look at what proactive and reactive rebranding are, and the role they can play in your business, let’s look at the definition of rebranding.
Rebranding takes place when a business decides that they need to change a substantial part of their brand, or even their whole brand. This change could include a new brand logo or name, or a different brand message, or even the way the brand communicates with its consumer base. No matter which way you look at it, rebranding is, and always will be, an important part of any product’s, service’s, or business’s lifecycle.
You wouldn’t be wrong in assuming that rebranding can be very expensive and risky; consequently, it is also filled with numerous challenges along the way. For example, your employees and your consumers might not accept your attempt at rebranding your products, services, or business. In order to solve these, and many more challenges, it is a good idea to consider rebranding your business with BrandQuest. They will help you navigate your way around these issues and more in order to deliver a successful rebrand.
Proactive or reactive rebranding?
Reactive rebranding is when a company reacts to a series of events that have taken place. For example: If your company has recently been bought out by another company or when it has merged with another company, the existing brands of both companies will have to be merged into one brand.
Other examples of where reactive rebranding needs to occur are where a company’s brand is losing traction as a result of increasing competitive elements in the market place. It is important to consider the option of rebranding your products or services when your competitor has rendered your brand useless.
Proactive rebranding, on the other hand, is when a company makes a strategic decision to rebrand its existing products and services in anticipation of future events, i.e. to seize an opportunity or thwart a potential threat.
For example, the current market conditions change all the time; as a result, brands can lose their relevance very quickly. Therefore, it is a good idea to be proactive and rebrand as soon as a brand starts losing its relevance. Brands can also be rebranded in preparation for future growth or where companies are considering entering new markets, especially international markets.
The current market conditions are fluid and ever-changing. Therefore, it is vital to keep your brands young, fresh, and relevant in order to keep your sales figures high. If you need to embark on the rebranding exercise, http://brandquest.com.au/ are brand marketing experts who have years of experience in helping their clients rebrand their products successfully.