Any business survives on a road paved by the good will so far earned. When we speak of goodwill, it isn’t a product of abrupt business strategy instead, years of reputation and hard work face planted by some word and a symbol. Yes, brand name and logo are what we are up to. Technically, a considerable percentage of success lie in the name, logo, and even the slogan chose. Any slip-ups would reflect directly on the growth curve of the company.
Rebranding for Renovation
Business growth and expansion are the product of anticipation, but even anticipation could be outgrown in the field of business. In such case, the initial business may not have any relation with present day company. It is when one should go for a rebranding. If you turn the pages of history, there started a company in the year 1902 as ‘Minnesota mining and manufacturing company’. As the name suggest they are involved in mining and related manufacturing process, it seems. But guess what, though they began as a mining company, their latest fortune is engendered by products ranging from scotch tape to electronic circuits and they are the renowned ‘3M global gateway’. Here, rebranding is done for a new brand identity, which statistically worked for 3M.
So basically, when the business outgrows the initial venture, stepping its feet into new meadows of business, consumer products, and other markets, the first process of company establishment should be rebranding. It might sound easy to rebrand, but the camping should be handled by some experts in the field of marketing and advertisement, else the result would a catastrophe! When a new brand identity is entitled, it must be carefully devised such that the brand name, logo, and slogan should redirect and act a mirror for all services and products channeled through the company.
Then what is repositioning?
Repositioning happens when a company has to change the perceptive which already been perceived to the product/brand in market. Say for example, recently Tata has repositioned their entry level Nano as a ‘smart city car’ rather than simply a ‘cheap car’. So when you have to change the target audience to a much wider scope, which if can improve the business success rate, repositioning of the brand or product has to be done. Videocon one of giant picture tube manufacturers, is one reputed consumer brand familiar to you. They repositioned their brand, in order to reflect their extended business capability in consumer electronics with a vision to turn back the multi-brand lifestyle.
So Re-position or Re-branding?
Both procedures are only relevant depending on the current statistics of the company. If the original brand name is confusing, ambiguous and no longer echo the service you offer, then it’s time for rebranding. Usually, when outdated company profile is getting an uplift, there is a requirement for re-branding.
But if the reputation and name are intact, but if the target audience has to be improvised then repositioning is the simple nick required. This happens when there requires a lot of explanation and advertisement in imparting the line of products under the brand name. KFC did a repositioning in order to advertise their range of products other than fried chicken. A theme upgrade is what taking place under repositioning.
So, just get a survey on how your business sounds to public (especially in consumer products). If the present theme is weedy engaging the business, try a repositioning else if the entire brand name reverts a milk and fish impact, then it’s time for an urgent re-branding!