Can Rebranding Save My Failing Business?
Businesses fail for many reasons, including branding issues. If you notice your business going down the path of failure, rebranding could be the way out. However, there is a caveat to rebranding to save a failing business. Rebranding can only save a failing business when it is done right. This article highlights how to apply rebranding to save a failing business and gives examples of cases where rebranding was done right.
What is rebranding?
Rebranding is all efforts and activities channeled towards changing the identity of a brand. Different features already identify brands that undergo rebranding by the customers and target audience. Rebranding changes existing names, symbols, designs, and other associated features of a business. It is a marketing strategy that businesses commonly apply to re-access their target audience. The new identity is aimed at causing a new and improved reaction to the products and services offered by the business.
When should you rebrand?
Rebranding is not always the right step to take. Major examples of when rebranding was done poorly include the case of Gap and Pepsi. Gap had to go back to its old logo after a week of public outcry against the new logo.
Understanding the need for rebranding is important for getting it right. One of the top reasons for rebranding is when the brand identity does not fit the business. If you believe and have evidence that your business's current branding does not excellently reflect the products and services offered, then rebranding is the way to go.
You may also need to rebrand if your business assets no longer represent the image of the business you aim to reflect. As your business assets get old, you should definitely consider rebranding. A change in the price of products and services is another scenario that requires rebranding. Rebranding, in this case, helps customers to identify better with the change.
Rebranding done right
Having highlighted the required scenarios for rebranding, we now look at some of the biggest brands rebranding right. CVS Health rebranded from CVS Caremark to CVS Health to reflect its commitment to health. This was in line with the decision to stop selling tobacco products. By combining the decision to stop selling tobacco products with the name change, CVS did rebrand right and increased its market share.
Old Spice was associated with older people, especially men. To change this impression, they partnered with a famous face to appeal to a younger audience. By working on NFL Player Isaiah Mustafa, Old Spice was able to appeal to a younger audience. That single act was pivotal in the rebranding of Old Spice to appeal to a younger audience and not be the grandpa's fragrance.
For rebranding to be done right, reliable tools must be applied. These tools empower businesses to make the right decisions in various aspects, ranging from logo to website design. 99designs empowers businesses to make the right rebranding decisions and apply measures and features for creating a brand identity that is most representative of their business goals.
Corporate rebranding could save your business from failure. Study the cases of successful rebranding and ensure that rebranding is the right move for your business. Then, go ahead and apply proven branding solutions like 99designs. Yes, rebranding can save your business if it is done right.
Here is the link to the solution mentioned in this article:
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About Adella Pasos
This Entrepreneur and Marketing Expert has shared her passion for growing brands from the ground up. She’s worked with Startups, Small Businesses, Fortune 500 Corporations and Entertainment Talent to help them recognize the value of marketing, and give her clients the ability to access their niche market via online, social media, mobile, merchandising, and events.
She hosts the What's Your Game Plan TV show features: Free Expert Advice, and Growth strategies for Business Owners Across the Globe. Access thousands of FREE Tips, Trends & Tools to Move Your Business Forward!