A brand is not just a company name or a product logo. A brand is the sum of a company's identity. It is an intangible representation or symbol of a product, service or company. A brand has a unique identity and can form an emotional attachment with customers. The visual elements of a brand, such as the use of colours, imagery and type to create logos and slogans, help to identify and distinguish the brand in the customer's mind.
The process of branding is how a company creates and maintains its brand image. Often, many companies choose to go through a re-branding process. This could be due to the need to reposition the company in the marketplace, distinguish between previous brand identities or simply to gain an edge over competitors.
What is re-branding and why is it important?
Re-branding involves revitalising or updating an existing brand image, often to make it more appropriate for today's market. The two most popular re-branding strategies include partial re-branding and total re-branding.
Partial re-branding involves updating an existing product, service or company image by giving it a new look that changes the way it is visually perceived by customers. Essentially, the brand stays the same; it is simply given a fresh look.
Total re-branding, on the other hand, involves a far more drastic change. Reasons for this could be as a result of a company acquisition or merger, failure to establish the initial brand design or because the company needs to change its image completely, perhaps due to scandal affecting its reputation.
Through re-branding, companies hope to increase and maintain their customer base. It is believed that a re-branding process is important for businesses to succeed in evolving markets, maintain a competitive edge and stay up to date with consumer demand.
What are the benefits of re-branding?
Companies that embark on a re-branding exercise have the opportunity to establish a strong presence in the market. Provided below are a number of benefits that can be derived from re-branding.
Stay ahead of the competition. This has been mentioned previously; however, it is important for companies to realise the importance of this. The image a customer has in his or her mind is vital for building the loyalty that brands aim to foster. Re-branding can be a good strategy for positioning the company out of reach of competitors, often through pricing or a unique product offering.
Be known for innovation. Keeping up to date with technology is essential for companies that operate in the computer, internet or gadget consumer markets. In these industries, brands are built on innovation. Therefore, it is vital that products meet consumer demand.
Strengthen a global presence. Brands that are global products benefit from being consistent; therefore, it can be beneficial to re-brand products to reflect the same name, logo and packaging.
Establish and maintain a good reputation. The need for re-branding may arise if customers or employees become confused or demoralised. The re-branding process can work towards identifying the source of such issues. Company owners or managers can then address the problems by establishing a revised brand that will communicate the company's new attitude to customers and employees. A re-branding process can unite employees in delivering the core objectives to the customer. The customer is then provided with a new perceived image of the company.
This guest article was submitted by www.is-group.co.uk who help companies to communicate their brand by producing signage solutions.