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Why Rebranding?
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By
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Fibre2fashion.com
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Dos and Don'ts:
A successful rebranding process
must take care of the following:
- Intensive Strategy: The Company must be ready to spend a
significant amount of money in advertising, communications, and promotion. This
will enable the brand to get re-staged.
- Gradual Restage: This can be done with a limited overall
marketing investment. This requires a low budget, but a considerable amount of
time, and should be done on a continuous basis.
On the other hand, the company
must be cautious not to commit the following errors while executing rebranding:
- Non-looking through the customer's perspective: The needs
and mindset of the consumers should be properly evaluated before any changes
are implemented. Rebranding strategy of the company should be understood and
accepted by the consumers.
- Lack of credibility and facelift: The reason for
rebranding should be believable and acceptable by the consumers. It must have a
credibility; internally. If the employees of the company do not believe, the
ultimate consumers would not have faith in the product either.
- Inadequate branding process: A brand only becomes
successful when supported with adequate branding. To streamline business
operations, and expand demographic focuses, branding is necessary.
- Intimidated by consultants: Notwithstanding consultants being
hired for rebranding, it is the owner who knows more about the brand than
anyone else. The internal point person should be checked for his skills, time
and resources.
- Rebranding without research: Every brand needs refreshing
to stay alive in the market. They need to be positioned and enhanced. But
adopting a change without doing proper research may prove to be disastrous.
Innovating positioning of brands creates
a huge market opportunity for the players and enables them to capture the
market. With proper brand image, supported by the USPs clearly defined,
businessmen can stand apart in the competitive clutter.
References:
- "Learning Rebranding from Experience of 2007", Pooja
Bahl, Priya Sabhlok, & Jayashree Badal, http://www.iitk.ac.in/
- http://www.marketingprofs.com
- http://en.wikipedia.org
- http://blog.nasscom.in
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