jamestmoser
Rebranding And Its Benefits
Rebranding a business is that the process of making a replacement look and pity an already existing brand or product so as to influence its customer's perception. this might include changing the name, logo, or packaging. Rebranding is often a really challenging but extremely rewarding process. It requires careful consideration and getting to achieve the specified goal which is to breathe new life into a brand to draw in new customers and increase its popularity. Nigerian Breweries, Oando, and Glo are samples of Nigerian companies that are constantly rebranding and are enjoying wide acceptance among the Nigerian public.
Until recently, McDonald's had the image of a sequence that served unhealthy meals sold at exorbitant prices; actually, critics touted McDonald's meals to be one of the leading causes of obesity. McDonald's has since rebranded itself, now serving more healthy meals with reduced prices under the slogan "I'm loving it". This makeover appears to be having a ripple effect as there has been a reported 5.3 percent rise in sales consistent with Business Insider.
Wal-Mart, during a 2007 rebranding, replaced its tagline "Always low price" with "Save money. Live better". This singular act changed the company's reputation from offering retails at the lowest prices to suggesting that purchasing items at low prices will improve the life-style of the customer. In 2010, Wal-Mart was the world's largest public corporation by revenue, consistent with the Forbes Global 2000 for that year.
Rebranding is usually aimed toward repositioning a brand or company, usually in an effort to maneuver the brand upmarket. consistent with Business Insider, it doesn't only change the customer's response to the brand but also helps the brand achieve its goals. it is a careful strategy; oftentimes subtle and methodical, and should involve both re-imaging and regeneration. Buying a Unique business name with a .com domain might prove to be the best investment for a startup company in its first steps, or for a new business product to be launched. Change, because it is claimed, is inevitable; it's pertinent that companies adopt new strategies when needed instead of sticking with an equivalent strategy for years even when it starts to feel uninteresting with time.
Rebranding is taken into account a sensible business decision for the subsequent reasons:
- Every brand needs refreshing to remain relevant because the 21st-century market is an ever-evolving one, rebranding affords companies the prospect to mapped out a replacement strategy to form their brand relevant and more importantly, stay relevant.
- Rebranding influences the customer's perception, when a product wears a replacement look or features a new feel or a corporation updates its marketing materials and methods with careful consideration of the target customer, the customer perception changes and tilts more positively.
- Rebranding offers the chance to clarify image while allowing room for future growth this naturally improves the rock bottom line by conveying a company's core value and brand message.
- Rebranding can breathe new life into a business when it's through with a technique, a process, though, and most significantly for the proper reasons. this may set the merchandise or company aside from competitors.
As has been undoubtedly witnessed within the samples of companies that have rebranded, rebranding brings alongside it its own basket of gifts both for the corporate and their customers. It must be stressed that in rebranding, corporate establishments must take the present needs and desires of their customers into consideration but still stay faithful themselves as a good brand as seen within the example of McDonald's. Rebranding must even be meaningful and powerful enough that it might improve the connection between the corporate and current customers also as prospective new ones. most significantly, companies got to rebrand to remain before competition during a very competitive market where you'll get left behind if you do not continue with the ever-growing demands of consumers and therefore the trends within the society that make such demands. this may make sure that brands don't lose their usefulness and help them create a stronger voice for his or her brands.
by jamestmoser on 2021-03-24 10:44:22
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