When do companies feel they need rebranding? Are their earnings going in deficit or have they started undermining their profits. Is it the less number of customers coming to them or they are making less profit on their earnings. Has the product gone in to a Dog stage of BCG Matrix? It can be anyone of the above reasons or combination of all of them. But the important thing is, companies should have the ability to identify the right time to perform process of rebranding or else they have to embark upon a never ending journey of bad reputation. Re-Branding is not merely a catchy slogan or an attractive identity, it is about the story and the idea upon what it is based.
There are basically two types of challenges to be incurred for Rebranding i.e. Internal and External. Internal; which are within the organization are inevitable challenges and have to be met at first stance. The challenge of the cost to incur to bring about the change, convincing the stakeholders to accept the change and motivate the employees to perform rebranding in such a way that the new brand wipes away the old brand and offers something better, promising and win their customers faith. External challenges which are outside the environment, majorly concerning with the society, community, culture and the economy of the area. Society is the biggest challenge which is supported with the culture it lives in.
[...] Quality is an enormous challenge. The quality has to be maintained in accordance to an acceptable standard for Rebranding with effective communicated. There should be a competitive edge in terms of the research and development brought into its manufacturing. It does not have to be always about the product but also its users. It should be user friendly and a perfect fit into its niche consumer market catering users from nearly all age groups. Effective communication of a brand is also a strong challenge. [...]
[...] Society is the biggest challenge which is supported with the culture it lives in. Society is an amalgam of the attributes of culture which consist of the value shared, norms, customs, language, technologies, education, moral values and as such the way they lead their lives. So to cater the rebranding around these aspects is a massive challenge. The only way to overcome this challenge is to conduct studies and research and read the social trends, the cultural trends and market trends, so that the entity is rebranded by not repeating the old mistakes. [...]
[...] Though rebranding has series of challenges but yet it is not impossible. It is as similar as if a person gets a second chance to live and in his new life he does not want to do a single mistake but want to lead in such a way that he benefits himself from the life as well as others. Alike this rebranding can help the product live a new life, earning revenues to the company and delivering benefits to the consumers. [...]
[...] For instance, to be corporate responsibility bearer is considered very ethical both politically and culturally worldwide. To perform all the processes by deeming ethics as code of conduct for their business is important to be successful since their customers are well aware of their rights and others rights. Lately, many brands who got their products manufactured at minimum wage had to face criticism from its customers. Vigilant brands took it as an indication to change and rebranded their ethical code. [...]
[...] The reason being not to attract more customers but to win back customers in the era of inflation; In 2007, its slogan was changed from “Always Low Prices” to “Save Money, Live Better”. It was a very clever point of time to rebrand the slogan. Inflation made massive changes in people's lives, the significance of savings became critically important to people when many people lost their jobs. Every cent had its importance now and Wal-Mart's business development minds understood it. Therefore, with the help of successful marketing campaign, Wal-Mart was awarded with “Rebrand 100 Global Award of Distinctions”. [...]
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