First and Foremost, every organization has a “SWOT” analysis. SWOT stands for strength, weakness, opportunity, threat. This analysis plays an integral role in the rebranding of the product. Many branded products had lots of customers before the corona pandemic. Due to COVID-19, the availability of such branded products had skipped out of customers’ minds. That’s why all companies must have a focus on building effective rebranding strategy in 2021. In case we are building 2021 rebranding strategies then we maintain focus mostly beyond the past branding strategy. If we want to develop the brand range of product and generate more customers. And also make some extra efforts to convey to the audience about the rebranding of products.
What is Rebranding?
The brand is a perception of a particular person about the product, service, experience, and entity. The brand is not a tangible thing it is an intangible thing because it’s not a product or identity. If we talk about rebranding it’s a marketing strategy. In rebranding, most of the terms should be changed namely. New name, symbol, design, because change the intention/perception of the customer to developing a new product
For instance: Fair & Lovely recently renamed their best-selling product as Glow & lovely and for the men-range of the cream name has been changed from Fair & handsome to Glow & handsome.
9 Ways to build an effective rebranding strategy:
1. Know why you are doing rebranding:
This does not matter if you are bored with your logo or slogan of your brand product it should be according to the requirement. Rebranding is a time taking process that’s why it takes enough time to execute your plan with your team leader on planning your rebranding event. There are the following reasons for rebranding.
• Changing the customer needs— The needs of the customer are changing from time to time that’s why this is the main reason for rebranding.
• Outdated product— At the decline stage of selling products, there is a need to include some extra feature that time rebranding is required.
• Bad reputation— Sometimes the reputation of the going down due to some reason and the customers are switching to another brand that time company takes a rebranding decision.
• Internationalization – It must be compulsory to rebranding at the time of globalization of your brand product
2. Decision making:
The first thing is to consider in building an effective rebranding strategy is decision-making with the consent of the team leader. At the time of decision making, it must be assessing the situation of the market in which we launch our product and seek out relevant information about the audience and value of the product. Some factors should be considered in decision-making.
• Timely decision— If we make a decision too early or too late that will create trouble in our business.
• Fact-based decision— The decision should be taken on the basis of facts and relevance and it should be favorable for business.
• Flexibility— The decision must be flexible because maybe in the future the decision will not be relevant to the business.
3. Redefine your organization vision, mission, values:
Vision is a particular expected position where a company wants to be. Vision and missions are the pre-planned strategies to start a business. without vision and missions, a single entity cannot survive in the long term. Every organization should have the track record to create something at the time of rebranding the product to know about how much we achieved. Company values have also a vital role in rebranding.
• Vision— Every organization has a single vision on the basis of that vision company set their objectives and goals.
• Mission— Usually a company has one vision but a mission can be more than one. The mission is depending on the vision of the company.
• Value— If any company has great value then their customer felt aligned with your brand that’s why company value does matter at the time of rebranding.
4. SWOT analysis:
Swot stands for strength, weakness, opportunity, threat. The first two factors are considered in the internal part of the organization and the last two are the external part of the organization. It is the obligation of every company to maintain swot analysis. In this swot analysis, the objective and strategy of the competitor is also kept in mind.
• Strength— Strength refers to the internal capabilities of the company to reach its goal.
• Weakness— Weakness refers to internal constraints that make trouble to achieve its objective
• Opportunity— Opportunity refers to the external factor of the company to get an advantage.
• Threats— Threats refer to the external factor of the company which creates complexity to achieve the goals. like competitors and economic crisis.
5.Re-establish target audience, market segmentation, positioning:
Before taking the decision of rebranding the target audience and market must be considered. If the existing audience and market are not good enough for rebranding then re-establish new and existing audience and the market for the purpose of rebranding. And track the records which customers are loyal and actually buying from you. Once you have established your target audience and market location you can easily connect with your audience at the time of rebranding.
• Target audience— Target audience is a particular group of persons who want to buy your product. The target audience is divided into age, gender, income.
• Market segmentation— Market segmentation means dividing the big market into smaller parts or categories for targeting purposes. It’s according to location, interest, need, demographic.
• Positioning— Positioning is a perception of the product which we can create in the mind of the customer about the brand. A wrong positioning can ruin a great product.
6. Create a strong back-up:
If any company has a strong back-up only then they can rebrand their product because at the time rebranding the business requires huge capital for investing. For creating a strong back-up, the company should be trustworthy and be cooperative with financial bodies and teams along with upwards and downwards teams. Without a strong back-up, the company has no option for rebranding.
• Financial back-up— Financial back-up means how much funds a company has for doing something without financial back-up a company should not survive for long term.
• Team spirit— Back-up does not mean a financial resource; it also depends on other qualities like team spirit, leadership, it does also matter for rebranding.
7. Product life cycle:
Every product has four stages the first stage is the introduced stage and second one is growth and third is the maturity stage and the last is the decline stage. According to this life cycle, every company puts their efforts into the product. At the starting stage company puts more effort as compared to the later stage there are the following terms of the life cycle of the product. In most cases at the decline stage product rebranding is required.
Introductory stage— The introductory stage is the starting stage of every product. At this stage, the company incurred more expense on the advertisement.
• Growth stage— At this stage product generates more revenue rather than another stage because there is a high demand for the product in the market.
• Maturity stage— This stage is the second the last stage of the product life cycle. At this stage the revenue of the product is stable and the company doesn’t put their extra efforts into sales.
• Declined stage— At this stage every organization has two options first is disposal and another one is to rebrand the product.
8. Establish a new advertising framework:
A new advertisement framework is an essential part of the rebranding of a product. because without promotional activity rebranding is not possible. If you are thinking about the changing logo and slogan of the company. It is a major change that’s why advertisements play a vital role in conveying the message to a general audience. There are two ways to advertise your rebranding activity.
• Digital advertising: This is a modern method of advertisement where different types of advertisement are done digitally namely. Social media advertising, search engine optimization, email marketing, etc.
• Traditional advertising: Traditional marketing has a long history. It is a conventional method of advertising. There are some ways of traditional marketing. Newspaper, television, banner, billboards.
9. Monitoring and evaluation:
In the final stage of rebranding, it is very important to keep an eye on the entire process working. There are always issues whenever changes are required in the organization. Having a clear-cut policy of monitoring and evaluation can pave the way for getting effective and timely results.
• Monitoring: Monitoring is continuously keeping watch over the working mechanism of the entire framework build for rebranding needs efforts from all the participating members.
• Evaluation: When information form monitoring is used for checking out how close we are to our target it is called evaluation, under evaluation deviations are identified and instant decisions are taken to match expected and achieved outcomes.
Building an effective rebranding strategy is identical to building a strong brand image but with some extra steps. A business must consider its objective, its business model, product features, and most importantly target population while rebranding. Although, rebranding seems to be a complex process that demands long-term efforts. Proper planning, knowledge of basic marketing concepts and the product life cycle can help in reposition the entire brand.