by Eniola Mayowa (Fnipr)
Branding and rebranding are major marketing strategy tools often deployed in a dynamic business environment for budding and thriving products or services. Every business desires to create a perception of a company, product or service that is meaningful, attractive, valuable and outstandingly different from the competition in order to be the preferred.
What is Branding? Branding is an important marketing tool for building businesses (and individuals’) brand image for recognition. It is expressed as a unique identifier that identifies and distinguishes a business, company, organisation, product or service from other businesses or competition via the name, logo, colour scheme, design elements, messaging, look and feel etc. Branding can influence how a company is perceived, drive new business and increase brand awareness. Branding can ignite a connection with the target audience and build brand loyalty.
Every business either big or small needs branding to be able to break the cluster. Branding is essential in the life span of an organisation because it makes it easy for top–of–mind –awareness and memorable impressions on customers and clients. It further gives an indication of what to expect from the company from its target audience. Branding helps customers and clients to make decisions on purchases and patronage because it enhances ease of recollection. Suffice to say that we do often make decisions based on what we are familiar with on products and services.
What is Rebranding? When an established brand chose to change its corporate image -its name, logo, colour scheme, design style, tagline, a message with the intention of developing a fresh, distinguished identity in the minds of employees, consumers, shareholders, investors, competitors, and other stakeholders; when it changes its identity and altered its personality via social media, signage, website, stationery, collateral materials and product packaging such a brand is deemed to have gone through the process of rebranding.
Rebranding is a way of repackaging the image of a company and building a new or updated brand. Rebranding can bring a refreshing feel into the life of a company, product or service, and enhance the way it is perceived by the public or the market it serves. It can also create an opportunity for the company to embrace a new message or position in its industry, allowing it to reach new markets and attract a new demographic. Rebranding can be categorized into two namely proactive and reactive and can be further grouped into partial and total rebranding.
Branding and Rebranding do share some similarities as well as differences.
Similarities between Branding and Rebranding?
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Published on Brandfit.
Also published on https://brandfit.ng/2022/04/20/branding-rebranding-similarities-difference-and-strategies/
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