A brand identity, name, and logo is a company's public face. So why in the world would a major corporation even think about rebranding? They sometimes contemplate this idea do to the fact that if a company decides to rebrand (which is no easy task), and if it is done correctly, it can bring many rewards. Rebranding can breathe new life and energy into a business, but it must be done with a well planed out strategy, and it must be done for the right reasons. There are many different situations in which a company may consider rebranding.- A merger or take-over of a company
- Changing with the times
- A change in the company strategy
- To differentiate from competitors
- Technological advances
I believe to succeed in any rebrand situation a company must consider changing more than just their current logo. A company must create a new vision to give consumer and investors an incentive to see the company in a new perspective.
Many companies over time have attempted to rebrand themselves within the business market, but only few succeed. Many companies add unnecessary changes to establish a new brand image, and in turn can cause serious repercussions from loyal customers and cause long-term damage to the company. For a company to be successful in rebranding itself, the company must understand the customers problems and adapt to meet their consumers changing needs. Nicholas Watkis from Contract Marketing Service says, "Yesterday's products were designed to solve yesterday's problems and without development, may no longer be the solution to the problem that the customer has today." I find this statement to be spot on when it comes to describing why a company must stay "main stream", or "relevant" within the business market. However there are some products that are relatively unchanged through out the past few decades and seem to be doing just fine. The reason these products stay roughly the same, is because they already meet the customers wants and needs, and there is no additional benefit to be gained by the consumer. However there are other products that frequently change and develop to meet evolving customer needs, or improved building materials. It is a companies market & development teams risky task in categorizing their products and deciding if there is a valid reason to rebrand a product, or the company as a whole.
Coke Logo rebranding (1898 -2015)
Coca-Cola sells over 1 billion bottles of soda per day, and is the worlds most recognized brand, so why on earth did the marketers in 1985 decide to rebrand the taste of coke? The "New Coke" formula was generated not because consumers got tired of the Coca-Cola taste, but because their competition was looking stronger than ever, and cokes number one status was beginning to look vulnerable. Coke was loosing the beverage battle with major brands like Pepsi, and from its own Fanta, and Sprite cola branches. After the new coke flavor was introduced many of cokes loyal consumers decided to boycott the product, which in turn caused the company to begin returning the original coke flavor back on the shelves. "We have heard you" said the CEO of Coca-Cola at a press conference on July 11th, 1985. Coke recognized that its consumers were not happy, so it listened, and took action in changing the beloved coke back to its original flavor. In other words Coke had learnt that marketing is more than just the product itself, its about the feeling the consumer gets while drinking an ice cold coke at the movie theater, or enjoying the refreshing beverage on a hot summer day at the beach.
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Top Ten Major Rebranding Disasters:
Top Ten Most Successful Rebrands:
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