Introduction And Meaning Of Rebranding
In simple words, rebranding refers to the process of creating new look for
existing brands (products or services). It is a marketing strategy in which
companies change the names, symbols, design, packaging etc. of established
brands in order to influence customers perception. The main purpose of
rebranding is to create fresh look and new identity of established
products.
Objectives Of Rebranding
Importance and objectives of rebranding can be pointed out as
follows:
1. To Revitalize The Brand Image
Companies use rebranding strategy to revitalize the image of the
established brands. It creates new look and identity of the brand that helps
to change customers' perception.
2. To Attract More Customers
Rebranding rejuvenates the established product and gives new life to the
brand. Attractive logo, symbol, appealing packaging and proper positioning
can attract large number of potential customers. So, it helps to increase
the sales volume.
3. To Increase Market Share
It helps the company to stand out in the market by differentiating the
brand. It attracts more customers that helps to increase the market share.
Therefore, rebranding helps the company to expand its market.
4. To Improve Goodwill And Image Of The Company
It also helps the firms to outgrow bad reputation by addressing or
correcting past weaknesses and mistakes . It helps to establish good
customer relation that increases the loyalty, image and goodwill of the
company.
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5. Premium Pricing Opportunity
By rejuvenating the existing product, company can attract large number of
potential customers. In this situation, a firm may charge premium price
for rebranded products. So, it helps to generate more profit.
