Rebranding is a whole range of activities: repositioning, revising the core of the target audience, rethinking storytelling, mission, philosophy, and values of the company, brand platform, and tone of communication.
Rebranding can become an impetus for the development of a whole strategy, resulting in an increase in the company's profits.
Benefits of rebranding
1. Competitive tuning. Successful rebranding in a highly competitive environment is creating a product or service with a hard-to-copy identity. The result is an increase in market competitiveness.
2. Rethinking the company's strategy when scaling a business. Sometimes a company "grows" out of the old shell, and the old language system does not allow it to develop.
3. Attracting a new target audience. Fresh ideas will increase the customer flow, and, therefore, the brand's popularity. If the new promise is valuable to customers, and a strong emotional connection is established between the brand and the consumer, it can be successfully monetized.
4. Increased customer loyalty.
5. Increase in the average check.
6. Increased profits.
7. Increase in brand value.
8. A bright informational reason for launching a new advertising campaign.
The most striking examples of rebranding over the past years
Pricewaterhouseсoopers by Wolff Olins
With 163,000 employees in 151 countries and gross revenue of $ 26.2 billion (for fiscal 2009), the company is ranked in the Big Four alongside Deloitte Touche Tohmatsu, Ernst & Young, and KPMG. The company officially provides industry guarantees, tax, and advisory services, adding value to its clients. During the rebranding process, the company changed its long name from PricewaterhouseCoopers to PwC.
As a result, this rebranding became one of the most daring decisions in 2010 and brought the company to a new level.
Starbucks by Lippincott
Starbucks needs no introduction, but just in case, a word about the brand's size: Founded in 1971 in Seattle, Starbucks is the world's leading coffee maker with over 16,000 stores in 50 countries. Starbucks sells more than coffee: its spirit, atmosphere, social responsibility, fair deals with coffee makers, and decent wages. In connection with its 40th anniversary, Starbucks announced a rebranding, it was decided to remove the text part from the logo. Perfect simplification without losing the brand essence.
This brought to an increase in brand awareness and scaling.
Logitech by DesignStudio
Three years ago, Logitech showed off its biggest brand transformation since its founding in 1981. Building on its heritage as a leader in PC peripherals, Logitech creates innovative products. Logitech remains Logitech but will introduce a new range of Logi-branded products.
As a result, the application has become especially popular due to its simple interface and nice graphics. Instagram has about 200 million daily active users - not general users, but the number of people who come back to the app every day, spending an average of 21 minutes on it.
Along with the update, the service carried out a successive redesign of the logo, which resets the shape of the TV for the first time in 12 years (irrevocably outdated). This new evolution was developed internally.
More flexible design that works better across devices, even on the smallest screens. Why is it more flexible? When the size is limited (say, on a smartphone), you can use the bright play icon in the form of an abbreviated logo.
Once again, we want to emphasize the importance of developing a unified brand platform, including a deep analysis of the competitors' market, defining the company's strategic and tactical objectives, and forming a mission, philosophy and values, and storytelling.
The brand's architectural base will set the communication style with customers - how the brand will look, its positioning, and the tone of communication. It is essential to act systematically.
It is important to build a strong foundation for your brand's development, which will increase customer trust and loyalty. Most importantly, it will significantly increase brand awareness, value, and, as a result, increase your revenue and average check.