In our times, the world is developing very quickly, as well as becoming obsolete. To keep your company afloat you need to be able to adapt to new market conditions. No matter how bright your nonsense is, and no matter how long you use it, over time it needs to be updated, since it will cease to be modern and effective, it will become boring and boring. This is where the firm needs a rebranding. Rebranding is a set of actions to renew a brand, it can be a complex change of the company, as well as its components (a separate product, logo, name, working organization). Even the industry giants have rethought their brand: Pepsi has updated 11 times, Apple has done it three times, and Starbucks has done it four times. Here are some reasons why rebranding can be a good strategy for your company:
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Your brand is already out of date.
Today’s speed of business development is driving changes in things that matter to the target audience (e.g. technology, pricing, convenience). Your goal is a great example of a brand that has advanced in its market with a calculated and strategic approach to its business card. Updating basic elements like color, font, or logo treatment can help present a modern company to consumers. -
The emergence of a competitor with a stronger brand.
If your positioning doesn’t differentiate your brand from the competition, then your brand is failing. Analyze how the competitor stands out in the market. Maybe he has a special relationship with customers or a new packaging design or new packaging technology. To avoid this, you must understand what they have that you do not have, trying to implement it in your company. -
Reforming.
This reason appears when the quality of your product changes, such as additives or flavor. In this situation, you need to convey to target consumers the new properties of your product, show how it is unique and why everyone should buy it. -
You are not attracting talented staff.
It’s simple: talented people want to work with the best brands. If you are unable to recruit quality staff for the company, it may be because your brand seems unpromising for qualified candidates. If you suspect your brand is holding you back from attracting the best talent, rebranding can help you. There are many reasons why companies are adopting a rebranding strategy. Above were listed those that we considered the most important. There are other brand situations in the market, for example:
- target audience change
- price segment change
- changing the specifics of the company
- merger with other firms
- changing new market conditions
- change of company management
- change of leadership company
If you have decided to rebrand a product in your industrial company, our marketing team will be happy to help you do it. We will prepare for you a new packaging design, technology or material that meets the requirements of the target audience. You can see our packaging material technologies in the sections: food packaging and innovation.
