Rebranding a Business - Blog

The world keeps changing, and so does the behavior of the market–In which many businesses have to keep up with.

A corporate identity will eventually become outdated or irrelevant at some point, and throughout a company's existence, many circumstances may develop that either strongly favor or even demand a change.

Even established brands consider rebranding and present various reasons like repositioning the company, reflecting a new strategy, and differentiating the business from its competitors.

What is rebranding?

Rebranding could mean changing a logo, slogan, or marketing strategy–it usually aims to change how a customer perceives a good or service or the business as a whole. Doing so could upgrade the corporate image to appeal to a younger market and extend the company's reach.

One example is the Philippines-based FinTech company PayMaya rebranded its name to "Maya" as it expands its offerings to incorporate the digital banking and cryptocurrency trading function that is a part of its app.

According to their CEO, they are introducing more than just a brand, an app, and a digital bank. They also hope to use financial technology to its full potential for the benefit of all Filipinos.

Common purpose of rebranding.

There are several reasons for rebranding a business; it can help it stand out from competitors, update a corporate identity or bring awareness to a larger market.

1. Improve Branding

Commonly, a corporate identity consists of a logo, a primary color scheme, and typography. But, in order to appeal to a larger audience, a business must adapt to the digitalization that has become a significant force for several branding developments. For instance, adopting digital business cards can modernize networking efforts and reinforce a company's updated image.One option for companies is to outsource their branding services to specialized agencies.

2. Changing ownership due to mergers and acquisitions

An organization gets a fresh start as a result of mergers and acquisitions. Significant organizational changes, as a result, could have an impact on the direction the company takes. Also, rebranding raises brand awareness because new products, markets, and customers are available.

3. Change in Strategy

Several businesses consider rebranding when developing new strategies in response to trends and market demands. The organization will change every area of itself to reflect its new approach, including its policies, corporate identity, and the products or services it offers. Similarly, DesignWiz enables businesses to align their marketing materials, such as flyers, with their new branding strategy by offering customizable flyer templates that match their evolving identity.

Another example of rebranding was when Gokongwei Group acquired the remaining 40 percent stake in Ministop Japan, increasing their prior share from 60% to 100%; they were able to rebrand Ministop as Uncle John's.

According to a statement from the Gokongwei group, the new name was based on the success of the store's Uncle John's Fried Chicken and a celebration of the legacy of the late founder, Mr. John Gokongwei Jr. of Robinsons Retail. Its rebranding also builds on which brand stories customers deem more compelling.

What to consider when rebranding?

Long-term strategy

Even though rebranding is done to adapt to a changing market, it cannot just happen every year because that will require a lot of effort and a lot of expense to pay. It will also affect how your audience will perceive your business.

Consider how rebranding will help your firm stand out from competitors in the market and help your audience recognize your brand when a company changes its corporate identity and messaging to increase its performance. Using tools like an AI video generator can enhance this process by delivering engaging visual content that aligns with your new brand identity and captures audience attention more effectively.

Legal Requirements

Regardless of the reason for rebranding a business, it is important to comply with legal standards, which is just as important as making the change visible. This is particularly the case if you're changing your company name or making other significant changes to your brand identity.

Changing of Trademark

Amend the articles of incorporation
Register the new trademark in the Intellectual Property Office (IPO)

Budget

A complete rebranding process can be expensive, from marketing a new look and the costs associated with rebranding. For instance, if you change your logo, you also change your packaging and everything that comprises your logo–similar case if you change your slogan, business name, etc. If rebranding is the next step that your business plans to take, then you must have an allocated budget to cover all of those costs.

Since your brand serves as the cornerstone for all your other marketing and communications initiatives, modifying it will directly impact every other aspect of your business.

You shouldn't pursue a rebranding just because it seems like a brilliant idea or because your competitors are also doing it.

Consistency is still one of the keys to a successful brand because you are building a recognizable brand that creates loyal customers. To learn more about business and law, head on to Digest.ph