Rebranding is a change in the brand of a well-known company. The main goal is to increase the interest of old customers and attract the attention of new consumers.
Why do companies rebrand?
Most often - due to the loss of consumer interest. This does not mean that the goods become completely unnecessary and they stop buying it. No, it is still in demand, however, much less than before. This makes the company’s management think and start presenting the product in a different way so that the consumer takes a fresh look at a familiar product. Rebranding can raise the company to a new level and enable the consumer to look at the brand with a fresh look. The work can be done perfectly, but the risk of mistakes is also very likely.
Example of Successful Rebrands
Knowing when to rebrand is the first step. Knowing how to successfully strategize a major rebrand is the next challenge.
Old Spice has long held a leading position in the market. But with increasing competition and the popularity of companies such as Axe, Gillette, and other men's hygiene brands it became increasingly difficult to keep the prime places. The founders of the brand note the internal crisis in the company during the period 2009-2010. At that moment, it became clear that a new marketing system and successful rebranding were needed.
It is worth responding that thanks to a successful decision, the company managed to remain leaders. Consider the case in detail:
Old Spice's parent company, Proctor and Gamble (P&G), contracted brand management firm Landor to refresh the Old Spice brand. A case from Landor shows how the company refocused the brand's identity. Landor created marketing campaigns with the goal of promoting products that appeal to men's visceral feelings of hygiene. Also, Landor attempted to redefine masculinity, or manliness.
In the course of the company, the feelings of dignity of men were affected. Advertising directly indicated that a man should smell like a man and only with the help of their products is this possible. Thus, the advertisement became viral and began to gain momentum. During the experiment, the label was also updated, which became smoother.
By focusing on what Old Spice did best, as well as some creative marketing, it again emerged as a leader in its industry. According ro P&G, the "smell like a man, man" campaign recorded more than
Commercials turned out to be creative and memorable. Smiling actors managed to attract the attention of a young audience, and OldSpice brand products were now associated with vacations and sporty tanned men. The brand rating immediately increased in the eyes of buyers, which led to an increase in sales, including among young men.
Thus, rebranding can give a new breath to your business and brand. The main thing is to build a proper advertising campaign!