Today’s Tip
Best Practice: Rebranding only works when the real initial brand issues have been addressed and solved.
Todays Article: Rebranding – Is it Time?
A new coat of paint on a building that has structural problems will not solve the structural problems. Rebranding requires a new vision that inspires customers, employees, investors, and the public to see the company in a new light. This may or may not involve a new name, logo or tagline. See examples below:
1. Merger, Acquisition and Demerger Example: Exxon and Mobil merged to form a new company and a new name Exxon Mobil.
2. Trademark Infringement Example: PODS a moving and storage company wins $62 million award in trademark infringement lawsuit against U-Haul over its use of the word “pods.”
3. Negative Association Example: ISIS Chocolates: Belgian Chocolate maker changes name to ‘Libeert’ to avoid confusion with militant group.
4. Expand a Limited Original Brand Example: Midas Muffler changed its name to just Midas to expand its brand to include all car care not just mufflers. Dominos Pizza has dropped pizza from its company name to expand being identified primarily with pizza so it can expand its other food products.
5. Transform Brand Example: Apple dropped the word “Computer” from its name to “Apple, Inc.” to move into the wider field of consumer electronics with reliable products like iMac, iPods, iPads, etc.
6. Add Value to an Existing Brand Example: Wal-Mart replaced “Always Low Prices,” with a new tagline “Save Money. Live Better” combined with a new product mix to connect to with customer’s desire for a better life. Also, Target shifted from a low price retailer like Wal-Mart and repositioned its brand with economical designer apparel and merchandise.
7. Undependable Brand Example: Harley-Davidson was known for poor quality and shifted its brand by improving its quality to be known as one of the most reliable motorcycle brands.
8. Unhealthy Brand Example: McDonalds know as an unhealthy fast food restaurant chain has been in the process of rebranding with a new menu focus including a greater variety of salads and other healthy meal options.
9. Declining Brand Example: J Crew’s rebranded and turned the company around by offering new products and ways to serve customer needs.
10. Outdated Brand Example: Old Spice changed customer’s perception (from a grandfather’s deodorant product) through advertising and social media to a new younger fresh identity without changing its name or logo.
Action Step: After reviewing the above list, is it time to rebrand your business, product or service?
Additional Resources
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