7 Reasons Why Companies May Rebrand
Companies do rebrand for so many reasons, however,
Here are the top 7 reasons why companies change their brand name:
- Company acquisition or merger:If a company is being acquired by new owners or merging with an existing company that calls for a rebrand.
- Globalization: when a company wants to go international and another company which bears the same name exists, they might strongly consider rebranding.
- Market positioning: When the company wants to reposition in a particular market and also focus on a different product line and caliber of customers.
- Vision: Where a company decides to change its vision and mission which is tied to the company’s name, a change of name to reflect its new identity would be required.
- Bad Reputation: When a company has suffered serious brand damage to its reputation, one way to recover is to totally rebrand the company.
- Close Identity: When you discover that your company name, logo, slogan is has a close resemblance to an existing company, especially a competitor, then its’ best to rebrand. In this particular instance, both companies being in the same local market.
- When the company’s name or logo bears similarities with a terrorist group. Example is the US Company ISIS which had to change names to differentiate it from the terrorists group which bears same name.
Bernard Kelvin Clive is an Amazon bestselling author of REBRAND: The Ultimate Guide to Personal & Corporate Branding & Rebranding, and over twenty published books. A Personal Branding Coach, Brand Strategist at BKC Consulting. He has consulted for and helped hundreds of authors locally and internationally to self-publish books and build author brands. Ghana’s foremost authority on Personal branding and Digital Publishing who hosts the #1 iTunes ranked Business & Career Podcast in Ghana. www.BKC.name