Update company purpose with a rebranding

New Ideas in MarketingEssential news for marketers, summarised by YouGov
July 29, 2021, 1:23 AM UTC

Rebranding is more about revisiting brand identity to upgrade it and less about new logos and colour schemes.

As labour-intensive and expensive rebranding exercises are, they aim to fundamentally analyse the purpose behind a brand’s existence in the market. Along with representing how the company has evolved over time, a rebrand must convey what the company aspires to achieve in the future.

Identify the right time to launch a new version of the brand. This will help brands decide whether they need a complete overhaul, or just a facelift. Along with marketers, companies must involve other departments and team members in rebranding to make the process a company-wide effort.  

By reimagining brand purpose, companies can adopt a distinct set of qualities and values that help differentiate the brand among competitors. For instance, Sharesies went from being a “nonpretentious” app, to an approachable banking service provider.

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