A brand is one of the most essential assets of a company, and it represents by its name, logo, and slogan. With these elements, consumers notice, identify, and remember the brand. With the growing competition, many companies determine to seek modifications in their branding to be able to some extent strengthen themselves (Müller et al., 2013; Tsai et al., 2015).
What is a Logo Slogan?
A logo slogan—also known as a tagline—is a catchphrase that carries a message about a brand.
The purpose of a logo slogan is to express the company’s mission in an identifiable way that audiences bear in mind. A slogan spreads the word about products and services and expands the brand’s recognition.
Slogans can be a clear statement of the company’s product or service or a snappy phrase that evokes emotion in public.
What is Rebranding?
Rebranding is the approach of replacing the corporate concept of a company by giving it a new name, symbol, slogan for an already-established brand. The idea behind rebranding is to generate a different identity for a brand, from its rivals, in the market. Take the example of McDonalds, which changed the color of its logo’s background from red to green to show its healthiness.
Why should a company Rebrand?
To better distinguish from their competitors
A generic logo can hurt the business, as in the current marketing world, companies are actively competing against each other. So a simple logo and slogan cannot help the brand to stand out distinctively from others. for more information on business names, read Why and how to rename a business.
To give new life to outdated branding
If a company has been around for many years, it should start shifting rapidly with technology and trends. However, it can sometimes hurt the business.
To reflect new goals, products, offers, or values
The business name or slogan shouldn’t be too narrow or specified to a particular product. Otherwise, they don’t have the chance to expand their business with other kinds of products.
Geox can be an example. At first, they started selling their shoes, so they chose the slogan – The shoes that breathe -, but then they added other product lines like coats. So, the slogan doesn’t give the customer any perception of other products of Geox.
To terminate their poor reputation.
If the company is facing a negative reputation and blackish remarks, rebranding is a way to overcome the problem.
When their business evolves
Sometimes, a business performs with a chance to develop or target a new market. In this case, new customers and prospects should be able to connect with the brand.
What are the approaches to Rebrand a company?
First, the company should have a clear understanding of its mission, vision, and value. Read more.
It also has to research what competitors do to choose a brand new idea to stand out of them. The brand should be fresh and relevant.
The company should have a consistent and comprehensive strategy that works with the existing brand. And any change effected by the logo or brand should be applied in all packages, designs, and other features of the company.
The company can get the idea of the brand’s new name or tagline from its employees. Teamwork can always be helpful. Some of the best ideas and valuable feedbacks are from the most unexpected departments.
The company has to keep in mind all the existing and further developing market of the brand. So, it’s a sensitive project that needs a precise plan.
At last, after all of the changes and rebranding process, it’s time to lunch it to the world and tell them why they Rebranded and the story behind it.
A rebrand is a presentation of a company’s commitment to further development. It’s a chance to renovate and refresh the primary touchpoint between the company and its customers.
Risks that may harm the company by Rebranding
Shocking the system, Shocking the system is one of the most often disregarded risks of rebranding. It may take years to reestablish just as the former brand did.
Losing loyal customers, The existing customers may feel confused, upset, and betrayed. Thus they may spread negative remarks about the rebranding. So, the company should start all over again to look for new customers who agree with the rebranding.
You can also read more on 3-big-risks-of-rebranding
References
Weitz, B. A., and Wensley, R. (2002). Handbook of Marketing. SAGE Publications.