"There are a variety of reasons why companies take the rebrand plunge, but one thing is certain - they feel the action is worth the risk. The consumer market is so highly competitive that brands often need to take drastic measures to stay relevant. For many companies it can take a massive overhaul to fuel a brand enough to push through the masses and stay top of mind for consumers."
"1. Technology has improved - As technology advances brands must be able to keep up with the times, whether that is through products, customer experience, or marketing methods. 2. Customer behavior has changed - As many consumers resort to online shopping or purchasing based off recommendations brands must adapt to these changes. 3. Sales are not improving - Some brands may be left in the dust with stagnant sales as consumerism progresses."
Rebranding serves as a strategic, comprehensive effort to maintain market position and future relevance. Companies rebrand for many reasons: to keep pace with advancing technology, to respond to shifting customer behavior toward online channels and recommendations, and to address stagnant sales. Rebranding can reflect internal evolution, updated values, or to refresh an outdated image. Companies also rebrand to repair reputational damage or to align with new leadership and ownership. Market disruptions, exemplified by changes after Covid, often force brands to readjust identity, offerings, and customer experience to remain competitive.
Read at The Drum
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