Whether you like it or not, your brand is under constant attack. Both internal and external elements combine to tear down your brand. Even the best-kept brands, over time, can start to deteriorate.
Case Study - Fancl
A good example will be Skincare brand Fancl, the company have announced that they will be closing its stores in Singapore and Taiwan from March 2014. The brand is Struggling with its Singapore audience as they failed to differentiate themselves. More about this case study - Marketing Interactive.
Rebranding is more than just slapping on a new coat of paint. Instead, a rebrand is a complete overhaul of an already established brand. It’s a shift in brand strategy and brand positioning to establish a new identity in the minds of consumers, investors and competitors.
What a rebrand entails?
Rebranding is a multi-faceted operation that requires careful analysis of your marketplace, the business climate and your competitive landscape. It also demands evaluating your business operations, your target audience and brand messaging.
The Brand Refresh
A brand refresh is more of a remodel, of your existing brand, than a complete rebuild. While still a significant undertaking, a brand refresh is usually less-intrusive, than a rebrand, and results in far less impact on brand equity and resources.
What’s involved in a brand refresh?
A brand refresh typically consist of a new or updated logo and brand message. The brand name is left untouched, but occasionally slight changes are made to the color scheme and supporting visuals.
When to refresh?
A brand refresh is normally the result of a desire to update an older brand, to make it more appealing to a contemporary audience. Sometimes a brand refresh is necessary to correct a previous refresh or to address current market conditions.
Here're a few examples of successful rebranding / refreshing!
1. Starbucks - In 2011 Coffee-house conglomerate Starbucks made significant updates to their iconic logo and other marketing communications. The branding overhaul came in due timing of course, after the company's stalling sales during the recession, detrimental market-cannibalization, and frequent targeting of anti-globalization campaigners.
2. Mircosoft - Following the release of Windows Phone 7, Microsoft underwent a gradual rebranding of its product range throughout 2011 and 2012. Its logos, products, services, and websites adopted the principles and concepts of the Metro design language.
3.Lego - So how have Lego stayed relevant? Constant updating of their brand, as well as continually branching into new product categories. Lego stays up to date by keeping their toy themes relevant with popular culture and themes, often making partnerships with other brands such as movies, TV-shows and even video-games.
General Motors and Borders are among the companies that failed to save some of their own huge brands.
Here are 10 examples of corporate missteps that could have been avoided.