There comes point in every business cycle when a rebranding is necessary. Markets fluctuate and shift over time, often without warning. This can be caused by the entrance of new competitors, the exit of old ones, shifts in demographics, new technology or something as fickle as consumer tastes. What once worked no longer does, and much like the polar bear, your company has become an endangered entity. Although such shifts are unavoidable, drastic change can prevent business extinction. Rebranding, when executed correctly, can ensure your business survives and succeeds.
Too Little, Too Late
Blackberry was the fastest growing company in the world in 2009, capitalizing on business consumers. Companies such as Apple and Google entered the market with more innovative devices. Blackberry failed to innovate, relying too heavily on corporations within its business model. Blackberry devices became outdated and virtually obsolete. As of this year, Blackberry has a 0% share of the smartphone market.
Quiznos hit the market with high-quality sandwiches at a higher price point. This upscale appeal contributed to great profit margins initially but ultimately limited Quiznos’s ability to expand. The company attempted to compete with Subway on price while offering premium ingredients. At its peak, Quiznos had 5,000 stores. After filing bankruptcy in 2014, Quiznos has 2000 stores left.
Change For The Better
Burberry’s rebranding campaign is quite noteworthy. Burberry was once considered a “gang wear” due to rumors that the Burberry brand was popular amongst gang members. New leadership and rebranding transformed the brand into one of the world’s hottest fashion labels. By revamping and adapting to current styles, Burberry is more popular than ever.
The infamous Apple rebranding is one of the best of modern history. Apple was suffering from low sales, low consumer interest, and high competition. This was until Apple decided to focus more on experience and innovation and less on products and purchases. Much of this strategy can be attributed to the brilliant Steve Jobs, who catapulted Apple into an industry leader. Apple was able to attract a new and more diverse customer base and is now a leader in the tech industry.
Each of these examples emphasizes the importance of rebranding for business success. It is easy to become comfortable with the status quo and resist change. Do not fall victim to complacency. Stay informed and embrace shifts in the market. Below are a few quick tips to help you on your rebrand journey:
Promotional products are also excellent branding tools. With consumers keeping promotional items for six months on average, they are a great way to ensure your business is not easily forgotten. If you are planning a rebranding campaign of your own or have additional questions, call Choice Premiums at 478-741-8888 or email us at email@example.com.