From the kampala-wearing Adekunle Gold to the earring-wearing and hair-plaiting AG Baby, what else is a perfect illustration of rebranding?
Whoever rebranded the old military Muhammadu Buhari into a stainless saviour fit for a democratic president deserves some accolade.
If you don’t understand rebranding, try to look out for Eniola Badmus – before and after.
If you follow the new Who Wants To Be A Millionaire? or the new Gulder Ultimate Search, you will have a better picture of what rebranding means.
The BCOS television I watched while growing up has changed to something more modern. Cabin Biscuit also did a remarkable rebranding.
If you observe closely, you will discover that Deeper Life Bible Church is rebranding; even their new logo indicates liberty.
At a point in your business, you may need to examine what is not working and what is working in your brand strategy. You may need to create a new look or perception for yourself or for your business.
A rebrand may be full or partial. It may be as simple as a change in the brand name from GTB to GTCO. I guess you didn’t take note of that.
From Total Filling Station to Total Energies, from Taxify to Bolt, during a rebranding, there is usually an underlying change in the company’s vision and mission.
Before you think of rebranding, consider the brand image you want to portray. Rebranding may also be necessary when you want to launch a new product or service line.
If your current brand is not achieving its purpose or performing as well as you needed, rebranding is needed. In 2019, after KudiMoney became a digital No-Fee bank, it rebranded as Kuda.
Some businesses rebrand so as to stand out more from their competitors, while others rebrand to appeal to a new market or audience, just like Union Bank rebranded to appeal to a younger market.
If your customer base is changing, a rebrand is necessary. The main goal of rebranding is to reposition your business in the marketplace.
After some time in your business, you may find that your brand name and identities have become too limiting and do not accurately tell your current brand story.
When you choose a brand name that is specific to one product or service, you may have to rebrand when you have outgrown your brand name.
Kentucky Fried Chicken had to rebrand to the KFC acronym. Why? They wanted to take out the descriptive “Fried Chicken” so that customers could know that they offer other foods apart from Fried Chicken.
Besides, to attract many health-conscious consumers, they had to remove the word “Fried.” Which is faster and easier to pronounce – Kentucky Fried Chicken or KFC?
The original name was Apple Computer, but when the Apple Company started producing more products apart from computers, they had to drop the word “Computer.”
This is similar to the branding evolution from BackRub to Google, from Bourbn to Instagram and from Twittr to Twitter.
Chidinma rebranded after she announced her switch from secular music to gospel music. She now refers to herself as Mummy G.O because her music message has changed. Her new brand no longer reflects emi ni baller.
You may have to rebrand if you are changing your business structure or considering expanding your business scope. Access bank had to rebrand when it acquired Diamond Bank.
Konga rebranded after a merger with Yudala. The change from Skye Bank to Polaris Bank was coupled with a rebrand.
A brand can become unpopular over time because of a scandal or reduction in quality. However, it is possible for a business to become stronger and better after a major market failure that affected its reputation negatively.
Businesses who rebrand, for this reason, do so to present a new image and distance themselves from problems of the past. Can you remember that sometimes ago, La Casera drink was considered unsafe and unhealthy to drink?
Nigerians were afraid to buy the La Casera drink because of this rumour. Hence, rebranding and repackaging were necessary.
This is the same effort Hilton Hotels, Ile-Ife will have to go through to regain its reputation or pursue a fresh start.
It is NOT MANDATORY for you to stick with a brand that is affecting your business negatively.
Sometimes, a legal reason may compel you to rebrand, especially trademark issues. That is, if a competitor is already using similar brand identities, you may be compelled to rebrand.
There are two popular Nigerian fintech companies; Kudi (a payment platform) and Kuda (a digital bank). If you are a newbie in the fintech space, you may confuse both brands. In April 2022, Kudi rebranded to become “Nomba.”
Also, if there is a cultural or symbolic interpretation of your brand identity, please you need to rebrand immediately.
Rebranding is NOT about changing your brand identities, although oftentimes, rebranding may include a change in your brand identities or a complete redesign of your packaging and image.
In other words, rebranding may come with a change in the brand name, such as from Facebook to Meta. From Kanye West to Ye. Buju rebranded as BNXN (meaning Benson).
Rebranding may come with a change in the logo like that of Flutterwave or MTN.
Changing your brand name, logo, brand colours, brand voice, font and slogan are only visual representations of your rebranding, NOT the core of rebranding.
Changing your brand identities without a corresponding change in your market status or perceived value is synonymous with changing from NEPA to PHCN without an improvement in Nigeria’s power supply.
It is the same as changing the uniform and name from SARS to SWAT without any internal police reform.
Don’t wake up overnight and start to rebrand because you feel like it or because you are pressured to.
To be on the safe side, test your strategy against the opinion of your target audience so as to come up with a perfect strategy.
It is also important that you consider your competitor’s brand. This will help you to see the good innovations that you can copy and the bad ones that you can avoid.
When rebranding, think about your core values and the personality you want to portray to your audience. Sterling Bank shows the funny side of their brand. They crack a lot of jokes, whereas everything about PwC is strictly professional.
Preferably, think about many adjectives that can describe your new brand and pick your favourite. For instance, Kuda Bank is free, fast and digital.
Mind you; rebranding has consequences. Firstly, it can be expensive. It is usually more difficult to market a rebranded product, especially if your business already serves numerous customers.
Rebranding takes intensive research before beginning the process. It takes time to build a brand and a longer time to do a rebrand. Also, your business may appear suspicious to some customers who may question your motive.
It takes time to communicate your new brand message to your potential and existing customers.
As much as rebranding can mark a new beginning for your business, it can also become the downfall of your business if you are not strategic enough or if you attempt to shortcut the process.
Rebranding is often very risky because there is a high chance that you may lose your audience.
Returning to the market with a new brand identity can create a lot of confusion. The greatest disadvantage is that it is difficult to go back to your initial brand after rebranding.
In all you do, rebrand with a purpose and plan. Until you have done all these, do not launch your new brand to the public yet.
© Kingsley Ndimele
Business Consultant