The latest trends in branding or rebranding of companies are developed of necessity. To be successful at rebranding all elements must be consistent and the effect on all stakeholders must be taken into account. Rebranding should be done in a way that it doesn’t alienate current customers but does attract new customers and opens up new markets for the brand.
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Rebrand to Counteract Negative Publicity
When tobacco became a product with many negative connotations, the tobacco giant Phillip Morris rebranded to Altria. At the time this happened, the company also owned over eighty percent of the Kraft Corporation. Changing the name gave the company a chance to show people that the company was involved in more than tobacco. This helped counteract the negative publicity that smoking tobacco was bringing to the industry.
Successful Rebranding
Rebranding requires that the various processes in the marketing campaign make sense. Everything should flow comfortably into the new brand image so that current customers will feel comfortable. When done properly rebranding will make potential customers take a second look while comforting current customers that their favorite items will still be available.
Successful rebranding should
- Provide opportunities to communicate the brand shift in the business model
- Allow the migration of your brand into new markets and new audiences
- Help shed a negative image and disguise negative business eventsÂ
- Allow the company’s mission to be updated bringing new vision to the team involved
Successful rebranding encompasses much more than changing a logo; there should be significance to the changes and this should be communicated to the stakeholders. They should be able to see the purpose behind the change so they will be receptive to it.
Branded Brands
The trend in branding today points to Branded Brands. To make this simple say you are taking a United Airways flight, while on the flight you will be offered Starbucks Coffee, cookies from Mrs. Fields and a Friendly Skies Meal complete with toy from MickeyD’s. This also affects the airlines popularity since the people receive brands they are comfortable with and enjoy.
Brands that Support a Good Cause
Cause marketing is also a growing trend in branding. This trend identifies a brand with a humanitarian cause. This approach has been very successful for many brands such as GAP. Most people feel good about their purchase if part of the cost is going for a good cause and this way of thinking doesn’t seem to be hampered by the recession.
The latest trends in branding or rebranding of companies are out of the box. A lot of creative thinking and marketing techniques are required to be successful in today’ tough economy.
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Cause marketing is also a growing trend in branding. This trend identifies a brand with a humanitarian cause. This approach has been very successful for many brands such as GAP. Most people feel good about their purchase if part of the cost is going for a good cause and this way of thinking doesn’t seem to be hampered by the recession?