Just like change is necessary for an individual to grown and evolve, so rebranding for the betterment of a company or an organisation.
The process is surely taxing but worth every moment. It is necessary to do away with the out-dated techniques of functioning in an organisation for approving the quality of business or service. The market is a war zone, one misstep and you are out of the zone. Hence, rebranding comes into existence. It helps to keep up with new trends, customers and quality. The new ideas flourish to keep the employees on their toes and avoiding any sort of stagnancy. It’s hard to keep up and every so often you look around and feel you are out of synch with the marketplace. The customer operates in a manner where the most ‘attractive’ and ‘in trend’ object catches their eye. It becomes imperative to stay on top of the game to maximise one’s benefits. “Rebranding is the key to staying current. You communicate your ‘promise’, look different from your competitors, outline your business values and visions and increase your visibility in your market.”
The tiny details like the colour scheme, pattern or tone makes a difference when working your way through pushing a brand up. Fun fact, individuals are actually employed to come up with the quirky taglines for it to stay on the mouth of the customers. Everything in a business is intended to attract customers. As life has switched to an online mode, it is imperative to have a good social media presence; having user-friendly websites, attractive colour palette etc to maintain itself.
While rebranding certain points must be kept in mind. The brand must adhere to environmental norms. It should keep in mind to be environment friendly in nature to avoid hampering it. Corporate Social Responsibility is a type of international private business self-regulation that aims to contribute to the societal goals of a philanthropic, activist, or charitable nature by engaging in or supporting volunteering or ethically-oriented practices. The business should aim at catering to the interests of its target audience for better opportunities. For example, capturing youth’s interest ensures long term success and branding around the youth lifestyle is a sure recipe for success.
Case Study On MTR Foods:
Sunay Bhasin, CMO, MTR Foods, “Today’s youth have a severe paucity of time and do not have the knowledge of Indian food, perceiving it to be cumbersome to prepare, resulting in a reduction of Indian cuisines’ share on the household dining table.”
MTR is an old brand which was found in the suitcase of every international or outstation students. MTR Foods usurped a chunky slice of the market with its breakfast range. It comprises upma, poha, Indian style oats and kesari bhaat that only need hot water and 3 minutes of a consumer’s time before they are ready to eat. The range has been launched in a box, cup and single-serve pouches. Breakfast is the space that they aimed to occupy as their marketing strategy. To reach this new audience, there has been an overall change of approach that includes changes in messaging as well as media choices. For the first time, digital forms almost 30% in the overall mix. Advantages of being a legacy brand are many - for instance, the authenticity of ingredients, recipe or taste are easily accepted in the shopping basket.
Rebranding is not just changing the logo of the company or a tagline. It is to bring about a whole new experience for the customers different than the existing competition to create a loyal base of customers. Customers are to be drawn to swipe their cards in the first instance. Rebranding is necessary not just to give contemporary meaning to the brand ahead off competitors but also to manage and expand the product life cycle.