ADVANTAGES AND DISADVANTAGES OF REBRANDING | PROS AND CONS OF REBRANDING | PROS AND CONS OF CHANGING NAME AND BRAND

MEANING OF REBRANDING

Rebranding is a marketing strategy in which a new name, symbol, design or new combinations are made for developing a new product image in the minds of customers, competitors, and other stakeholders. Rebranding is the overall new look of the company. In rebranding, the company may change thier focus and want to start the fresh and new business.

PROS AND CONS OF REBRANDING

PROS OF REBRANDING:

OBTAIN NEW GOALS:

1st benefits of rebranding are that a company can achieve or obtain new goals. Some new goals can be made with the help of improving the particular product or do changes in the existing product. With the help of rebranding, you can easily achieve your particular company related goals.

ATTRACT NEW CUSTOMERS:

When you are in the market for some particular time, then your position is stable in the market. All customers are changes thier needs and goals. So when you change your challenges, it is a very helpful way for attracting the new and desirable customers. In short words, by rebranding your name, your company you can also attract the new customers and as well as also hold the existing customers.

INCREASE BUSINESS:

When you add down something new in your product line, people are aware of this thing and talking about your new products and services. So the company should not to have the fear of change, you should have to show your new and existing customers that your changes are good for them and increase your business.

CHANGES IN TARGET MARKET:

Rebranding is a very helpful way for the changes in the target market because new people are more interested in the new product. Customers are most attractive in the new product from the old brand. So you can attract the more audience with the help of rebranding your product.

CONS OF REBRANDING:

CONFUSIONS AND PROBLEMS:

When a company rebrands its products, it makes the many confusions and problems. Because many customers get puzzled between the old brand and a new brand or product. So when companies think about rebranding thier product or brand, they may create many confusions and problems among their customers.

LOSE CUSTOMERS:

Some customers are not like to change thier particular brand or product because they are loyal for thier product. It occurs when companies do not choose a good way for rebranding thier product. As a result, customers leave there product. So companies have to handle thier existing customers and make good strategies for rebranding a product.

EXPENSIVE:

If a company want to rebrand, they have to spend more and more money on their this target. The company has to develop a new product related designs, look graphics etc. New or existing customers like your product, you have to work on rebranding with some good methods.

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