What are the strategies for changing the business identity?

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What are the strategies for changing the business identity?

Institutions and businesses need a change in the pattern of their commercial identity, which is called “rebranding” every seven to ten years.
The change aims to develop the brand and re-establish it in the minds of consumers.
And there is more than one method for rebranding:

The complete modernization of the brand: it includes radical changes to make it keep up with the times

– Brand merger: when cooperation or fusion occurs between any brands

– Changing the brand completely: This usually happens in the event of expansion of companies in more than one sector or the failure of the parent brand.
And you may be wondering what are the risks and advantages of the process of redevelopment of trademarks?
We’ll start with the risks:

Loss of existing customers and their dissatisfaction with the new brand.

– The lack of sufficient liquidity to achieve the re-change, so it is necessary to allocate an appropriate budget for marketing after changing the brand.
As for the advantages of the rebranding process:

Attracting more customers, which helps identify customers who are compatible with the brand’s purpose.

Highlighting the competitive advantage of the brand among other brands.

The brand becomes highly valuable when it is time to sell it, which is one of the most important long-term benefits of rebranding.

To change the negative image of the brand in front of the consuming public, whether due to an attack on the brand or quality problems, as renaming or renewal helps in gaining a new position with the target audience and forming a good new image in their minds.

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