Rebranding is the process of changing the corporate image of an organization. It is a market strategy of giving a new name, symbol, or change in design for an already-established brand. There are several reasons for a company to go for rebranding. One prominent factor is to connect with customers. Rebranding is good for the business, but at the same time, it may be risky. There is always a possibility that the consumers do not like the new brand.
Types of rebranding
Proactive rebranding is done when a brand recognizes that there is an opportunity to grow, innovate, tap into new businesses or customers, and reconnect with the project audience.
Reactive rebranding is done in a situation when the existing brand has been discontinued or changed. Possible reasons for such an action could be mergers & acquisitions, legal issues, negative publicity such as fraud, aiming to beat the competition, or creating own niche.
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