The foundation for effective strategic brand creation is naming and verbal identity. How about a well-known brand getting a new name? No one should ever take the choice to rebrand a popular product lightly.
Rebranding is an option for well-known companies for a variety of reasons. A change in brand name could be justified if the company’s strategic emphasis shifts away from traditional markets and towards new ones. Of course, this will only happen if the rebranding benefits the target audience more significantly.
There have been several well-known brand name changes over the years due to rebranding initiatives, mergers and acquisitions, legal concerns, and market repositioning, among other reasons. Take a look at these examples:
Changing a name for an established brand always comes with the danger of diluting the equity that consumers have come to connect with the original name, regardless of the strategic economic reasons for the change. Plus, it’s hard and costly to get your money’s worth in oversaturated “I too” areas.
Because there are no preexisting connections or equities among consumers, a startup’s brand does not face the risk of losing equity or significance. This is not the case for a well-known company thinking about changing its name. Changing the name of a well-known brand might have far-reaching consequences.
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