Reasons Why Companies May Rebrand

Companies do rebrand for so many reasons, however,
Here are the top 7 reasons why companies change their brand name

1. Company acquisition or merger: If a company is being acquired by new owners or merging with an existing company that calls for a rebrand.

2. Globalization: when a company wants to go international and another company which bears the same name exists, they might strongly consider rebranding.

3. Market positioning: When the company wants to reposition in a particular market and also focus on a different product line and caliber of customers.

4. Vision: Where a company decides to change its vision and mission which is tied to the company’s name, a change of name to reflect its new identity would be required.

5. Bad Reputation: When a company has suffered serious brand damage to its reputation, one way to recover is to totally rebrand the company.

6. Close Identity: When you discover that your company name, logo, slogan is has a close resemblance to an existing company, especially a competitor, then its’ best to rebrand. In this particular instance, both companies being in the same local market.

7. When the company's name or logo bears similarities with a terrorist group. Example is the US Company ISIS which had to change names to differentiate it from the terrorists group which bears same name.

Author's Bio: 

Bernard Kelvin Clive is an Amazon bestselling author of REBRAND: The Ultimate Guide to Personal & Corporate Branding & Rebranding, and over twenty published books. A Personal Branding Coach, Brand Strategist at BKC Consulting. He has consulted for and helped hundreds of authors locally and internationally to self-publish books and build author brands. Ghana's foremost authority on Personal branding and Digital Publishing who hosts the #1 iTunes ranked Business & Career Podcast in Ghana.