Rebranding occurs when manufacturers or marketers change a significant element of their brand’s composite identity. Such elements could be the colors, logo, brand name, brand message, brand slogan or punch line, etc. Besides these elements, most rebranding exercises also include a change in the marketing strategy and advertising theme of the product. The intention is to reposition the brand and the company in the market and recreate their image in the eyes of the consumers, investors, competitors, and all other major stakeholders. Rebranding is almost as expensive and time consuming a process as branding, if not more. Therefore, the decision to rebrand a product or a company is taken after considering a lot of significant factors and after concretely establishing and rationalizing the necessity of recreating or reinventing the brand.
The reasons for rebranding a product or service and a business slightly differ. A product or service may be rebranded when there is a merger, to accommodate and blend in the identity of the acquirer or the acquired brand. Another product rebranding scenario is when the manufacturer and the marketer of a product are two different entities and the product is question is sold under the marketer’s brand. This mostly occurs when such a product is manufactured at a unit which is geographically located at such that the production and operating costs are low. These are, then, sold by the marketer (a larger, usually globally known brand) under the aegis of their own brand. A corporate entity may undergo rebranding to differentiate itself from competitors, regain lost market share, revive its image, accommodate or communicate a change in its structure or business model, etc.
Personality brands are the images and perceptions associated with celebrities. For instance, Angelina Jolie is better known for her contribution to humanitarian causes than her movies and histrionic skills. She is a strong advocate of adoption and has walked her talk many times, as is evident from her efforts in that area. As a result of this personality branding, she has been made the UNHCR Goodwill Ambassador. Personalities are harder to rebrand as a personality brand comprises the name, public image, activities, celebrity status, and achievements of a person. Personality or celebrity brands are difficult to revive once their public image becomes negative. This is because personality brands are created around public figures and celebrities — people who the masses look up to and aspire to relate to on a personal level. There is an element of reverence here. Once that goes caput due to some unsavory revelation or negative act of the celebrity, people find it very difficult to put them back on a pedestal.