Friday, October 28th, 2022
When Facebook announced that they were rebranding and changing their name to Meta with the strategic plan to create a metaverse- a virtual world in which a consumer spends increasing parts of their lives based on AI and virtual reality, many of us asked why?
This announcement alone expands the digital world that we have become accustomed to in the past two years and yet Facebook has already taken over the digital market with various products including the acquisition of WhatsApp and Instagram.
The reason Mark Zuckerburg gave for this decision is that the company wants to move past the ‘confusion and awkwardness’ of sharing a name with its main app thus calling for a much-needed rebrand that doesn’t limit their scope to social media.
Rebranding is the process of changing the corporate image of an organization. This marketing strategy involves giving a new name, symbol, or change in design for an already-established brand to create a different identity for the brand.
A brand is the set of expectations, memories, stories and relationships that, taken together, account for a consumer’s decision to choose one product or service over another.Seth Godin
WHY WOULD A COMPANY REBRAND ITSELF?
Rebranding is not a decision that should be taken lightly, there are so many factors to consider, however it is an option that would change the trajectory of your business as a whole.
The best way to show that your business is evolving would be through rebranding yourself. Businesses grow in various ways and it would be unfair not to consider that a company may grow to include more services, set new goals, and offer new products. A rebrand could be necessary to reflect that.
No business is void of competitors and standing out may be a bit of a challenge. Rebranding can be the most effective way to set what a company offers and its approach apart. Rebranding shows the customer that your services are unique. A company may desire to rebrand to create a personality for itself that appeals to its audience.
Rebranding allows businesses to reach new customers. The key to this lies in a company focusing mainly on promoting different aspects of their business to the crowd for people to take notice. It offers the stimulation a business needs to create new growth in the market.
Sometimes as you embark on a business venture, it is not uncommon for sales to reach a plateau. In such a scenario, rebranding is a great way to boost profits. A new look or new name opens a business up to more possibilities and higher profit margins.
HOW TO REBRAND IN UGANDA
Rebranding a business is quite simple and if you recall the steps we used to register a trademark, then this will be an easy step-by-step guide. Rebranding may require a person to change their mark, logo or name. Before deciding on the mark that a corporation or business decides to adopt, a search must be performed to ascertain whether the trademark exists in the register. An application is then filed upon payment of application fees. The application should contain the mark proposed to be used, the class of goods or services, and the name, address and signature of the applicant.
To get the consumer excited about the new name or mark, it would be important for a company to run a promotion that would enable the customer to engage with the new product, accustom themselves to the new trends and offers and lastly grow the business.
To read more about registering a trademark, click the link here.
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