Heraclitus, a Greek philosopher, once said, “change is the only constant in life”.
Everything changes over time, even in a business environment. One of the ever-present changes in the business world is rebranding. It is a marketing strategy where an existing brand introduces a new name, logo, design, concept, or combination to create a new identity. You have probably seen big and renowned brands rebrand by changing their names, logos, and symbols over the years. One excellent and current example is the rebranding of Admiral Markets.
On the eve of its 20th anniversary, the company rebranded from Admiral Markets to Admirals. But it is not just the name that changed. The new campaign brought forth a new logo, look and range of services. When comparing the company’s previous logos, fonts and colours to the new one, you can see a big difference.
For starters, the previous logo had two dots, blue and red, before the word Admiral Markets. Second, the name Markets was just under Admiral. The new logo only has Admirals, with a blue dot above the letter ‘I’.
Is Rebranding Worth It?
Rebranding is anything but inexpensive, from the money you spend on the new marketing campaigns to the time spent creating the concept and content. Which begs the question, is it worth all the hassle?
Yes, when done right, rebranding is a wise investment for any company. Below are some of the top reasons when rebranding is a worthy investment:
To Introduce a New Product
For instance, Admiral’s rebranding coincided with the launching of new products. In addition, Admirals is looking to redefine its personal finance solutions product offerings by introducing integrated services for money management, investing, and spending. The strategy clearly indicates Admirals moving from just a broker to a one-stop shop for all things personal finance.
Responding to Competition
If your business is operating in a highly competitive environment, rebranding can give you more edge in attracting customers and staying relevant.
In the past few years, there has been an increase in Fintech, with numerous financial advisory firms in the UK incorporating Robo Advisers. However, it is more than just having a brokerage and trading platform when it comes to personal finance management. Providing extra services, like advisory with easy access to relevant information, is a must-have for any business in this niche.
By rebranding, Admirals responds to what its competitors are offering and ensures that it is not left behind as a financial hub for its clients.
To Meet Market Changes
The market changes over time, meaning your business has to adjust to meet the current demands. Maybe your target audience and the market have changed over the years. Your company will need to rebrand to meet the market changes and satisfy the target audience.
For example, Admiral Markets has been in business for close to two decades. But the world of trading, investment and financial advisory has shifted from traditional brick-and-mortar and over the counter trading to digital. It has also shifted from paying more attention to wealthy individuals and institutions. Now, ordinary individuals across the globe have instant access to Robo Advisers with personalised information regarding their personal finance planning and management.
And while Admiral Markets provided trading and investment products, it lacked spending and money management services that many customers are now searching for from one service provider.
Introducing a New Design
As mentioned, the Admirals rebranding strategy includes a new look, especially its website. These changes vary from aesthetics and the availability of all its products and services under one roof to improved functionality and user experience. The new design aims at making accessibility of funds and management of one’s accounts less of a hassle.
Summary
Rebranding is an expensive and time-consuming affair. However, it could be the lifeline between your brand crumbling and achieving new success levels. This article outlines why rebranding could be a worthy investment, from introducing a new product to meeting new market demands.