In December 2007, one of the old- est banks in India -
Canara Bank, undertook a major rebranding exercise. The
rebranding involved a change in the logo, the slogan, the
house color and, most importantly, a change in what the
bank stood for. The bank adopted a new credo - "It's
easy to change for those you love." On the occasion
of the launch of the new logo, Canara Bank Chairman M B
N Rao said, "When the consultants asked me which animal
would I like Canara Bank to be compared with, I said I want
it to be a cheetah ...... massive and strong."
A brand is defined by the American Marketing Association
as a name, term, symbol, design or a combination of these,
intended to differentiate goods or services of one seller
from those of another. Hence, rebranding can be defined
as the creation of a new name, term, symbol, design or combination
of them intended to develop a new differentiated position
in the mind of the customer.
Rebranding is also referred to as repositioning, revitalizing,
rejuvenation or even resulting in the brand being reborn.
Rebranding can take different forms. The entire Rebranding
process can be viewed as a continuum based on the extent
and depth of the change in the brand elements.
Rebranding can be divided into two types: Evolutionary
and Revolutionary. Evolutionary rebranding is where the
changes are minimal and less visible to the outside observer,
while revolutionary rebranding is highly visible and often
results in a new brand name. Over the last decade, the number
of Indian companies which have gone for rebranding has been
many. Several of them were government-owned banks which
were facing intense competition from the new generation
private banks. The banks which have gone for rebranding
include public sector giants like State Bank of India, Bank
of Baroda, Indian Bank, and Canara Bank.
Rebranding could apply to a corporate brand, to an umbrella/master
brand pertaining to a strategic business unit, or to a category
or product brand. However, the majority of the prominent
and high profile examples of rebranding that we come across
are those of corporate rebranding. Depending on the situation
and need, rebranding may be done for a comparatively new
brand, a mature brand or for a declining brand.
|
