Why the ability to adapt to changing times is crucial for brands
It has always been a very effective method for companies and business entities to rejig their position in the market
Md Tajdin Hassan, chief marketing officer of Daraz Bangladesh Courtesy
Md Tajdin Hassan
Publish : 10 Jan 2022, 04:56 PMUpdate : 10 Jan 2022, 04:56 PM
The number of online customers is increasing in Bangladesh with each passing day.
After the pandemic hit the world as well as Bangladesh, changed consumer behavior has spurred growth in the country’s e-commerce sector.
With more and more online customers out there in the market, there has been a meteoric growth of e-commerce platforms and the industry in a greater sense.
An increased number of e-commerce platforms also symbolize increasing competition.
And very naturally, when the competition is tight, the brands have to resort to more aggressive marketing and branding strategies to stay afloat and keep the growth momentum steady.
This is where the role of rebranding comes in.
Rebranding, to put it in plain words, is a marketing strategy in which a particular brand is given a new persona by bringing some changes in the name, design, concept, or strategies to develop a new identity to be imprinted in the minds of the consumers, investors, competitors, and other stakeholders.
It has always been a very effective method for companies and business entities to rejig their position in the market and create a fresh look and impression among the potential customers and partners.
When a brand goes for it, it helps them to address changing consumer needs through the adoption of new strategies.
It is also an efficacious way of communicating brand values to target consumers and helping them explore the same brand anew.
Rebranding can be done anytime.
Some companies may choose this option while being in crisis, while others may go for it in their heyday because the prime target remains unchanged – creating a refreshed impression among the customers.
Examples
Over the years, many famous brands have gone for rebranding, and in most cases, such attempts have paid off well.
In January 2016, McDonald’s announced its latest rebrand when they introduced new packaging and refurbished their stores, giving a new look.
It attracted more customers to their chains.
Even a renowned brand like MasterCard took the help of this tactic by incorporating new website graphics, information pamphlets, and a new logo to engage with their target customers.
Music streaming service Pandora, search engine Mozilla, Instagram, and even the Huffington Post rebranded their image in the last few years.
Evolution has been so important for everyone to expedite brand transformation.
It is essential to reinvent and adopt new ways so that businesses can keep up with the times and stay relevant to the necessities of the target audience.
All successful brands in the recent times have changed their operational dynamics and Daraz has also started its journey in the recent times to bring additional value for the communities it serves.
With the initiation of a new year, Daraz expects to go through a transformation that will yield something exciting and beneficial for all including the customers.
This rejig will benefit all the stakeholders as Daraz will be more focused on quality and fulfillment from now onwards, and new avenues of entertainment along with exciting shopping experiences will open up for the customers.
There will also be new technological developments, providing a more personalized experience to both the sellers and the customers.
The author is chief marketing officer of Daraz Bangladesh
ANALYSISPowered by Froala Editor
Why the ability to adapt to changing times is crucial for brands
It has always been a very effective method for companies and business entities to rejig their position in the market
The number of online customers is increasing in Bangladesh with each passing day.
After the pandemic hit the world as well as Bangladesh, changed consumer behavior has spurred growth in the country’s e-commerce sector.
With more and more online customers out there in the market, there has been a meteoric growth of e-commerce platforms and the industry in a greater sense.
An increased number of e-commerce platforms also symbolize increasing competition.
And very naturally, when the competition is tight, the brands have to resort to more aggressive marketing and branding strategies to stay afloat and keep the growth momentum steady.
This is where the role of rebranding comes in.
Rebranding, to put it in plain words, is a marketing strategy in which a particular brand is given a new persona by bringing some changes in the name, design, concept, or strategies to develop a new identity to be imprinted in the minds of the consumers, investors, competitors, and other stakeholders.
It has always been a very effective method for companies and business entities to rejig their position in the market and create a fresh look and impression among the potential customers and partners.
When a brand goes for it, it helps them to address changing consumer needs through the adoption of new strategies.
It is also an efficacious way of communicating brand values to target consumers and helping them explore the same brand anew.
Rebranding can be done anytime.
Some companies may choose this option while being in crisis, while others may go for it in their heyday because the prime target remains unchanged – creating a refreshed impression among the customers.
Examples
Over the years, many famous brands have gone for rebranding, and in most cases, such attempts have paid off well.
In January 2016, McDonald’s announced its latest rebrand when they introduced new packaging and refurbished their stores, giving a new look.
It attracted more customers to their chains.
Even a renowned brand like MasterCard took the help of this tactic by incorporating new website graphics, information pamphlets, and a new logo to engage with their target customers.
Music streaming service Pandora, search engine Mozilla, Instagram, and even the Huffington Post rebranded their image in the last few years.
Evolution has been so important for everyone to expedite brand transformation.
It is essential to reinvent and adopt new ways so that businesses can keep up with the times and stay relevant to the necessities of the target audience.
All successful brands in the recent times have changed their operational dynamics and Daraz has also started its journey in the recent times to bring additional value for the communities it serves.
With the initiation of a new year, Daraz expects to go through a transformation that will yield something exciting and beneficial for all including the customers.
This rejig will benefit all the stakeholders as Daraz will be more focused on quality and fulfillment from now onwards, and new avenues of entertainment along with exciting shopping experiences will open up for the customers.
There will also be new technological developments, providing a more personalized experience to both the sellers and the customers.
The author is chief marketing officer of Daraz Bangladesh