You’re a savage business owner who is aware of the success your brand is going to make. Your brand connects with the target audience like no other competitor and for sure you’ve worked hard to enliven your business. Let’s be honest, it was definitely not an easy task. But you’re here, right now, constantly finding new ways to enhance your business and beautify its face with all the brushes and blushers available.
So why is it we see so many businesses changing their brand identity, creating new and refreshing strategies to alter their brand’s appearance? And why is it that you, a smart and creative entrepreneur, may be heading towards rebranding your business?
Your company’s brand is more than a memorable name or an attractive logo design. To build a brand is to communicate a business’ story and ethos, to build its reputation, and to solidify its position in the marketplace. In essence, if it distinguishes you from other companies, it’s part of your brand. To rebrand a business is to take it in a new direction. It’s about going to the core of what you stand for, consolidating your aims and vision, and then modifying your image to reflect these changes.
Why Rebranding is necessary
Contradictory opinions exist regarding the process of rebranding. One is that rebranding is essential for business success; to evolve the brands to make sure that it keeps abreast of the competition, and meet the consumers’ ever-changing preferences. The other side of the coin depicts an opinion that rebranding should be avoided at all costs. If brands like Kodak and Coca Cola can be market leaders why should rebranding ever be considered? Generally, many companies consider rebranding as a ‘Cosmetic Work out.’ When companies fail to establish one brand or companies whose brand had been through any scandal, may go for a rebranding process. Here, the intention is to erase the previous brand image and establish a fresh one. Some others have positive reasons; like mergers or a company that is expanding its product line. Rebranding can be successfully applied to new products, those that are still in the process of development or even to mature products. As this is a very complicated process, utmost care must be taken. The new brand should be launched with much empathy and care which involves a systematic process of proper strategy, personal interactions, and memorable visuals.
The Rebranding of OYO ROOMS: From Stripes to Life
Known previously as OYO Living, OYO LIFE provides upgraded living experiences at affordable prices to young professionals globally. OYO has been in the news since it acquired the 100$ million funding in its third rounding. OYO LIFE accommodation provides essential amenities like Wi-Fi, television, regular housekeeping, power backup, CCTV surveillance, and 24/7 caretaking. Residents also have access to OYO Support at all times, at no additional cost over the monthly rental charges. Starting at INR 7999 per bed, per month, OYO LIFE could help residents save on brokerage, lock-in periods and the hassle of searching for house help and support services involved while moving to a new residence. The brand aims to expand globally with the goal of crossing 100K beds in 2019.
OYO LIFE which was earlier OYO living underwent rebranding thrice: once from Oravel Stays to OYO twice, with a pin-striped pin logo and the thrice with its name. And every time OYO underwent a change, it made sure it kept its users engaged. As is the norm for technology-driven companies in India, OYO Rooms has resorted to television commercials to reach out to the masses. And, again as is the norm, it has weaved in humor for its new TV ads, conceptualized by Boring Brands.
For its pin-striped pin logo revamp, Fans were invited to guess what has changed at OYO, with the help of pin-striped graphic visuals. In a bid to boost engagement, users were invited to share what they loved about the new logo, for a chance to win prizes like Oyo stays and vouchers.
Recently, on Feb 25, OYO announced its major brand revamp where it changed its name OYO LIving to OYO Life which was conceptualized based on the feedback and demand from the customers and asset partners. The adoption of the OYO LIFE brand and transitioning from its previous identity has begun globally, starting with Japan. Its new identity – OYO Life – is based on the philosophy that housing is an essential product to life and influences and inspires how you live your life. OYO’s current focus is on the younger generation. In the future, OYO LIFE sees the potential for customers across various stages of life, ranging from students and couples right up to families and senior citizens across diverse income groups, looking for such fully-managed accommodations. The sole purpose of the new identity to reflect this vision and be a neutral, all-encompassing, aspirational brand for varied audience groups and therefore, chose OYO LIFE.
Innovating positioning of brands creates a vast market opportunity for the players and enables them to capture the market. With proper brand image, supported by the USPs clearly defined, people in business can stand apart in the competitive clutter.
Are you in the run to be the next market player? Strawberry Branding is here to cast a brand spell on your customers.