Today’s world is forcing companies to make a real effort to adapt to the new globalised environment that is in a constant state of flux and that, in some sectors, is clearly marked by the digital transformation. This is why reinvention and continuous evolution is essential at all levels to stay up to date with new trends and customer needs, without losing one’s own essence and identity.
Occasionally, when the circumstances call for it (e.g., reputational crisis, need to expand into new markets, new business agreements…), companies consider marketing strategies that entail major changes like rebranding which, contrary to what some may think, involves much more than simply changing the logo.
Examples include companies such as Meta (formerly Facebook), looking to achieve that association with the metaverse, expanding beyond social networks; McDonald’s, going green in its image for an association with healthier products; or BBVA, aiming to unify its brand internationally, highlighting its philosophy of being a single team.
To embark on a rebranding campaign involves a strategy that can sometimes bring drastic changes that signal the beginning of a new phase. And it is not a case of a one-day job, but rather it requires a long process of planning and attention to the smallest detail. Moreover, when a brand is deeply rooted in the territory in which it operates, or intrinsically linked to certain values, if the rebranding is not handled with great care, the introduction of new elements can confuse the audience and, more importantly, customers.
An aspect to keep in mind for successful rebranding is that to be seen as credible, to maintain the trust of your customers and to nurture the trust of other audiences, the new proposal must be based on truth and must remain true to its roots. It is one thing to create a brand from scratch (always a complicated endeavour), but it is something else entirely to rebrand an existing one, i.e., totally or partially reformulating the elements that define the brand. One false step could jeopardise the visibility, reputation and recognition achieved over many years by the original brand.
This new phase is also a useful way to reaffirm the values that make up the company’s identity and to define new ones. In addition, the process is an opportunity to build employee loyalty, making them feel more identified in contributing to the company’s goals and objectives. Involving them in the brand’s value proposition will allow us to turn them into ambassadors, and who better to promote the new brand to customers?
In the same way, it is also an open door to the market, since in addition to this process of identification with employees and customers, it will help the general public to also feel aligned with the values and aims of the company.
When a brand is so engrained and has such a strong presence in the territory, as was the case with Crèdit Andorrà, rebranding is a doubly complicated challenge. It is about not losing the essence, while at the same time creating a compelling story for the new brand to convey the founding values and motivations for such an important change.
In our case, the process has resulted in a new brand that fulfils that objective and gives visibility to some concepts that we did not want to be overlooked. “Believe, Create, Creand” is the slogan that allows us to express that we have always felt like more than a bank, with customers who believe in us, just as we firmly believe in their projects.
As we said at the beginning, the times demand that we reinvent ourselves and offer updated solutions. This change helps us to embark on a new stage with a unique and global brand that will allow us to enhance our synergies and reputation in the different financial markets in which our group operates, all while maintaining our essence and our values and projecting them into the future.
Published at Diari d’Andorra 16.11.2023