Happy Friday,
Did you have cereal for breakfast? Lucky Charms to celebrate St-Patrick's Day?
In an effort to create market value, after 117 years, Kellogg's is now WK Kellogg Co and Kellanova, respectively.
This a bold move amid what is forecasted to be a tough economic year.
Rebrands tend to be kept for better times or to surf longer in an economic recovery phase.
Why you ask?
Well, it takes time to come up with it and unpack what consumers understood yesterday and today to carve tomorrow's brand story better. Beneva, the result of two Canadian insurers joining forces, documented well their process with lg2 before launching and have had great impact in the market with it.
Second, they are very costly, hard (all at once) or soft change (rollout over some time). Everything needs to be updated, from website, campaigns, logo, packaging, and everything around it. $$$
Everyone needs to hear about it, maybe less than Staples for their corporate reveal, but you'll need to invest heavily to ensure your consumers and future ones do.
And once they do, everyone will have an opinion, and your sales will tell you how well you did very, very, very quickly.
Gap had to revert back after 6 days of their big reveal. The consumers were ruthless and even created a website mocking it.
Tropicana's estimated sales dropped as much as 20% before finally putting the straw back in the orange.
But when it works, the reward is sweet; you have reignited your consumer base while building a new one and extending your brand lifetime while remaining relevant.
I bet Dunkin's is happy they did.
Have a great St Pattys.
See you next week
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