Innovation vs rebranding: How to choose the best change for your business

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Innovation: A definition

Let's start with the definition of innovation. According to Merriam-Webster, innovation is "a new idea, method or device or the introduction of something new." It's the idea of creating value by bringing new ideas to life. The introduction of the smartphone and the tablet computer are good examples of innovation at work. Others include:
  • The automobile.
  • The assembly line.
  • The airplane.
  • Electric vehicles.
  • Biodegradable oil-based plastics.

However, it's not just about inventing something new. It's also the process behind what makes it happen. For instance, without the ongoing miniaturization of microchips, neither smartphones nor tablet computers would have been possible. The same applies to touchscreen technology and many other processes and products that came together to allow something new to exist.

Rebranding: A definition

In contrast, "rebrand" is defined as "to change or update the brand or branding of (a product, service, etc.)."

Rebranding is a commitment to change that is either significant or surface-level. For instance, when Kia changed its logo in 2021, many assumed that was the extent of the rebranding efforts. However, that visual evolution was just the tip of the proverbial iceberg. It was meant to "signify the automaker's bold transformation and all-new brand purpose," according to Kia's press release at the time.

The article goes on to list what you should consider before deciding on a direction and covers everything you'll need to know right up until you roll the process out.
#business #change #choose #innovation #rebranding
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