Netflix’s new icon and original programing are a valuable lesson in rebranding. After all, marketplace evolution is inevitable and consumer trends definitely change. Sometimes, the dynamic unfolds slowly over a period of years. Other times, change comes faster and dealing with change immediately is necessary. Netflix is evolving with the times, rebranding itself with a new logo and with more original programming. The streaming and DVD delivery service recognizes the need to forge a new identity, “We are introducing a new element into our branding with an N icon. The current Netflix logo will still remain, and the icon will start to be incorporated into our mobile apps along with other product integrations in the near future,” the company wrote in a comment to The Next Web.com.
Netflix’s New Icon, Original Programing are a Lesson in Rebranding
This small change is actually a very large one because it clearly indicates the streaming and DVD delivery service is not only responding to a changing marketplace, but also, looking toward the future. In a recent survey of more than 1,200 people, Allflix.com found an amazing 74 percent of all Netflix customers would cancel their subscriptions if the company ran ads. What’s more, 90 percent of respondents stated they would prefer a subscription price increase than be subjected to advertisements.
Building a brand into a household name can take years and all the requisite blood, sweat, and tears. So changing course midstream might seem like a surprising move–but it’s one that’s a lot more common than you think. Giant brands aren’t the only ones looking to change their stripes. For smaller companies that have been around for years and watched sales diminish as the world changed around them, rebranding can be a matter of survival. —Inc.com
These two insights demonstrably show how to build a loyal fan base. However, it likewise points-out the biggest reason Netflix dominates its industry. Even though the company’s catalog of content, particularly feature films, is shrinking, its original programing content is growing. And, its original programming is a huge hit with subscribers, with series such as Daredevil, Orange is the New Black, and House of Cards. But the new icon and original programing reveals something else, Netflix is rebranding to stay at the top of its industry. For companies needing to embrace change, here are some helpful suggestions about rebranding:
- Research your industry and customers. Knowing what the industry trends, competition, and customers are essential first steps in a rebranding campaign. Take time to research as much as possible and be discerning about what truly is and is not important. Look at previous industry and consumer changes, as well as current trends, and try to identify what’s likely to unfold in the near future.
- Determine your ultimate mission. A snapshot view isn’t sufficient when it comes to rebranding a company. You need the total picture to determine what your ultimate mission set will be and this will help you define an action plan. You need to focus on the root problem needing to be solved and make it a dedicated mission. If this isn’t completely clear, you’ll run into trouble and the whole process could fail.
- Consolidate your identity. One mistake companies make when first starting or when rebranding is to project more than one message and/or more than one identity. For instance, the FedEx logo is considered to be one of the best because of its brevity and its subtly hidden horizontal arrow (located between the E and X in the logo). Use a streamlined identity across all platforms so it’s unmistakable.
- Improve your company’s offerings. It’s worthwhile to consider improving your company’s offerings when it’s being rebranded. After all, customers will expect there to be more than just an icon, logo, and/or name change. Existing customers and new customers will be more likely to embrace the new brand if it offers something more than the company did previously, before the change.
Have you rebranded a company? What was the result? Are there other suggestions or ideas you would add to the discussion? Please comment and give us your thoughts.