Re-branding strategy of IPDC Finance Limited and how it’s helping the company to become sustainable
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The proper rebranding of any existing company in a market is a very challenging task for any organization. All forms of organizations, big and small invest a significant amount of money and effort in the development and positioning process of an existing brand. For this purpose, a lot of market research is necessary in order to identify the most suitable target audience for the brand and also developing a suitable approach for positioning the brand in the minds of the customers in the intended way. This task is especially difficult in the case of the companies which tends to have a new touch in all of its concepts and operation as well as in its vision and this is the case of IPDC Finance Limited. This report will bring to light the rebranding strategies along with brand repositioning process in the case of an existing brand and how the effectiveness of rebranding activities helped the organization to become more sustainable. As the purpose of this report was analyzing the different rebranding strategies taken by IPDC Finance, for which it started by focusing on the knowledge of rebranding and its necessity in the competitive market. Moreover the report also upholds the reasons behinds IPDC’s rebranding activities, along with the strategies they followed for rebranding. The study also concentrated on the effectiveness of rebranding by showing a comparative analysis of the market status before and after launching the rebranding activities. For the purpose, data from both secondary and primary sources was analyzed. Secondary data was collected from different published sources. The report also concentrated on a study of consumer perception of the existing brand (after rebranding). As for the primary data, discussion with the respective departments as well as a small qualitative research with 10 respondents was conducted. The data were collected through interviewing. The study shows that the level of awareness for the brand IPDC is comparatively high. IPDC’s new positioning as a consumer centric and retail operation based financial institution is effective. Consumers are being more attracted to the company’s service than before by following the brand value and proper identification which is the result of rebranding activities. However, IPDC should arrange different workshops, seminars and orientation programs at district level in order to provide latest information about expanded business segments, services and their various financial schemes. They should be engaged in continuous market research in order to come up with the suitable or matching products according to the customer requirements.