For about 6 days now, the biggest news around HiveBlockchain
is the rebrand of Leofinance. The tempo around this crypto space attained another level. Everyone was talking about it excitedly. This is because, deep down, that is what we have always wanted. But then, it has its challenges and disadvantages.
Rebranding
Definition: Rebranding is the process of changing the corporate image of an organisation. It is a market strategy of giving a new name, symbol, or change in design for an already-established brand. The idea behind rebranding is to create a different identity for a brand, from its competitors, in the market. Source
This is a deliberate marketing strategy a company uses to redesign it's image, personell or services.
For every rebranding excercise to be a success, there must be plans to change some significant elements of the existing brand. The things that are most likely to be affected are; the Logo, the Name, the Outlook etc.
What Every Rebranding Excercise Mostly Targets
Improving the recognition of the brand.
To adapt to changing trends in the market.
It is a market strategy to attract new customers.
To improve the companies image or reputation for the public.
Things That Cause A Company To Settle For A Rebrand
If the public perceives the company negatively.
Expansion is another reason why a company will consider a rebrand. This is actually the case of Leofinance. Before now, it was only entertaining contents on Finance, crypto, NFTs and related topics. Now it wants to start accepting topics from other works of life, this means expansion.
A Company may decide to enhance her outdated image. This can be done by staff training, name change, employment of new staffs, changing of the Companies outlook.
If there is merger and acquisition, the two companies may decide to create a new public image.
Legal issues (like trademark or court disputes) can cause a company to consider rebranding.
A new leader, who shares a different vision with the company can decide to rebrand the company.
When the image of the company is damaged, a rebrand is needed to dryclean the damaged image.
If the targeted audience of a company changes, the company can rebrand to capture her desired audience.
Because this rebrand means ditching niche to open her arms to accept contents from all works of life, the inflow of posts will multiply, which will also translate to increased engagement. It will also increase the number of active users.
It will cause many more people to join the community.
It will increase revenue. Since there are more users of the platform, they will reach many more audience so also will many more people come in to invest, place adverts and sponsorships.
There will be wider range of contents. Users will enjoy wider rage of content Wich will eventually enhance their overall used experience.
This will encourage mass movement of people into this community who would eventually help to build the community or brand.
Disadvantages Of Rebrand Of Leofinance
Loss Of Niche:- There are some people who joined the community just because of the Niche. Those people will fell that the community have now been diluted.
It may cause users to become lazy towards creating quality contents.
Leofinance may start to face competition with other liberal communities or platforms, making it difficult for the contents created by users not to stand out.
Advantages Of The Rebrand To Leofinance Users
Uses will have the opportunity to access varieties of topics.
Users will have access to many topics of interest, which will enhance their knowledge.
This rebrand will open more collaborative opportunities between the users and the Leofinance team.
It will increase engagement, because there will be more topics of interest to explore.
Conclusion
Until now, I didn't know that the Rebrand had disadvantages. But yes, as captured above in this post, they are a few. That supports the saying that "every coin has both sides."
As expected, I trust that the Leofinance team must have plans to increase the staff strength, so as to accommodate the expected user explosion.
Finally, I am glad to have participated in my first #LPUD.
With my fiat currency, I was able to accumulate a total 80 Hive on my Binance, which I moved to my Hive Wallet. Then, swapped them to Leo in preparation for the #LPUD.
While the LPUD lasted, I staked a total 500 LEO as captured in below screenshot.
Because I have planned to continually
continually grow my Leo power, I will continue to stake on weekly basis because, I want my voting power to be valuable in few years time.
