Rebranding involves changing the corporate image of a company or organization. This marketing strategy gives a new name, symbol, and change in design to an already existing and established brand. Rebranding ensures a company/organization has a separate and unique identity brand from that of its competitors.
Rebranding can be classified into two: proactive and reactive. An organization opts for proactive rebranding when it notices a niche in the market and an opportunity to grow and expand tapping into new territories and customers or reconnecting with existing customers. On the other hand, reactive rebranding is done when an existing brand has to be discontinued or changed. This could be due to legal issues, mergers, and acquisitions, or negative publicity.
An example of an established company that rebranded this year is the Admiral Markets which is now Admirals. During the 20th anniversary of Admiral Markets AS in March 2021, the company announced its rebranding. It stands on the ethos of innovation, streamlining personal finance that reflects the continuous large-scale investments into IT, R&D, and outstanding product development for the past two years.
In the first six months of 2021, Admiral Markets AS has been in pursuit of global expansion. The company opened a European-origin FinTech office in Amman, Jordan, and attained a financial license in South Africa. They also increased their client base and net trading income.
Admirals is rapidly growing with the introduction of a wider range of products. It has also incorporated services that aim to make personal finance even more transparent and accessible. It also has a long-term strategy which upon implementation will help the company expand further in the Middle East and North Africa (MENA) area.
The 2020 global pandemic made the markets extremely volatile. The CEO of Admirals, Sergei Bogatenkov, notes that this helped to lay a strong foundation for the future trading habits and investments made by millions of people around the world. Therefore, Admiral’s rebranding has made an excellent kick-off and a disruptive effect on the FinTech world.
Since 2020 was an extreme year, 2019 is a more objective year because it reflected actual trends. In the first six months of 2021, Admiral Markets AS received 82% more applications than in the year 2020. This was also 451% more than in the same period of 2019. This marked a great stride for the company as it aims to demolish boundaries that had barred people from getting into the financial world. For this reason, Admirals has become a disruptor of the FinTech world bringing solutions to the financial market.
Admirals decided to take advantage of the unprecedented times brought about by the Pandemic outbreak in 2020. They saw an opportunity to sort out and help those who have experienced setbacks and obstacles in the financial sector. It also declared IT and education as some of the fundamental areas of study for the company. Therefore, Admirals took a role to be one of the key partners of coding school “code/Johvi. This has helped step up coding education in Estonia.
Rebranding is a great marketing strategy for a company that wants to expand into new territories and get new customers. It assists established companies/organizations to change their corporate image and fit in the market better. In the case of Admirals, their proactive rebranding strategy has helped them expand globally by opening the first European-origin FinTech office in Amman, Jordan. They were also able to attain a financial license in South Africa and this enables them to tap into the African market. The rebranding has seen Admirals create a unique identity from their competitors. It has also helped stabilize the market and this is seen in the improved numbers compared to both 2019 and 2020. Admirals are determined to take the global development and presence seriously and their strategy will help achieve the long-term aim.