One of the most recent news on the tech and transportation space is that of the emergence of a new brand from an old brand. An international transportation network company that was founded and headquartered in Tallinn, Estonia just rebranded.
Taxify has active presence in 30 countries. The news that greeted us this early March is that Taxify rebrands to Bolt. The reason for this?
Information from Techcrunch has it that 'The company is removing “taxi” from its name and rebranding as Bolt, the same name that it has been using for its new electric scooter service, to double down on providing multiple transportation options beyond private cars.'
Following what has been revealed as reasons for this rebrand, and people's reaction to the news, I have captured some quick lessons for B2B company executives.
After a close attention to the news of the Taxify rebrand to Bolt, here are few key lessons you could run away with, and apply to your company today. All to your success!
#1. Mergers and Acquisition is not the only reason for a rebrand.
Taxify did it, and you can do it too. You must not wait till you are taking a major step such as merger or acquisition before you can see reasons to rebrand your company.
I have had clients and prospects, who have left the market the where earlier positioned around into other diverse markets, but are yet to do anything to their brand identity.
Taxify has given us all a reason to believe and commit, expansion into a new market is enough reason for you to re-assess your brand identity and see if it will need a refresh.
#2. Make the Transition Gradual
There's always that great joy and awesomeness that comes at the end of a rebranding project. It's good to see everything as they all look fresh, and that to immediately let the world hear the cry of the new baby is always out of this world.
But take the implementation easy. Make it easy for the public to gradually assimilate and accept.
Taxify was gradual enough such that after reflecting their new brand identity on their touch points, they still left a trace to remind the people, "hey, we are still the people you know, taxify your friends".
Their twitter handles have the new brand identity reflected, but still bear the old name, taxify in brackets.
The identity has been reflected on their website too, and we see it that the old name is still left so people could easily associate with the brand.
On the header alone, we have the old and new names used together in two different places. Look at one at the top left, beside the logo, "Bolt". The other is just before the text on the centre of the header, "Taxify is now Bolt". And that means we have both names used in three places.
Further down the web page, we have the same juxtaposition once again.
Look at the image below, it reads, "ABOUT BOLT (TAXIFY)".
This tech startup has shown us few things that could lead to success, let's do much to adopt some.
#3. Feed Your Sheep
Yes. Don't just wake up one early morning and announce to the million follows that you have built over the years that you have rebranded. They will be real made at you, and you will still be the one at the losing end.
Don't isolate them. Make them part of the process. Inform them before them. Prepare there minds to what is coming.
Look at how Taxify did it with this tweet:
Doing this will help you have the fate of Coca-Cola and the New Coke. So you could avoid troubles even before they come.
It will also communicate to your customers that you have them at heart, and that they matter. What is a better way to build brand loyalty if not by involving your friends in your activities?
#4. A New Strategy Might Be Useful
If you are planning on entering new market, you might need to adopt a new brand strategy or redefine the existing one.
Taxify rebranded to Bolt. And it's presence in most countries where it operates is registered as Bolt, except for some U.K. countries such as London.
Taxify was not welcomed with an embrace in London, as it was in other countries.
"Key among those challenges is that the company has yet to launch a full service in the U.K., and specifically London, the biggest ride-hailing market in Europe. Its efforts to come to London stretch back to 2017, during what was probably the height of tension between its chief rival Uber and London regulators. Tired of waiting for its operating license to get approved, Taxify tried to circumvent the process by buying a small firm that already had one and launched services that way. But the regulators were in no mood for funny business: after a mere three days of service, it got shut down."
As reported made available on the Techcrunch blog.
Taxify decided to rebrand its London app as “Hopp”.
A new challenge, a new strategy.
This shows that during a rebrand, especially if you are planning to enter a new market, you should plan for contingencies that could come up.
Don't carry the same old school strategy to modern, internet-savvy audience.
The challenges could also be as result of difference in culture. Some markets might be more tense than others, just as Taxify later realised, "...London — and other tense markets for ridesharing startups like Spain and Germany — have all remained elusive...".
Key Take Away
A well planned rebranding project is always like a well planned vacation. Everything works out well, and the people involved ends up being in control.
Some company still have logos and brand identities that they acquired the first time they established business around 20 years ago or even more. Don't be one of them. If you check why Taxify rebrands to Bolt, it is basically becaused they were acquired.
You need a refresh. It makes you feel and look healthy. Don't wait till the next big event such as mergers & acquisition.