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Introduction
Rebranding is one of the elements of this or that company reorganisation with the purpose of expanding the client base, increasing profits, and creating new and interesting offers for consumers. Nevertheless, this measure is necessary not for all organisations but only those that have some business challenges and are forced to look for new ways to improve their positions in the market. As the example of the company that needs rebranding, the MyRepublic corporation, an Internet and mobile service provider, will be considered. This organisation has rather large assets, however, some indicators of its activities do not allow it to develop steadily. The search for reasons and methods for this companys rebranding requires detailed consideration of its work, and proposals may be made based on current results and customer satisfaction with the quality of its services provided.
MyRepublics Current Product Offerings
The MyRepublic service has quite an extensive client base and provides various opportunities. For instance, possibilities given the provider open up prospects for cooperation with partners and business development through the provision of fast and stable Internet services ( Why choose MyRepublic for business, 2016). Also, the company gives customers special offers related to gaming activity and promises discounts on special packages for the fans of virtual reality ( MyRepublic Gamer, 2018). In a recent official statement, the organisations representatives noted that MyRepublic has formed a mobile virtual network operator (MVNO) partnership with StarHub, which allows it to use the telcos infrastructure to offer mobile services (Kwang, 2018, para. 2). According to the CEO of this Internet provider, their network is extensive with a customer base reaching over 70,000 households, translating to almost 375,000 in customer reach (Tay, 2018, para. 3). This statistics confirms that the measures taken are successful ways of attracting new customers and maintaining consumer interest.
The companys estimated annual revenue is $ 7.2 million, but, despite such good results, this provider has rivals that also perform significant success Singtel, M1, Telstra, and some others ( MyRepublics competitors, revenue, number of employees, funding and acquisitions, 2018). Although the work to improve the resources of MyRepublic is ongoing, the need for rebranding still exists. In order to find optimal strategies for the reorganisation of the companys activities, relevant academic resources may be valuable as a rationale. The basis for the success of a specific rebranding policy can be positive outcomes after a certain period, for example, three years passed after the introduction of a new operations mode.
The Ways to Rebrand MyRepublic
Using a rebranding strategy involves competition with other companies. As one of the ways of reorganisation, a pricing policy may be revised. According to Dong, Liu, Qian, Liu, and Wang (2015), in the field of tele- and Internet communications, price competition is the most important factor among the participants (p. 50). This factor is to be taken into account not to lose customers interest and to have an advantage over other participants in this market.
Also, the use of modern and high-tech resources should become one of the conditions of the companys work. Broadband fiber provided by competitors (Starhub, M1, and some others), has a higher quality, which is reflected in the interest of consumers. For example, in Singapore, MyRepublic has over 5 per cent market share of the fibre broadband market, which is not the highest result. (Loh, 2018, para. 24). The introduction of appropriate technologies will provide an opportunity to convince customers of the quality of the communication provided by the organisation and its desire to meet the needs of consumers. In three years, work indicators should be analysed and compared with the previous ones to obtain a comprehensive picture of the intervention.
Causes of Rebranding
One of the reasons for rebranding is dissatisfaction with the quality of the services provided. According to Han (2016), among customers claims, there are long wait times on the phone, generic replies to emails and lack of updates about the progress of their applications (para. 2). Therefore, a technical update is necessary to improve the mode of MyRepublics services and satisfy the modern standards of the Internet connection.
The power of brand is the concept that is well-known in the business sphere and may be addressed in the context of MyRepublics activities. As Wilson (2017) remarks, this strong branding may help to engage with clients and stand out from competitors. Furthermore, according to Hofacker, De Ruyter, Lurie, Manchanda, and Donaldson (2016), the strengthening of positions among customers is necessary if a certain enterprise does not have an ability to cover all available categories of consumers. In the case of MyRepublic, mostly millennials are aware of the services provided by this organisation (Han, 2016). Therefore, relevant measures should be taken to promote the provider among the population.
Progressive Economic Value
Concerning the effectiveness of the work on MyRepublics rebranding, this company can receive significant improvements not only due to developing the quality of the goods but also enhancing clients interest. According to Roy and Sarkar (2015), if a new brand image is communicated to all stakeholders, it may create a positive environment for sustainable development. The products and services of MyRepublic need to be updated since, as mentioned earlier, there are complaints from clients, which is unacceptable in the conditions of market competition.
As Hsu, Fournier, and Srinivasan (2016) note, brand strategies used by firms and business organisations largely depend on the experience of companies. MyRepublic has been operating in the Internet services market since 2011, and this period is sufficient to implement relevant innovations and to achieve success ( Why choose MyRepublic for business, 2016). Companies of this type can constantly adjust to changes in both consumer expectations and the competitive landscape (Dixon & Perry, 2017, p. 139). Therefore, client engagement in forming opinions on the specifics of the organisations work is an important factor.
Next Steps
In order to implement the rebranding project successfully, it is necessary to ensure the appropriate process of research and maintenance. Müller (2017) suggests paying attention to brand-centered control, a special form of work management, which implies tracking of any deviations and changes in the plan. Tuominen, Hirvonen, Reijonen, and Laukkanen (2016) consider discussions at the top management level since the support of leaders is an integral part of introducing innovations and reorganising any company. Consumer opinions may be identified through surveys, and in the future, a comparative analysis can be conducted to determine the satisfaction of customers with updated services.
Conclusion
Searching for the reasons for rebranding and the factors that can influence this process is a necessary practice for obtaining a comprehensive picture regarding client satisfaction with the companys work and the quality of services. Reorganisation can be carried out by updating the existing technical base and attracting different categories of the population. The analysis of the market and competitive enterprises is a necessary procedure. The experience of MyRepublic, its products, and client engagement are the criteria that determine the nature of the intervention. Maintaining the rebranding strategy is possible due to special control techniques and well thought-out research implying the opinions of consumers.
References
Dixon, P., & Perry, H. (2017). Rebranding today: A process, not a project. Journal of Brand Strategy, 6(2), 139-145.
Dong, M., Liu, X., Qian, Z., Liu, A., & Wang, T. (2015). QoE-ensured price competition model for emerging mobile networks. IEEE Wireless Communications, 22(4), 50-57. Web.
Han, E. (2016). MyRepublic NBN broadband provider angering many new customers. The Sydney Morning Herald.
Hofacker, C. F., De Ruyter, K., Lurie, N. H., Manchanda, P., & Donaldson, J. (2016). Gamification and mobile marketing effectiveness. Journal of Interactive Marketing, 34, 25-36. Web.
Hsu, L., Fournier, S., & Srinivasan, S. (2016). Brand architecture strategy and firm value: How leveraging, separating, and distancing the corporate brand affects risk and returns. Journal of the Academy of Marketing Science, 44(2), 261-280. Web.
Kwang, K. (2018). MyRepublic to finally offer mobile services in Singapore after StarHub partnership. Channel NewsAsia. Web.
Loh, V. (2018). MyRepublic enters mobile scene with boundless data, 3 new mobile plans from S$35. Today.
Müller, M. (2017). Brand-centred control: A study of internal branding and normative control. Organization Studies, 38(7), 895-915. Web.
MyRepublics competitors, revenue, number of employees, funding and acquisitions. (2018). Web.
MyRepublic Gamer. (2018). Web.
Roy, S., & Sarkar, S. (2015). To brand or to rebrand: Investigating the effects of rebranding on brand equity and consumer attitudes. Journal of Brand Management, 22(4), 340-360. Web.
Tay, V. (2018). MyRepublic CMO ahead of brand refresh: We are not that young kid next door. Marketing.
Tuominen, S., Hirvonen, S., Reijonen, H., & Laukkanen, T. (2016). The internal branding process and financial performance in service companies: An examination of the required steps. Journal of Brand Management, 23(3), 306-326. Web.
Why choose MyRepublic for business. (2016). Web.
Wilson, T. (2017). The power of brand building. Journal (Real Estate Institute of New South Wales), 68(3), 34-35.
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