In-Depth is UrbanClap’s Rebranding to Urban Company a Smart Move

1. In-depth: Is UrbanClap’s rebranding to Urban Company a smart move? Brand experts say five years of existence is too short to go for a Brand experts say five years of existence is too short to go for a brand rename unless it changes the services dramatically. They brand rename unless it changes the services dramatically. They believe startups te believe startups tend to change their brand identity more nd to change their brand identity more frequently compared to brick and mortar companies. But does it frequently compared to brick and mortar companies. But does it yield any results? BestMediaInfo.com analyses yield any results? BestMediaInfo.com analyses After spending millions of dollars of investors’ funds over the last five years to establish a brand identity, home services startup UrbanClap has renamed itself as Urban Company. The company, which also launched in international markets such as Australia, Singapore and the UAE, says the new umbrella brand captures its ambition to be a horizontal gig marketplace with a global footprint and leadership position across service categories. The company said it wanted a brand name with universal appeal. But brand experts say five years of existence is too short to go for a brand rename unless it changes the services dramatically. Urban Company will host six dedicated sub-brands — beauty, spa, grooming, repairs, cleaning, painting and other services such as fitness and yoga at home, including pest control. These verticals were also under Urban Clap. Kaizad Pardiwalla, Founder and CEO at KPC, Responsive Creativity, said a company gets into the re-branding exercise if it thinks its present reputation isn’t good and it wants to re-brand into a new avatar. Brands also do it to make itself a lot more appealing to the mass while entering new markets as well.

2. However, Pardiwalla said, “Five years though is a very short time for a brand to undergo re-branding, without having a major change in its product or service offerings. I think it is too early for a brand which is still building. Although they might have thought the earlier name was too sophisticated for tier II, III markets.” In the last five years, Urban Clap has spent a substantial chunk of investors’ money on TV, print, digital and outdoor advertising. The brand, in the last few years, has run an extensive media campaign to establish its identity on top of the consumer's mind. For the financial year ending March 31, 2019, the company's gross revenue more than doubled to Rs 116 crore, from Rs 46 crore in the previous year, even as its operating loss rose 26% to Rs 72 crore, compared to a year ago. Lulu Raghavan, Managing Director, Landor, said re-branding decisions are always connected to the business strategies. "Like evolution, it is not a huge change and it is just tweaking the brand to be more relevant while serve their business strategy better. As Urban Company is expanding services, verticals and global footprints, internationally, there is a change in the business strategy. In this regard, they have also taken the master brand strategy where all the different divisions and businesses will come under the umbrella brand. Otherwise, it becomes clumsy, and re-branding is simplifying the brand’s name,” she added. Read the complete article here - https://bestmediainfo.com/2020/01/changing-brand-identity-is- urbanclap-s-rebranding-to-urban-company-a-smart-move/ https://yourstory.com/2020/05/coronavirus-lockdown-urban-company-seeks-ecommerce- relaxation-norms https://craft.co/urbanclap/executives