Ankur Warikoo’s Journey: Mastering the Art of Rebranding and Seamless Communication

In the fast-paced world of start-ups, undergoing a rebranding process while maintaining transparent communication with customers can be a daunting challenge. Ankur Warikoo, the Co-founder and CEO of Nearbuy, a former Groupon subsidiary, has demonstrated a profound understanding of this dynamic. Nearbuy’s successful rebranding journey serves as a valuable case study for entrepreneurs seeking to adapt and grow.

The Rebranding Odyssey:

The pivotal moment came in August 2015 when Nearbuy decided to split from its parent company, Groupon, and undergo a complete rebranding. With support from Sequoia Capital, the startup reemerged as Nearbuy. For Ankur Warikoo, this journey was far from an impulsive decision. Instead, it was a meticulously planned process that unfolded patiently. He emphasizes the need for gradual and considered rebranding, suggesting that the process should ideally span over a year or even more. Nearbuy’s journey serves as a testament to this patient approach, with over a year passed since the rebranding commenced, and the transformation still being around 60-70 percent complete. This method ensured a seamless transition that retained existing customers without alienation.

Constant Communication with Customers:

Ankur Warikoo places great importance on consistent, transparent communication with customers throughout a rebranding phase. Even when the changes don’t directly affect the customer experience, reassurance is paramount. Customers value knowing that the core values and offerings they appreciate will remain intact. Continuous and informative communication is instrumental in sustaining their trust during the transition.

Rebranding isn’t a process limited to customers; it extends to various stakeholders. This includes vendors, consulting agencies, digital agencies, and branding agencies. Warikoo acknowledges the pivotal role of merchants, especially in Nearbuy’s model, where payments to merchants depend on customer transactions. To maintain trust, it’s crucial to assure vendors that rebranding won’t disrupt these financial agreements.

The Communication Challenge:

Effective communication during a rebranding process is anything but simple. Entrepreneurs often find themselves grappling with the transformation of their brand identity, which may lead to sacrificing the familiarity cultivated with customers. Ankur Warikoo candidly states, “We knew why and what to communicate with our customers. But we did not know how to communicate.” Tailoring the message to cater to each customer category becomes indispensable. Startups must understand the preferences and media affinities of their customer segments to communicate seamlessly. Digital-savvy customers may be reached through digital channels, while those primarily seeking cost-saving benefits may require a different approach. Warikoo even highlights Groupon’s innovative method of sending postcards with coupons to customers, demonstrating the infinite possibilities in customer communication.

Conclusion:

Ankur Warikoo’s journey with Nearbuy serves as a masterclass in the art of rebranding and effective customer communication. His unwavering commitment to patience, continuous reassurance, and engaging with all stakeholders illustrates the recipe for a successful transformation. Entrepreneurs can glean valuable insights from Warikoo’s experiences, recognizing that while change may be challenging, it can be navigated successfully with the right approach and a steadfast commitment to delivering a consistent and reassuring message to customers.