Rolling out progressively in Australia later this month, the changes include an update to Vodafone’s iconic ‘speech mark’ logo and new brand positioning.

The Vodafone brand has lost considerable position and value in the past year, according to the Brand Finance Global 500 report for 2017.

The report, which lists the top 500 most valuable brands in the world, shows that Vodafone slipped from 30 to 50 on the global branding ladder, with the telco’s brand value dropping 22% from US$27.82 billion in 2016 to US$21.83 billion in 2017.

According to Vodafone, its “brand evolution is the first significant change to one of the world’s best-known brands since the introduction of the ‘Power to you’ brand positioning in 2009.”

Vodafone Australia’s consumer business director Ben McIntosh said the refresh of the Vodafone speech mark and new positioning, The Future is Exciting. Ready? represent how Vodafone continues to innovate for the future while delivering choice and freedom for customers.

“The wants and needs of our customers have changed, and with that we’ve changed too,” McIntosh said. “We’ve evolved our products and services to give customers more choice and more freedom. From no lock-in contracts to personalised service, $5 roaming (where you can use your plan for $5 extra per day in selected countries) and the fresh approach we’ll bring to broadband – we’re making sure customers are at the centre of an exciting future.

“We challenge the status quo and push the boundaries to give people something that they won’t find anywhere else. This is a natural evolution for Vodafone that reflects our desire to disrupt traditional conventions and provide real change for the future.”

Vodafone will start rolling out the brand changes in Australia from 20 October at the iconic Vodafone Gold Coast 600 Supercars event. A progressive rollout will follow in-store and online in the coming months.