Reviving a great brand widens its consumer appeal.
Brands suffer a decline in value for a number of reasons. They may no longer represent product qualities or corporate values that are important to customers. Poor management may have damaged the performance of the company or its products. Stronger competitors many have overtaken the brand in terms of its consumer recognition or market share. Strategies to revive a brand take a number of forms, from redesigning the visual elements of the brand or increasing brand communications to restructuring the company to improve performance.
Instructions
1. Research the current perception of the brand. Ask consumers and other groups what the brand represents to them. Measure the level of awareness of the brand among the same target audience. Compare the research findings with any available historical data to identify changes in perception and recognition. Identify strengths and weaknesses in the current perception.
2. Establish a vision for the brand. Show how the revival strategy will make the brand more relevant to current market needs. Set targets for the development and enhancement of the brand. Consultancy firm Futurelab describes a model for the brand life cycle that shows how a brand can grow in strength. The stages are: product brand; service brand; category brand, reflecting sector leadership; personality brand, where consumers identify immediately with a strong brand image; and experience brand, where the brand has unique qualities that are difficult for competitors to match.
3. Identify strengths of the brand that may still be relevant. This is important for older brands that may have a legacy of quality in the eyes of consumers. A November 2009 New York Times article, "AOL Revamping Its Logo, Hoping to Revive the Brand," described how Internet company AOL realized that its name remained "one of the most powerful brands on the planet." However, the company recognized that it had to update the brand to become more relevant to current consumers.
4. Create a framework or road map for reviving the brand. A brand road map guides the work that transforms a brand from its current form to the vision, according to an article in Forbes, "Reinvigorate Old Brands." Appoint a design consultancy to redesign the logo and other visual elements that research shows are outdated. Analyze the product and service mix and plan a development program to create a portfolio that aligns with current market requirements.
5. Develop a communication plan to increase exposure of the brand. Communicate brand qualities in any media you use, including website, editorial, advertising, publications and point-of-sale material.
6. Make more fundamental organizational changes if research indicates major problems. According to brand consultancy Intangible Business, "the main reason businesses behind successful brands die is management and operational incompetence." The firm cited examples of legacy brands, such as Gibson Guitars, where a change of management saw a dramatic revival in brand strength following a period of neglect by previous owners.
Tags: brand where, current market, current perception, Identify strengths, more relevant, more relevant current, relevant current