Reviving the Charm of Old Brand is Necessary for Sustainable Profit
Brand revitalization is a process that aims to improve existing products, processes, or brands to meet the changing needs and requirements of consumers in a constantly changing market. It is a corrective action applied when a business or product is in declining stage of its life cycle and is about to become obsolete. Brand revival is about changing consumers’ perceptions of your brand. This means keeping the fundamentals the same but changing your image to present it in a whole new way; updating elements such as the logo, color palette, tone, and website. When new customers interact with your brand, in case your brand looks outdated compared to your competitors, this may prevent them from buying your products or services. As with any effective brand strategy, your decision to revive the brand should be based on a thorough review or evaluation of the brand’s status, including reviewing issues or areas that need improvement, to ensure that you implement the rebranding strategy that provides the desired results.
Brand reviving Strategies
Brand revival is the result of creative thinking, problem solving, and a surge in growth. Now let’s take a look at the different strategies businesses can use to get a restart.
- Product enhancements: The products that dominate the market today may be overlooked in future by the buyers. To build customer loyalty, businesses need to continuously research and improve product features and uses.
- Better Packaging: If a product doesn’t look appealing to the customer or doesn’t come in the right packaging, it’s more likely to be rejected. Another smart strategy is to tailor product packaging to customer needs.
- Stories Connect: In the present scenario, a product or brand is backed by a story that drives the audience to influence them.
- Pricing Analysis: Companies may also adjust product prices based on added value, purchase quantity, specifications, craftsmanship, assortment and degree of customization.
- Redefining brand identity: If existing customers feel disconnected from the brand and are looking for better alternatives, companies can achieve this by adding value and providing a better customer experience.
- Product differentiation: This strategy certainly helps in a highly competitive market. Product differentiation is the introduction of additional services, perks, or benefits into a product that competitors do not yet offer.
- Reaching out to the community: Just like attracting customers, a community-focused brand can energize your face and help you catch up with sales. By focusing your brand strategy on communicating with your community, any brand can build a strong and attractive corporate image.
- Continuously reminding customers of the brand through advertisements can increase product usage. The benefits of frequent product use can be communicated to increase consumption.
- Another way to revitalize the brand is to reposition it. This means changing any of the 4 Ps in the marketing mix, ie. Products, prices, locations, and promotions. The best example of repositioning is Tata Nano. When it was launched, it was labeled the “cheapest car”, which hurt customers’ emotions and sales dropped sharply. In order to reactivate sales, a new “Celebrate Awesomeness” campaign was launched to reposition its image in the minds of customers.
By increasing the perceived value of a product or service, you can reverse a declining or stagnant brand and find new audiences who are willing to pay high prices and remain loyal to your brand outside of competition.
The revitalization of the brand is the key to an enterprise becoming the king of the market. Here are some of its benefits:
- Viable strategy: Compared with the failure of the brand (in the business decline phase or product life cycle phase), it is convenient to revive it in time.
- Improve brand equity: the rebirth of the brand. It can be an effective tool to attract and attract new consumers.
- Improve profitability: As the number of loyal and satisfied customers continues to increase, the company seizes the opportunity to create greater profits than competitors.
- Increase market share: Companies that follow market trends and continuously improve can gain greater market share.
- At some point, your information and brand may be diluted or inconsistent. Rejuvenation provides an opportunity to bring everything back to the main focus.
All these advantages of reviving the brand will eventually lead to sustainable profit for the company.
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This article was orignally published on https://www.brandsandu.com on June 10, 2021.