- 9 Strategies to Revive Your Lagging Brand.
- Become Customer-Centric.
- Rename Your Brand.
- Streamline and Simplify.
- Reach Out to Your Community.
- Amplify Your Brand Story.
- Wrap-Up in Something New.
- Go the Extra Mile.
In business, the ability to remain relevant and competitive within a market is essential for success. However, as trends and consumer interests shift, many businesses find themselves in need of a brand revitalization. A brand revitalization is a process of refreshing or transforming a company’s vision and public identity to better meet the changing needs of the consumer and the business itself. By understanding the current market and consumer climate, businesses can develop a comprehensive brand revitalization strategy that will keep them competitive and help them reach their desired goals. In this blog post, we’ll explore the core elements of a successful brand revitalization, as well as the potential benefits that can arise from this process. We’ll also discuss the importance of identifying and leveraging consumer insights, as well as the steps to take for long-term success. Through this post, you’ll gain a better understanding of the brand revitalization process and find out how you can position your own business for success.
Brand Revitalization with examples | LEGO and Old Spice Case Study
Why do businesses revitalize their brands?
There are several key reasons companies revitalize their brands:
What is brand revitalization?
Brand revitalization is the process by which businesses update their branding and marketing initiatives to take into account market changes. This frequently occurs after a product has been on the market for a while, when profits begin to gradually decline after peak performance. Companies might think about updating their product specifications, packaging, or advertising tactics as a way to refresh their brand.
Examples of brand revitalization
Here are some examples of brand revitalization:
To satisfy the customer’s new or specific needs, businesses may change the product specifications or products they offer. For instance, a phone company might produce covers to safeguard its equipment. Once other producers start making these same products, the company’s profits might decline. They might create cases with built-in chargers to revive the brand. This will enable it to better adapt to emerging technologies and market saturation and boost its operational effectiveness.
Companies can use revitalization to target new customer bases. For instance, an athletic clothing business may prioritize comfortable attire for people exercising or participating in sports. The use of temperature-cooling technology in the clothing may present a market opportunity for the company to sell some of its existing or new products as loungewear. While providing customers who prefer the classic products the same experience, this new branding can reach new markets.
With brand positioning, businesses develop an identity based on the product, location, price, and promotion. Adjusting any of these can create brand revitalization. For instance, a business may claim that its shoes are the most comfortable while charging a high price. The business might think about lowering the price and rebranding them as the most affordable comfort shoe if sales start to decline. Loyal customers might be more interested in purchasing these shoes, and the business might gain the confidence of the market for discount shoppers.
A company can revitalize its brand if it needs to make a change for legal reasons. For instance, a sports drink company might learn that the rights to the image belong to someone else who uses a similar logo. It might change the logo, which might have an impact on packaging, website design, tagline, and color scheme, among other things. It might also develop a brand awareness campaign to acquaint current clients and draw in new ones.
Pros and cons of brand revitalization
There are several pros and cons of brand revitalization:
Pros of brand revitalization
Here are some of the positives of brand revitalization:
Cons of brand revitalization
Here are some drawbacks to brand revitalization:
Which is an important strategy of brand revitalization?
When a product reaches the maturity stage of the product life cycle and profits have significantly decreased, the brand revitalization marketing strategy is used. It is an effort to reintroduce the product to the market and secure the funding sources. e. customers.
In which of the following ways brand revitalization can be done?
While brand revitalization aims to grow the customer base of a product that isn’t making enough money, brand reinforcement works to increase the number of customers of an established and successful brand. In conclusion, both exist to support the expansion of customer base
What are the 7 steps to build your brand?
Conduct a thorough brand audit, establish the brand position, create the brand platform, establish the brand beliefs, evoke the brand experience, create the brand voice, and launch the new brand are the seven steps.