Nowadays, brands exist in a dynamic, ever-changing marketplace. These constant changes are driven by consumer wants and needs, increasing innovation and shifting expectations. Due to this, brands should be continuously adapting to environments they find themselves in, or in the environments they want to enter. This does require brands to grow- much like humans, we can’t stay still, the world still moves, still evolves- brands must do exactly that: evolve.
To stay in the game, brands could go through a revitalisation. It may become a necessary step in a brands longevity to avoid becoming irrelevant in this environment- especially due to the current climate. However, revitalisation is also a low cost, low risk alternative to building a new product development. Especially for upcoming businesses. It is natural for all brands to plateu in there natural lifecycle- leading to some sort of decline, but revitalisation makes that decline less detrimental.
For brands wanting a revitalisation, there are 4 methods they can follow: Brand Extension, Co-branding, Repositioning, Rebranding. A quick rundown of each goes as follows:
Brand Extension: Aiming to extend the brands meaning, and extend consumer variety seeking of said brand. The extension should have relevance to the brand and its original products.
Co-Branding: Combining with another brand ensures your brand has leveraging the power of the other brand chosen to collaborate with. Again any kind of revitalisation, should still relate to your original products/services.
Repositioning: Brands can also focus efforts towards changing perception on what they are known for. Repositioning is about becoming known for certain attributes/ associations- and good ones at that.
Rebranding: Rebranding consists of re-identifying the brand, providing new logos, packaging and imagery. The marketing strategy should focus completely on this.
Finally, the best piece of information/ advice comes from Giles Lary of The Value Engineers “Taking an honest and fresh perspective on recent performance of the brand, its competitors and consumer needs and expectations.”
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