I don’t think that I need to tell people about the advantages of strong brands – the benefits are immense. Yet, due to various factors, many of them associated with long term mismanagement, some brands do become stale and weak. Yet, unless the markets in which they operate have lost its relevance, brands can be revitalised. Here is a seven step formula that I read about somewhere – sadly, I don’t know who to attribute it to:
- Ruthlessly rededicate yourselves to providing quality. This is, possibly, the most important step towards reviving your brand.
- Dispassionately and in detail, assess everything which may be contributing to consumers’ perception of your product’s quality. Assess every element of the marketing mix to figure out the variables that may be pulling down the quality perceptions of your brand.
- Reassess the relationship between consumer and brand.
- Understand the brand values. Brand values are the most basic and fundamental meanings and significances a truly strong brand comes to represent – values such as honesty, affection, security, freedom, fun, dominance, trust etc.
- Every brand should have some kind of unique idiosyncrasy, something that makes the brand look different. It could be a mnemonic, a characteristic that makes it appear different.
- Work out a thorough revitalisation plan. This must look at every element of the marketing mix to make the brand relaunch unique.
- Look at a newsworthy launch. When you relaunch a brand start in a way that makes news. No amount of advertising will compensate for a launch that is covered by media during the duration of the launch phase.
The above makes a lot of sense. Yet, everyone will have a slightly different take on how to revitalise brands. The attached article is by Larry Light, Chairman and CEO of Arcature who was the Chief Marketing Officer of McDonald’s in the early naughties. He wrote the book “Six Rules for Brand Revitalization: Learn How Companies Like McDonald’s Can Re-Energize Their Brands,” and the attached article covers the six rules for revitalisation of brands.
Read the article here
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