Wednesday 28 November 2012

Brand Rejuvenation


Friday 31 August, 2007
Established brands are resilient, elastic and vital. However, continued good health is not a guaranteed condition.
Commonly, when brands suffer, three key factors are to blame. They are especially lethal when combined.
  1. Declining emotional benefits:

    Customers seek meaning in their choices. They need their brands to enable them to ‘sleep better at night' and to ‘broadcast something favourable' about themselves. When emotional benefits are lacking, customers are forced to expand their consideration set.
  2. Reduced functional benefits:

    Customers seek relevancy in their choices. They need their brands to solve a problem and/or to satisfy an immediate need. When the functional benefits are missing, customers are forced to expand their consideration set.
  3. Aggressive competition:

    Customers are relentlessly introduced to - and tempted by - "new and improved" brands. When a new brand repositions or replaces an existing brand, customers are forced to expand their consideration set.
Rejuvenating a declining brand often requires a cohesive "SWAT team" approach. The following methodology provides a three-dimensional view of a brand's current equity and, if required, a resuscitation strategy.

  • Review the current business strategy:

    What, and how many, products and/or services does your company offer? What are the costs of producing and delivering these products and/or services? Most significantly, who are your primary customers?
  • Conduct qualitative research with your current and former customers:

    How can you refine the definition of your most desirable customer demographically, psycho-graphically and behaviourally?

    What do they think and feel about your brand today? Why and when do they choose your brand over competitors? And what sources of trust do they value most when choosing a brand in your category?
  • Conduct a competitive brand audit with your customers:

    What other companies are vying for your customer's attention and wallet? What position does each brand own in the mind of your customer? Why choose your brand?
  • Conduct a visual and editorial audit of current marketing and communications:

    What does your choice of words and pictures communicate to your customers about your brand? Are your images resonating or repelling core customers? Are you out of date and unaware of it?
Introducing a rejuvenated brand differs from the introduction of a new brand in three key ways:
  1. It's easier to put a new idea into the mind of a customer than it is to change one that's already there.

    Manage the meaning of your brand as you transition it from its current state to the desired future state.
  2. Rejuvenating your brand often requires forcing customers to see competitors in a different light.

    Change the perception of your brand by repositioning other brands in your category. This ‘rearrangement' of the brands will impact both the customer's consideration set and their purchasing behaviour.
  3. History matters.

    Leverage the heritage of your brand by reminding customers that you have made and kept your promise in the past. Ensure them that you have the skills and desire to do so today.
Finally, to ensure your brand has a long and prosperous life, it is essential to provide constant care and nurturing. Regular brand check-ups conducted by brand experts will ensure that your brand stays healthy and continues to grow for years to come. 

Source:ceoonline.com

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