When the need to revive legacy brands arises, the question you should ask is 鎼榟ich elements of my brand are dormant, and which elements still have value??
What causes a legacy brand to lose value?
To understand why brands decline, we usually follow a brand鎶?product life cycle (PLC) framework, which identifies four stages – introduction, growth, maturity, and decline. The simplicity of the framework is appealing; however, it has major drawbacks, including its repetitive nature for managers. It uses sales to define the stages of the life cycle, which in turn are used to predict sales, which creates a self-fulfilling prophecy because, when sales share our website decline, 鎲乤nagement?decides that a brand no longer needs investment and begins to milk the brand.
A more evolved form of the PLC framework is the product evolutionary cycle (PEC), which offers additional insights into how a brand grows.According to PEC, in a biological context, evolution of organisms is affected by three forces -generative (their genetics), selective (the environment), and mediative (intervention by other species; specifically, humans). The PEC framework is equally applicable to brands. This framework implies that a brand can evolve, and is not check more predestined to die.
Can a legacy be brought back to life?
Today 鎼妉d?has become 鎻穕assic,?and classic has become cool. New brands and even new marketing campaigns can take years and huge amounts of money to catch on, and still fail more often than they succeed.
Brand revival is one of the most valuable ways to reduce risk and achieve a 鎻緀ad start?over newer branding concepts. For a legacy brand, the fundamental brand character and consumer proposition that helped a brand endure in the past can help it endure in the future.
Where is brand value still active and where is it dormant?
A legacy brand has tremendous value locked deep in its history. One needs to identify what those pearls are and bring them back to the forefront.
These are some questions that must be asked when trying to understand where the brand is still relevant and where it is dormant.
a. What are the strengths of your brand?
When bringing back a brand name from dormancy the essence of revival鎶?effectiveness is this: if it worked once, it can work again. The negative stigma of 鎼妉d?evolves into a positive label of 鎼峳oven? Understanding why the current state of the product is not working is necessary before rushing into a make-over.
b. What is the history of your brand?
Brands with a history always outdo brands without because trust and legitimacy are key foundations of a consumer鎶?existing relationship with their brands and these can only be built with time and effort. A brand鎶?history, perceptions and folklore make them memorable. Their stories spark conversations; create shared experiences and enduring engagements, which transforms audiences into empowered advocates.
c. Do you know your share this site target audience?
Understanding the pulse of the target audience is one of the most important factors when reviving a legacy brand. Consumers today are telling brands how they feel about them and what they expect from them.
Revival is evolution, not revolution. Legacy brands must take a long-term view in order for their legacy to survive.