Company's adopt a brand revitalization strategy when efforts to promote a brand are no longer effective. Brand revitalization serves to increase a company's market awareness and appeal to new customers.
Several causes may contribute to the need for brand revitalization.
- Increased competition. Differentiation is a key branding component. As competition increases, further differentiation may be needed.
- Decreased sales. A brand revitalization may boost lagging sales.
- Brand Relevance. Consumer tastes change. Target audience interest's change. Branding must keep up with trends and stay relevant.
- New Global Markets. When a company's brand reaches out to foreign markets, it also reaches out to different cultures that may interpret key messaging differently. New markets often require new branding.
- Legal issues. Trademark and copyright laws often necessitate branding revitalization.
- New Technology. That new logo and tagline look great on your website, but not on a smart phone. That's a problem.
When considering brand revitalization, focus on potential benefits. Brand revitalization can accomplish the following:
Publicize the organization. Sometimes the current brand just doesn't work. It's not capturing the minds or imagination of the target audience and company recognition just isn't there. Brand revitalization can help a company get known.
Refocus the organization. Successful businesses understand that sustained focus on a worthy goal produces results. If the company's primary branding message no longer plays a significant role in the company's activities, it may be time to refocus. One way to refocus an organization is a brand revitalization.
Bring back brand relevance. Brands articulate an organization's promise to its customers. It must differentiate itself and remain relevant to its target audience. Because attitudes and behaviors change, restoring brand relevance sometimes requires revitalizing the brand.
Rebuild brand trust. In an increasingly skeptical, untrusting world, building trust is necessary. Company brands must demonstrate that they care about customer experience. People buy products from individuals they like and trust.
Reach new markets. Brand revitalization can tap new markets by appealing to different demographics or different customer pain points. The trick with reaching out to new markets with brand revitalization rests in not alienating or discarding the traditional target audience.
Reach foreign markets. Technology allows businesses to expand beyond its original borders far more easily than in the past. A brand revitalization that understands important cultural influences gives the brand an advantage in a new market.
Increase sales. Most companies look for solutions when there's a problem--sales are down, company stocks have plummeted. Done correctly, brand revitalization promotes a company's money-making interests.