Sep 23, 2010

Brand Revitalization

Consumers as innovators have offered a deeper insight into what motivates private innovators who are neither financially nor contractually committed to come up with improvements to existing products or innovations. Innovative consumers’ in the internal R&D processes with company professionals can spin off global top line brands just due to their active consumer involvement. However, the brand revitalization is actually opening for a range of new consumer experiences and interpretations. 
Usually when a brand begins to lose its market share the company of that brand faces difficulties in harvesting it or even sometimes go for sell it out decision. But it is often more effective for a company to breathe new life in the failing brand. Great brands who never ever fail basically stand on the movement of society’s mean what is going on all around us especially people likes and dislikes. Brand can achieve the eternal success only by making functional and rational benefits for its consumers. Now-a-days this milestone only would be possible with emotional benefits.
Decade by decade and generation by generation the brand could only maintain its position in the market place by staying relevant to the ever evolving consumers. Moreover, in total there are only nine brand drivers exist which could set the value and future of any brand. These are named as 1) Story 2) Authenticity 3) Rituals 4) Icons 5) Community 6) Specialization 7) Lore 8) Language and 9) Rivalry. 
Great brands always attach a story line with them that made them popular among consumers. The popular British made car “Mini Cooper” has also such a story line. This car won the race title three times. Later on BMW purchased it and market it with this story line. Consumers are heavily influenced by how a particular brand made and come to them. When buying a brand consumers always give a judgmental look to the brand authenticity other than price  and quality. 
Ritual like religion is used to make bonding between consumers. And it also bonds the consumer with the brand. Icons are the special symbols, pictures, or a signs to denote a brand like McDonald’s Golden arches. It is a valuable source of differentiating brand from the rest of clutter. Community is a special group of people which are associated with each other based on brand like or dislike. Sometimes in branding of a product companies claim that they are specialized in a particular brand category. It is quite a sharp and useful technique but a bogus one too. It actually limits the boundaries in sense of innovation and can be dangerous in a case of brand revitalization. 
Lore means secret. Many companies usually in the food and beverages claim that they have their secret formula. Like coke and KFC. Language can also be a strong tool in branding, in fact it is much stronger as compared to images or song like BRRRRRRRRRRRRR for coke is a special language for coke identification. Lastly rivalry means coke would not be what it is today if Pepsi did not exist. Rivalry strengthens the brand community always. Most importantly, it helps in branding as what the brand is could only be easily stated if one knows what the brand is not! Compromising Positions

Latest Tweets about Marketing

Popular Posts