Brand Rejuvenation

21/08/2020 1 By indiafreenotes

Revitalizing a brand requires either that lost sources of brand equity are recaptured or that new sources of brand equity are identified and established. According to the customer-based brand equity framework, two general approaches are possible:

1) Expand the depth and/or breadth of brand awareness by improving brand recall and recognition of consumers during purchase or consumption settings

2) Improve the strength, favorability and uniqueness of brand associations making up the brand image. This latter approach may involve programs directed at existing or new brand associations.

With a fading brand, the depth of brand awareness is often not as much of a problem as the breadth consumer tend to think of the brand in very narrow ways. Strategies to increase usage of and find uses for the brand are necessary. Although changes in brand awareness are probably the easiest means of creating new sources of brand equity, a new marketing program often may have to be implemented to improve the strength, favorability, and uniqueness of brand associations. As part of this re-positioning, new markets may have to be tapped. The challenge in all of these efforts to modify the brand image is to not destroy the equity that already exists.

The brand regeneration takes place in that, the marketing schedule is changed and secondary brand associations are established. This enables to resurface the sources of brand equity. If brand awareness is also lagging behind the characteristics of the brand itself, the company should investigate newer ways to communicate the product with the potential customers and reach out closely to the point of purchase. There are also many cases where the product is under-performing due to multiple problems with the brand image. It might be the lack of strength, favorability over other competitors, uniqueness and brand perceptions. The brand therefore needs to concentrate on the points-of-differences (POD) in order to remove itself from the clutter, differentiate the brand and include itself in the consideration set of consumers.

A number of different possible strategies designed to both acquire new customers and retain existing ones are possible. Different possible strategies are also available to retire those brands whose sources of brand equity have essentially “dried up” or who had acquired damaging and difficult-to-change also must be considered. Enhancing brand equity over time also requires that the branding strategy itself may have to change somewhat. Adjustments in the branding program may involve brand consolidations (where two brands are merged), brand deletion (where brands are dropped), and brand name changes.

The brand has to be revitalized because of the following reasons:

  1. Increased Competition in the market is one of the major reasons for the product to go under the brand revitalization. In order to meet with the offerings and technology of competitor, the company has to design its brand accordingly so as to sustain in the market.
  2. The Brand Relevance plays a major role in capturing the market. The brand should be modified in accordance with the changes in tastes and preferences of customers i.e. it should cater the need of target market.
  3. Nowadays Globalization has become an integral part of any business. In order to meet the different needs of different customers residing in different countries the brand has to be revitalized accordingly.
  4. Sometimes Mergers and Acquisitions demand the brand revitalization. When two or more companies combine, they want the product to be designed from the scratch in a way that it appeals to both and benefits each simultaneously.
  5. Technology is something that is changing rapidly. In order to meet with the latest trend, the companies have to adopt the new technology due to which the product can go under complete revitalization.
  6. Some Legal Issues may force a brand to go under brand revitalization such as copyrights, bankruptcy, etc. In such situations, the brand has to be designed accordingly, and the branding is to be done in line with the legal requirements.