Is It Time to Take Action to Revive Your Brand?
In my last post, I explained to you how to notice when your brand is dying. I told you how I define the term and pointed out the key symptoms of a sick brand. Now that you know how to spot a dying brand, you need to know when the best time to take action is.
At first glance, the answer seems obvious. You take action as soon as possible. And while that’s usually the case, sometimes it’s not so cut and dry.
See, what normally happens in respect to brands is one of the following:
- You think your brand is worse off than it actually is, so you make an unnecessary drastic change. In other words, you go overkill. Case in point, Tropicana orange juice. A couple of years ago, they thought it was necessary to revamp their logo. Why? They felt like they were behind the times. Big mistake. What was meant to rebuild their brand and usher in new customers instead caused a mass revolt. The move backfired and profits immediately plummeted. What happened? They saw what they thought was a sign of their brand being in trouble and responded too harshly. A perfect example of why the “act now ASAP” mentality isn’t always best.
- You fail to notice the signs—or worse yet, you ignore the signs thinking your brand will bounce back on its own—so you do nothing. Be it ignorance or be it arrogance, once the symptoms of a dwindling brand become truly apparent, it’s time to reevaluate. Failing to do so will undoubtedly find your business on life support. What it comes down to is some companies are just stuck in their ways. They feel that they truly have the best product to offer, and that will cause them to win out in the end. Maybe that’s what happened with LiveJournal back in the day. For those of you unfamiliar with it, LiveJournal is a social blogging network that was big before MySpace took over. At one point, they were offered a hefty sum to sell, but errantly refused. Then MySpace came into power, their band quickly faded, and they ended up selling for pennies on the dollar. Ignorance or arrogance? You decide. Either way, they didn’t act when they had the chance.
- You spot the symptoms, properly assess the level of severity, and make your move accordingly. Who better to talk about here than one of the most current rebranding success stories, Dominoes Pizza? After accumulating loads of data, including comments from people sitting in on focus groups, the message was clear—people thought their pizza sucked. Dominoes saw that their customer loyalty was at an all time low, came up with a well-calculated plan to fix it, and came out swinging. What did they do? They made a bunch of commercials admitting that they made crappy pizza, but ensured that their new recipe would make customers happy. And apparently it worked big, as profits doubled in 2010.
So when is the right time to make a move and rebrand? I’d say it’s when you have:
- Noticed the signs we discussed in the last blog
- Accumulated plenty of data to support the fact that your brand is in trouble
- A plan of action
Wondering what action to take? Stay tuned for my next entry and I’ll lay it out for you!
About The Author
Brian Waraksa, founder of Raxa Design in Houston, Texas has been in marketing and small business branding since 2002. He writes the Raxa Design blog on issues affecting small business marketing and corporate brands.
Posted on Thu, August 25, 2011
by Brian Waraksa filed under