Sometimes, when a brand has been around for a certain amount of time, it can lose its luster. It fades into the background, customers forget about it, and newer, more exciting companies take the lead.
It happens to almost every long-standing company. If you’ve been around for a few decades, you’ve probably seen this conundrum up close and personal.
Fortunately, fading away for a bit isn’t the kiss of death for a brand. In fact, it can actually be a good thing, telling you when it’s time to take stock, pivot your company and make some changes to stay relevant in today’s marketplace.
Are you feeling the sting so common to old brands? Do you want to revitalize interest and get customers and clients crawling back through those doors again?
Here are a few tips:
- Build on the nostalgia; don’t kick it to the curb. You probably have some level of name recognition if you’ve been around a while, so don’t nix your old branding altogether. Use your name to your advantage and instead devise a way to pivot to a new audience or part of the marketplace. As they say, “Don’t reinvent the wheel!”
- Study your customers – both new and old. Take a look at your clients back in your heyday versus someone who just bought from you today, yesterday or within the last month. What’s the difference? Are they in different demos? Do they have different needs? What type of positions do they hold or what companies do they work for? Assess how your customer has changed over the years, and use that knowledge to better position your brand to meet the needs of today’s clients.
- Know your competition. You may have known who your big competitors were on Day 1, but how close are you keeping tabs on the marketplace today? Do you know the more recent start-ups and products that threaten your viability? If you don’t, study up. You always want to know your current competitors so you can 1) differentiate yourself from them and 2) analyze their strategies.
- Solve a current problem. Make sure you’re still solving a problem that needs to be solved. If you’re selling typewriters, you’re no longer giving people a product they need; they’ll just head to Apple for that. Take stock of your products and services, and ensure that they still offer a solution for today’s modern world – not the world when you launched your brand!
- Take your brand into new venues. Forget using the same old strategies you used in the beginning. If you really want to revitalize your brand, you need to try something new. Branch out into social media, start using video to your advantage, or opt for digital marketing and advertising instead. Get with the modern times, and show your new customer sect how much you get them and their needs.
Want to revitalize your old brand? We can help. Contact the aerospace and aviation marketing experts at Haley Aerospace today. We know branding!
