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Despite having an honorable history and a successful sales record, sometimes a company finds it is suddenly unfashionable. This can happen when times change but a product or organization doesn’t change with them, or doesn’t change enough to keep pace with new and different tastes and preferences. When this happens some firms fold up and disappear, while others learn to adapt and survive, rebranding themselves in the process.
So what does rebranding mean and what are the advantages and pitfalls of taking this route? You could regard it as a sort of product or company makeover, in the sense that the idea is to step back from familiar or historical assumptions and reconsider how the brand fits with current thinking and contemporary society. If you get it right, you could give your business a whole new lease of life. If you don’t, perhaps the time has come to ride into the sunset. Here are a few inspirational survival stories from which you might just learn some valuable lessons.
The Apple of your eye
Going from everyone’s best buddy because of the introduction of the successful iPod, followed by the iPhone, Apple hit a dangerous downwards curve in the 1990s that almost bankrupted the company. Rivals such as Dell, HP and IBM posed a big threat that prompted CEO Steve Jobs to launch an ambitious advertising campaign that repositioned Apple as a lifestyle choice to encourage users to “Think Different.” Lovers of tech from a new generation responded positively and cemented the future of the brand, said to be worth circa $1trillion (July 2015).
Burberry brings it on
Once synonymous with raincoats worn during the summer months (in Britain) the famous Burberry check was tripped up by an unwanted association with hooliganism and was banned from British pubs and clubs as a result. The company could have given up and wound up production, however, enterprising chief executive Angela Ahrendts opted instead to maximize opportunities for personalization and to embrace technology. Social media has helped the company to highlight the quality fashion values of the Burberry products and enabled customers to order garments directly from international fashion show runways plus having them personalized.
Dominos dominate
Pizzas that taste ‘like cardboard’ are not a good advertisement for a pizza company, so when complaints began to be made in 2008 the company making them embarked on extensive customer research. As a result they improved their recipes, included healthier ingredients and boosted their profits. Digital tech also played a big part in the company’s rejuvenation and now a large percentage of orders are placed via mobile phone apps and online, where you can track the progress of your fast food delivery schedule.
Lego leads again
With the rise and rise of electronic video games and 24/7 TV, the old fashioned pastimes have somewhat faded and such was the case for the little plastic building bricks invented by the Danish toymaker. The Lego Company faced bankruptcy in the 1990s, at which point the CEO Jørgen Vig Knudstrop decided to focus on the original bricks and dump hundreds of other products. The Lego Movie then prompted adults to revisit their memories of the brand and to introduce their children to its traditional delights.
Mini me
Known as a British icon of the 1960s, this small economy car won many awards over the years, however, the glory days ended in October 2000 when production ceased. Almost uniquely in the auto industry and despite all odds it would seem that the Mini has been able to reinvent itself and today sales are increasing worldwide. Thanks to a German manufacturer a relaunch in 2001 has boosted sales to today’s level although further new developments are planned in order to keep the momentum going. It seems the Mini meets many people’s current requirements, providing essential elements that count when it comes to purchases. New Mini models have converted a basic economy vehicle into a stylish and desirable marque.
Rebranding gives your company a unique opportunity to reinvent itself, whether in relation to a specific product or products, or in terms of the business profile, image and market. The advantages are that you can start with a clean slate and position your firm very differently, however, it’s worth doing your research so that you get this right. It’s not advisable to cut corners and proceed with a radical overhaul in the absence of informed research as you will be leaving the company and its relaunch open to failure, which of course you will want to avoid at all costs.
