Feelin’ a little tired and old? A little dated, perhaps? Do you feel like the young people aren’t giving you the attention you’ve earned and deserve? Nobody seems to care about you anymore. All that’s left to talk about are the “old” glory days?
You may have been “all that” back in the day, but now you’re a legacy brand that seems to have lost its luster with consumers.
You’re not alone. There are lots of time-honored brands that are in the same position: left scratching their heads as sales and brand awareness continue to decline every year.
Some companies stop investing in these brands and just let nature run its course—allowing the brand to die a long and painful death. But smart companies realize the value of these brands and make the changes needed to revive them.
I’ve worked with many legacy brands over the years, and here are a few of my thoughts on how to return them to the profitable giants they once were:
Modernize your brand. Sometimes it’s as simple as refreshing your brand and packaging. Other times, it’s a little more involved. This is not something to try to fast-track. It takes consumer insight and a brand manager with a steady hand. I’ve seen too many brands rush into this and throw the baby out with the bathwater. We rarely recommend a revolutionary approach. It’s more evolutionary—retaining the brand assets that are still ownable and that consumers love and recognize and bringing in a new, modern twist.
Clearly distinguish between your brand and your product. You may have a great brand with decades of equity, consumer awareness, and pockets of loyal customers throughout the country, but your product(s) may not have kept up with consumer trends and demand.
If this is the case, it could potentially lead in any number of directions:
- Do you need to clean up your ingredient list?
- Should you modernize your flavor profiles?
- Is it time to launch a sub-brand, possibly a premium or better-for-you line?
Innovation is key here. Look at what’s exciting for both buyers and consumers; lifestyle, functionality, ingredients, flavors, etc. and figure out how you can adapt your legacy brand.
Remind consumers why they love(d) you. Marketers often forget that consumers have short memories. Over time, consumers stop buying products for any number of reasons; sometimes they simply need to be reminded to buy.
Sometimes this can mean just getting back to investing in advertising or switching up your media mix to give your brand a shot in the arm.
Other times, you need to make some real noise, relaunching to build excitement—reigniting your brand.
Consumers over 40 are most likely aware of your brand, they just aren’t buying. Reminding them through media outreach gets you back to top-of-mind, and if done correctly and consistently, can get you back into their weekly grocery routine.
Tell your story. Many legacy brands have an authentic brand or creation story. This story needs to be told. Everyone loves a great story, but especially consumers under 40.
Two things are key here: relevancy and awareness. Older consumers know your brand and simply need to get back in the habit of purchasing you, but newer, younger consumers not only don’t know who you are, but they also don’t have a reason to buy.
Figure out how to craft your story in a way that positions your brand to be relevant to younger consumers. Give them a reason to buy and become loyal to your brand.
Don’t give up on your legacy brand! You can revive and thrive in this new market.
Would love to hear your thoughts and comments, or feel free to email me at jamie@allebach.com
