Once on the verge of bankruptcy - this is how these brands reinvented themselves...
The other day I was thinking about all the brands that have died and gone to brand-heaven. Like, whatever happened to Kodak, Blockbuster or Palm Pilot? Were they just casualties of the digital revolution or could their brands have been saved if they had thought of a way to pivot, reinvent themselves and re-brand?
Let's look at a few brands that have done just that...
Old Spice - in the early 2000s the men's grooming brand was seen as outdated and quite irrelevant to younger consumers. Then, in a stroke of genius (or a really smart branding agency), they invented the "Old Spice Guy" commercials. You know the one I'm talking about right? (Watch here)
“Did the campaign work? Sales of Old Spice Body Wash, which were already on the rise, rose sharply, by 55 percent over the three months following the first aired TV commercial” according to Fast Company.”
2. Marvel - Did you know that in the late 90s, Marvel Comics was on the verge of bankruptcy, struggling with low sales? Today we know it as a powerhouse in the entertainment industry, but that didn't happen by mistake.
Marvel reinvented itself by focusing on cinematic storytelling, creating the Marvel Cinematic Universe (MCU) starting with "Iron Man" in 2008. Today it's one of the highest-grossing film franchises in history. The brand’s success extends to television, streaming services, and of course, continued comic book sales.
3. This one is no surprise: Netflix. Once a DVD for rent service by mail, (one up from Blockbuster I guess), they could have gone into oblivion with the rest of the DVD market. But instead they reinvented themselves in the 2000s by transitioning into a streaming service. From that, they started to produce original content, starting with "House of Cards" in 2013. Now they are in our hearts and living rooms forever, it seems.
So what can we learn from these brands?
You need to be flexible and open minded. If the market and the digital landscape is changing, you must be willing to change your concept as well. The person who says "we've always done it this way" - you might out of a job soon, sorry.
If your target group is aging and you want to appeal to younger generations, go where they are. And, don't be afraid of using humour - it is a great way of connecting to your audience. (Were the old spice commercials cheap? No, but even a small company with a very small budget can afford to be funny.)
Nostalgia is a powerful thing. Anyone who grew up reading comics will relate to the Marvel movies in a special way. Another example of this was the Barbie-core movement that came along with the Barbie movie. So, what can you talk about or touch upon that your customers or target group is nostalgic about? Can you translate that into a new format in any way?
“Were the old spice commercials cheap? No, but even a small company with a very small budget can afford to be funny.”
Great branding needs to be relatable in some way, that's what makes it memorable. Agree?
Next weeks topic in Brandfixing 101:
"This company stopped using social media, what happened might surprise you."
Stay tuned.
/M