Innovative Strategies For Revitalizing Stagnant Brands
Valter Klug, founder of Samba Rock, has 25+ years of experience helping brands grow into the US markets. Let’s connect on LinkedIn.
In the fast-paced American consumer market, staying relevant is key. Even the most established brands can find their growth plateauing. But with innovative strategies, these brands can be revitalized, paving the way for renewed growth and success.
Understanding Stagnation And Revitalization
Several factors can contribute to a brand becoming stagnant. These can include:
• Market saturation: As a market becomes more saturated, it becomes increasingly difficult for brands to stand out. This can lead to brands becoming complacent and failing to innovate, which can ultimately lead to stagnation.
• Outdated marketing strategies: Brands that rely on outdated marketing strategies are also at risk of becoming stagnant. This is because the way consumers interact with brands has changed dramatically in recent years, and brands that fail to adapt their marketing strategies to reflect these changes will quickly fall behind.
• Loss of touch with evolving customer preferences: Brands that lose touch with evolving customer preferences are also at risk of becoming stagnant. This is because consumers are constantly changing their needs and wants, and brands that fail to keep up will eventually be left behind.
Revitalizing A Stagnant Brand
I’ve noticed most brands focus a lot on distribution and sales and forget about the importance of brand building and marketing. Revitalizing a brand often involves embracing digital transformation and adopting a customer-centric approach. Enhancing online presence, using data analytics for decision-making, and engaging customers with personalized marketing are key.
Revitalizing a stagnant brand requires a comprehensive approach that addresses the underlying causes of the stagnation. Here are some examples of actions to take to become more relevant and successful in the marketplace:
1. Reevaluate the brand’s identity.
To revitalize a stagnant brand, first take a step back and reevaluate the brand’s identity. This includes defining the brand’s purpose, values and target audience.
For example, my company worked with a juice brand from Brooklyn that saw a decline in sales. To revitalize this brand, we repositioned it to resonate with hip-hop culture, integral to Brooklyn. We integrated themes like rap, basketball and skateboarding into their communications, tapping into the nostalgia for the ’80s and ’90s.
2. Align with current market needs.
Once the brand’s identity has been reestablished, it is important to align the brand with current market needs. This can be done by conducting market research to identify the needs and wants of target consumers.
3. Be innovative with your marketing strategies.
Brands that want to revitalize must also be willing to innovate in their marketing strategies. This may involve using new channels, developing new creative content or experimenting with new ways to reach consumers. It can also include rebranding and speaking to new potential audiences.
The aim is to create excitement around the brand, making it feel fresh and relevant, and creating added value that will result in increased sales and consumer loyalty.
For example, when working with another client—a family business specializing in Latin cooking ingredients that had never ventured into structured marketing before—we initiated their digital journey with the launch of their first website and social media presence, supported by influencer partnerships. Digital engagement through email marketing, sharing recipes and product use ideas, and launching an Amazon storefront helped expand the company’s reach and sales over their original distribution geographic reach.
4. Invest in customer experience.
I’ve found that the brands that focus on providing a positive customer experience are more likely to retain customers and attract new ones. This can be done by improving customer service, providing easy-to-use products and services, and creating a positive brand image.
5. Build relationships with influencers.
Influencers can be a powerful tool for reaching new audiences and generating awareness for a brand. Brands can build relationships with influencers by providing them with products to review. You can also invite influencers to events or simply start with reaching out to them on social media.
6. Give back to the community.
Brands that give back to the community are more likely to be seen as positive and responsible by consumers. This can be done by supporting local charities, volunteering in the community or simply donating products or services. The juice brand we worked with sponsored a local hip hop festival, which helped them reconnect with Gen Y and Z consumers.
Revitalizing a stagnant brand is about finding the balance between staying true to its roots and evolving with changing market dynamics. With innovative strategies and a keen understanding of market trends and consumer behavior, stagnant brands can not only recover but thrive.