The unfortunate and uncomfortable truth is that brands fail. On a regular basis, too. In fact, one could go so far as to say that only the minority of brands will find true success.
There are a number of reasons why brands fail. The question is—can you do anything to revive a dying brand? The short answer, yes. Hopefully your brand isn’t actually dying as you’re reading this. But if it is, here are three ways to breathe life back into it.
1. Tell a compelling brand story
One key to a successful brand is connection. And one way people connect with brands is via stories. Whether it’s your origin or something equally as powerful, telling a compelling story is a potent way to breathe life into a dying brand. The key here is to build a story that will resonate with your target audience.
One brand that does it exceptionally well is Thankyou. Establishing itself as a social enterprise and sharing the story of how 100% of the profit from each purchase goes to ending global poverty tells a powerful story about the brand’s intention and motivation for being in the world. It is also compelling for the customer who is motivated by making a difference and voting with their wallet.
2. Consider a rename or a brand revamp
There’s no point flogging a dead horse. If your brand is dying something needs to change. Perhaps it’s your name. Or possibly your branding could use some revision. Even some of the biggest and most widely recognisable brand (think Starbucks, McDonalds and Mastercard) have undergone brand updates simply to remain relevant to consumers.
Revamping your brand doesn’t have to mean changing everything or starting from scratch. Most often it’s simply about making small tweaks that modernise a brand or allow for a better connection with your target audience. This might be through updating the logo, reconsidering the colour palette, revisiting the typeface or some other design strategy. For something more drastic, you may wish to consider a name change. A good branding and design agency will be able to assist you with the finer details of a rebrand and what might be necessary to breathe life into your dying brand.
3. If nothing else, differentiate yourself
While there are many contributing factors to a dying brand, one of the most common is that somewhere along the line it’s gotten lost in a sea of competitors. It’s vital that your brand stands out in the crowd and so you have to work out how you can create a competitive edge. Identify your key differentiation point. Usually it will be something around value, desirability or innovation. There’s really no right or wrong. But whatever it is, when you find it, exploit it.