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5 Brands to Study and Get Motivated to Building a Great Brand Even if your Brand is experiencing a Decline
The trend of brands is going on from long time. People get emotionally attached to the brands they love. Be it brand in any category of products household/ lifestyle, apparels, shoes, food & beverages, FMCGS or others.
Some brands do well for years and years while some get extinct within a short span of time because they fail to match the pace with the competition and due various other reasons.
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| Brands that faced downfalls and yet made a great comeback (Photo- www.FHM.Com) |
There are brands that see the highs and lows yet manage to flourish. In this article we will read about a few brands that marked a great comeback after their downfall.
Let us throw light on these:-
5 Inspiring Businesses and Brands that recorded an Impressive Comeback
Some renowned brands which fare well at their peak loose their hold gradually in the market due to some or the other reasons. In this article we will discuss about such brands and how they succeeded in surpassing their lag phase and made a great come back.
1. Converse
Converse started of as rubber shoe company which specializes in galoshes, in the year 1908. 1920, it launched its canvas basket ball sneaker: All Star.
Later in the year 1932, the company signed basket ball star Charles Hollis “Chuck” Taylor to market the product which eventually earned a nickname after him which says the Chuck Taylor.After the basketball star’s name got attached to the brand, i no time it became the most popular sneakers in the league.
As the time passed, in 1980’s there came huge competition in the name of Nike, Adidas, Reebok and Puma. In the year 1998, only 2.3% of market share was claimed by Converse that landed it to the situation where converse was bought by one of its nearest competitors Nike in the year 2003.
This new leadership, new direction helped Converse to embrace the “old school” style that had attracted audiences over the years, which ultimately brought life back to the brand and reinvented it all over again.
2- Lego
Founded in the year 1932 by Ole Kirk Kristiansen, lego is one of the world’s leading manufacturers of play materials. In 1990’s lego got desperate about expanding their brand by way of new product design, innovative product.
This wasn’t as easy as it sounded though. For this a lot of work needed to be done on manufacturing as well as promotion part. By the year 2003, the company lost $300 million projecting the lost of $400 million by the coming year.
The reason for this loss was that the designs created by the company was did not appeal its target audience. Later in the year 2004, when Jorgen Vig Knudstorp joined as the CEO, he took a new approach which emphasized on creating the designs which target audience wants.
The campaign “Imagine” was created by Lego in the year 2006 that marked its great comeback. In 2015 lego brought in $5.2 billion revenue and stood as the second largest toy company in the world.
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3. Pabst Blue Ribbon
For this company, its no advertising strategy became its plus point for its comeback. Giving up on traditional advertising was the key for its comeback. In the year 2001 PBR’s sale drowned totally.
Now even if they wanted to, they couldn’t have afforded the traditional advertising and that’s when they turned to Fizz which was word of mouth marketing agency based in Atlanta. The first step which the agency took was finding out the reason who all are still drinking PBR and know what was making them loved this drink.
Who would have wondered that PBRs no money for traditional advertising will turn as a boon for it. The best selling point for PBR was that young people had never seen PBR ad. With the new strategy by Ted Wright, managing partner and founder of Fizz, which includes sponsoring of events and more, PBR turn out as a billion-dollar brand.
4. Old Spice
A lot of competition came for old spice in the latter half of 2000s in the form of Axe and other men’s grooming products. These were taking away the market share of Old spice.
When in front of Axe, Old spice started becoming outdated, it then called on Wieden + Kennedy agency to help them improve things. With its help the brand got rejuvenated and by 2010 with its “Smell like a Man, Man” campaign, the brand’s sales marked growth by 27%, making it the leader in the category.
5. Starbucks
Starbucks was expanding at a great speed in the early 2000s. It had a huge customer fan base which it built by its offerings but later its quality of service was unable to match with the pace of its expansion which started diluting the brand.
A time came when about 900 of its coffee stores was shut down. The coffee chain which once was unstoppable was near to non-existing. After this sudden downfall, Starbucks collaborated with ad agency BBDO to launch the largest marketing campaign ever in starbuck’s history which was multi-million dollar “Coffee value & values” campaign.
This campaign was quality focused (quality of product) and changed the state of the brand by resulting into huge revenue of more $16 billion.
Examples of the big companies that made a great comeback
If you run a business (of any size), you sometimes need an inspiration, specially in difficulty times. You have to think positively and need to elevate your spirit of business to rise above the difficulties and hard times. Who does not face such challenges or crisis in their life? So, if you come across a situation when things look very gloomy and you are facing a situation where the survival of your business becomes a question then you should think about other similar businesses in your industry who faced the somewhat same situations but who came out of that period as a winner! See below the examples of some big companies which encountered a survival threat but came out of the crisis successfully and regained their name, fame, and business once again.
Hertz | Lego | Applebee’s | Apple | Toys R Us | Starbucks | Chipotle | FAO Schwarz | Hostess | A&W | Best Buy | Marvel | Sbarro | Delta | Netflix | Jack in the Box | Converse | Abercrombie | …and many others…..
