With the ever-evolving nature of business, the “brand revival” phenomenon is gaining momentum. For many companies, a brand rebirth can prove to be a good strategy to breathe new life into their presence in the marketplace and draw in old customers along with new generations. With evolving tastes among consumers and nostalgia on the rise, some traditional legacy brands are making an impressive return, proving that old does not equal old-fashioned. But what does it take to make a brand relaunch success in reviving a legacy brand?
Let’s see how old brands making a return and how they’ve been successful in doing so.
Why Legacy Brands Are Returning
Branding is not just about remaining up-to-date; it’s also about remaining loyal to your heritage and adopting innovation. A majority of the legacy brands have been around for decades, founded on a platform of trust, quality, and familiarity. Such brands have, over time, faced some challenges—new players, fluctuating consumer needs, and shifting market trends. However, brands nowadays are seeing a trend of nostalgia, where consumers go back to brands that give them a sense of comfort and familiarity.
The Key Ingredients for a Brand Relaunch Success
While the revival of a heritage brand may seem to be a simple nod to the past, it is far from it. Brand revival is a delicate art of keeping its integrity intact while getting in touch with modern sensibilities. These are some of the basic ingredients that go into a successful brand revival:
1. Understanding the Consumer Shift
Those brands that can re-emerge successfully understand the shift in consumer behavior. The younger population is not simply looking for those products whose values align, but also the brands that evoke feelings of nostalgia and familiarity. It is this shift in consumer wanting that the legacy brands excel, having already garnered a grassroots identification and trust within the market.
Take, for example, Polaroid, which managed to reboot by launching instant cameras that surfed the millennial love for vintage aesthetics. Polaroid’s resurgence rode the trend of analog photography, but persisted in surfing its retro appeal.
2. Rejuvenating the Product without Forgetting the Identity
One of the biggest challenges that brand legacies face is how to reinvent without throwing away their heritage altogether. A brand relaunch success will typically require changing a product or service to suit the times while, at the same time, retaining what made the brand legendary in the first place.
For example, Nike has successfully revived retro sneaker designs like the Air Jordan, updating the style with contemporary materials but retaining the signature branding that made the shoes legendary. By achieving this level of balance, brands can be sure that they remain relevant to current and prospective customers.
3. Riding the Digital Revolution
In the modern digital age, brand revivals rely heavily on digital means to thrust themselves back into the spotlight and engage with customers. Social media, influencer marketing, and advertisements online have the potential to make a buzz about the comeback of a brand instantly, enabling it to generate buzz and momentum. Most traditional brands are utilizing these mediums not only to promote their offerings but also to craft participatory, customer-focused experiences that resonate with customers on a personalized level.
Coca-Cola is a classic case of digital transformation leading to a brand renaissance. The company has adopted social media campaigns and special packaging items to connect with the youth consumer segment while maintaining its retro image. Due to these efforts, Coca-Cola has managed to reposition itself as a global icon brand.
4. Reassessing Brand Values
For a legacy brand’s comeback to be successful, it typically needs to revisit its core values. As more consumers are looking for sustainability and ethical business practices, companies are redefining their stance. Brands with a commitment to such principles stand a greater chance of succeeding with their comeback.
Ben & Jerry’s has always been a brand that stood by its commitment to social justice, environmentalism, and corporate citizenship. It is something that not only maintained the brand as current but also made it a market leader within the food and beverage industry.
Some Successful Relaunches
Several iconic brands have achieved outstanding revivals over the last couple of years. These are a few examples:
1. Toys “R” Us
After its 2018 bankruptcy announcement, Toys “R” Us made a shock revival in 2021 as the world rode a wave of nostalgia and continued need for store visits. The retailer opened up once again in a fresh, refreshed look, inviting parents who visited Toys “R’ Us as children as well as the new generation of toy consumers. By focusing on in-store experiential encounters and expanding its e-commerce options, the brand is positioning itself for long-term prosperity in an ever-more competitive environment.
2. Blockbuster
While it might seem counterintuitive, the fabled video rental store Blockbuster has returned in a new form. While its retail stores are mostly a vestige of the past, the brand has survived by capitalizing on its retro charm. With a strong online presence and partnerships, Blockbuster has doubled down on its pop culture clout, resurrecting its legacy brand as a nod to vintage entertainment.
3. Heinz Ketchup
Heinz is yet another great example of a legacy brand comeback that has managed to evolve with changing tastes and trends. With its trend-setting ketchup, Heinz went ahead with limited-edition flavors as well as emphasizing sustainability efforts within the business. Their ability to stick to the heritage of the brand, but adapting their products to the needs of modern times, has allowed them to stay in the fray in an incredibly competitive market.
Why Some Brands Fail to Revive
Not all legacy brands that attempt a comeback succeed. The most frequent cause of failure is typically a failure to adapt to consumer expectations or an inability to change with new market trends. If a brand becomes too nostalgic and fails to modernize its product, it will become irrelevant or disconnected from the audience of the day.
The Future of Brand Revivals
The key to a legacy brand comeback typically lies in the capacity to combine nostalgia with innovation. Companies that embrace this combination will certainly go on to experience brand relaunch success in the years to come. Brand revivals will likely be shaped by technological innovation, increasing consumer desire for openness, and increased personal interaction between brands and consumers.
Conclusion
Brand revivals are not just a passing trend; they are a testament to the strength and adaptability of heritage brands. By staying true to their original values and adopting modern trends, these brands have succeeded in an ever-evolving marketplace. In the coming years, the key to a successful return of a legacy brand is knowing the consumer trends, leveraging the technology, and offering the product that resonates with the original as well as the next generation. For those companies who are ready to make a comeback, the time is now to harness the power of innovation and nostalgia to stake their claim in the branding future.