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A lot of effort and expenditure
goes into the launching, subsequent nurturing and building of a strong brand. The
brand building process may not always be smooth. Some brands never take
off, while others soar into the skies. Marketers adopt a variety of means
to promote and build their brands. Achieving the prime position in
the consumers' mind about the brand is every brand manager's dream.
However, even the strongest brands cannot remain so
forever, without constant endeavors to maintain them where they are.
Many brands face stagnation or decline at certain times during the course
of their life cycle. Brand renewal strategies can help to redeem
the situation and put the brands back on the growth track. Brand renewal
also becomes necessary to rekindle interest in the brand, in the face
of high profile marketing by competitors, including new
entrants into the field. The classical model of product life cycle (the basic principle behind
which also applies to a brand) identifies four stages in the following
sequence: introduction, growth, maturity and decline. Many brands begin
stagnating after reaching a level of maturity or stability, and even begin to
decline. However, this need not signal the end of the brand or the product.
Most products/brands go through several waves of growth and
decline, before they eventually slide down towards total decline
and discontinuation. Ups and downs are part of the game, and marketers
have to be constantly on the alert to put their brands back on the flight
path every time they hit an air pocket – which begin to show signs of
decline. The various measures that may be taken to achieve this goal are
broadly referred to as brand renewal. For instance, brand renewal may
be implemented by boosting the advertising, changing the product,
its logo or packaging. More importantly, brand renewal should reinvigorate
the brand and strengthen its image and positioning in the minds of
the consumers. |
