|
The brand renewal concept
speaks about the attention
given to the brand by the marketers during its stagnation
or decline stage to put the brand back on the growth track. Rekindling
the brand by the process of renewal is imperative to keep the brand
alive when the product faces cut-throat competition in the market
and threat from new entrants. Brand renewal increases the
product's perceived value to the customer and could ensure repeat purchases
or good word-of-mouth about the brand by the customers. The
brand renewal process could promote and expand the reputation of a
certain product thereby attracting increased customer attention. The
process involves changes in the logo design, slogan, brand promises
and even changes in the brand itself. It may sometimes even call
for rebranding, brand orientation or choosing new brand
ambassadors. The ultimate aim of the brand renewal process is to keep the
brand afresh in the minds of the customers and to appeal to the
non-users/purchasers to join the bandwagon of the existing customers
thereby increasing the customer base.
Advertising is the link between the marketer (initiator of the
brand renewal process) and the customers. Advertising is considered to be
the most powerful means by which customers and
prospective customers could be effectively reached. The extent of
advertising would decide the impact of the brand renewal process on
the customers. The advertisements speak about the functional
benefits and other values of the brand and try to imbibe these values into
the customers' minds. The objectives of the advertisement should
strongly be based on the fundamental principles of AIDA
(Attention-Interest-Desire-Action) and the marketers should effectively use
the various tools of advertisements such as banners,
posters, commercials, online ads, etc., to complement the brand
renewal communication process. |
