By Avneet Singh Marwah, Director, SPPL (Kodak TV India)
Headquartered in Noida, SPPL is the manufacturing concern and India’s foremost OEM’s in CRT and LED Television. Kodak is a technology company focused on imaging with world-class R&D capabilities & innovative solutions portfolio.
Just a few years ago, seeing an Indian youth with a Nokia or an office-goer with a BlackBerry device on the road was a common sight. Over the period of around seven years both the brands haven’t been able to catch up to the plethora of options offered by other players. This has subsequently resulted in the decline of the brands and ultimately their death. It may seem harsh but the health and growth of a business is not guaranteed forever. When a brand dies, significant investments that were made to build the brand are also lost. Businesses may have a long or short life; however all of them during the course of their existence will experience a near death situation. If you find yourself struggling with a failing or dying business, here are 6 turnaround tactics to help you revive your brand.
Choose your product name creatively – There are so many products available by different brands which serve the same purpose. If you are selling a product similar as others, name your product in different ways. It needs to be memorable, unique, understandable, and relevant.
Think about multiple uses for the product – Start looking at the product in different ways and try to think of other uses for the product. Creative visualization can expand the scope of your product portfolio and help rejuvenate your brand. A simple example of this would be when Fonterra stop thinking of milk as a drink and started thinking of it as a food. This helped them change the scope of the product they were working with in so many ways.
Product price point – This is particularly effective approach when combined with segmentation. Go after various parts of the market with products that demonstrate various levels of value add and are price pointed accordingly – e.g. a bulk product at a bulk price, a high end or specialized product priced at a top-end price, and a consumer focused product that may even operate at flexible price points.
Redefine the audience– If your current audience has begun to place a declining level of value to the product, think about expanding the product to reach audiences who might add value in your product. Starbucks has redefined the value of coffee hip, urbane and tailored to individual taste. They are also looking to do the same with tea.
Packaging and distribution– To be successful, every brand must have a distinctive point of view and be able to express it productively. Effective packaging makes it easy to understand at a glance, what exactly the product is, for whom it is meant for and why it is relevant to your life. Naturally, the product has to deliver on its promise to ensure repeat purchase. Changing the distribution channel can be a highly effective way to transform your white label product into something valued by a more specific audience.
Differentiate your story line – New storylines can change how people perceive a product. Water, beer and wine have all used stories to engage consumers and to deliver a new sense of worth. Increasingly, there are opportunities to link undifferentiated products to differentiating stories around environment, supply chain, conduct, purpose and cause. Once integrated, that storied brand has new value for buyers because now there’s a personal connect.
The key to successfully staging brand resurgence in the value of your brand is to think of each of the six tactics outlined above as a chain. Each point is as strong as the link it supports, the stronger the link the stronger your brand.