Companies seeking rapid growth and have ample resources to invest can reinvent an existing brand to uncover hidden potential and achieve financial success.
Here are some interesting case studies that can be used to inspire problem solving for other situations…maybe yours.
Redefining the value proposition.
Increasing a brand’s attractiveness to a larger number of people is a sure-fire way to grow. But some value propositions are so deeply entrenched, it’s hard to revise. A practical and proven approach is to take a brand with a focused functional benefit and redefine it around an emotional benefit.
Making Dove soar.
Before its 2006 “Campaign for Real Beauty,” Dove’s point of differentiation was purely functional and based on its formula. Because it contained moisturizing cream, its products were suited to cleanse skin without drying it out.
For the brand refresh, Dove’s new proposition of supporting “authentic” beauty appealed to a broader audience of women at an highly emotional level. It was a stroke of genius — sales of Dove products in the U.S. and abroad rose 700%.
Find growth in a growing category.
Sometime businesses reinvent themselves to align with a growing category. However, the brand must have earned the right to enter based on existing competencies.
A slick repositioning enhances the performance of K-Y Jelly
K-Y Jelly was the surgical lubricant preferred by doctors because of its water- soluble base. While Johnson & Johnson marketed a consumer version in the 1980s, it took another two decades for the company to realize how lucrative the K-Y brand could become.
By embracing K-Y’s suitability as a sexual lubricant, J&J realized sensational sales growth. Rebranding, in this case involved closure of its medical sales, and adding performance-enhancing gels and massage oils to its product line. The result was swelling sales.
May the trend be with you.
Every marketer’s nightmare is waking up on the wrong side of a trend. For example—trying to sell gas guzzling Hummers when the price of gas exceeds $4/gallon.
In a case like this, a company is better off acquiring or creating a new brand to tap into the trend.
Reformulation can yield healthy sales
PepsiCo saw an opportunity in the trend toward healthier eating habits. With Sierra Mist–a lemon-lime-flavored carbonated soft drink–was used to kick off PepsiCo’s recognition of this growing trend.
Sierra Mist Natural was re-launched in 2010 as a caffeine-free and all-natural formulation sweetened with real cane sugar instead of high-fructose corn syrup. In its first six months on the market, sales of the new Sierra Mist Natural produced double-digit growth.
While past financial performance does not guarantee future success, substantial sales figures suggest underlying consumer loyalty. A brand that consistently generates strong sales can often be built into an even more powerful business.
The sweet smell of success.
After experiencing initial success with the launch of Febreze Fabric Refresher in 1998, P&G market research revealed that Febreze fulfilled an unmet consumer need. The happy news was the discovery that consumers were using it not just in the laundry room but in every other room of the house.
Several new Febreze products, such as odor-eliminating air fresheners, candles and line extensions, including a variety of fragrances to accommodate different tolerance levels for scent were created. Today, Febreze is one of P&G’s top selling brands.
Leverage core competencies.
The lessons learned through reinventing one brand may be employed throughout a company’s entire portfolio and lead to efficiencies in both manufacturing and marketing.
There’s beauty in strength.
Another P&G Brand, Oil of Olay was a key leverage point in attaining a major position in health and beauty. Between 1984 and 1997, P&G acquired numerous health and beauty brands, demonstrating its intent to dominate the category.
By reinventing Olay in the late 1990s, P&G developed a wide range of techniques to improve its skin-care and packaging technology.
So you don’t have to call in Ty Pennington and his handy megaphone to remodel your brand. Just take a long look at your strengths and opportunities and get busy!