We see this often. A brand that enjoyed superior market share rests and starts to lose its way. All the while the folks responsible for the marketing insist it is just a "blip" and things will turn around. When they don't the folks in charge of the bottom line get involved and the heads roll...the brand has a new launch and...sputters. Why?
That's a question that plagues our friends over at JC Penny. In 2012, despite increasing their media spending by 14% to $504 million, the company posted a sales loss of 25%. In the fourth quarter alone sales slumped by 28%.
We have a theory that the company simply waited too long. They waited too long to re-brand the chain as "hip" and young. They waited too long to adjust their media spending patterns to match the "new hip" JC Penny. They had a "tired brand" and coming back is going to take...time and money.
So, what about your business. No, you don't have the cash JC Penny does but have you seriously considered how relevant you are to today's market? Have you spent the time and money to sit down and review what you are doing and where you need to go?
You better...and while you are pondering your business future you might want to invite somebody who "reads consumers" to the meeting. They may ask the questions which will help wake up your brand.
What do you think? What are some of the best moves to "wake up a tired brand"? Go: