The Anchor: 5 ways a brand can stay relevant

30 Mar,2012

By Alpana Parida

 

#1 Rejuvenate

An old brand like Pepsi has remained relevant for Gen X in the ’80s and now Gen Y as it has constantly rejuvenated itself. If a brand never changes the way it appears – it atrophies and dies. It must constantly rejuvenate itself to infuse freshness and youth into the brand.

 

#2 Reinvent

Environment keeps changing and brands need to reinvent the brand proposition to create relevance. Amul Ghee was slowly losing relevance even in homes where ghee was loved. A dry roti was becoming the norm. At DY Works, we realized that the consumer needed a nudge in reassuring them that there was enough according to Ayurveda that said one spoon a day was good for you.

 

#3 Repurpose

No amount of logo rejuvenation can keep a brand from dying if it does not repurpose its core deliverables in a changing environment. By not taking the threat of digital cameras seriously and in a timely manner, Kodak joined the brand graveyard which is littered with examples of giants who did not read the writing on the wall.

 

#4 Retract

Flexibility is key. Admitting mistakes is greatness. Wrong decisions get taken but brand leaders, like great generals, know when to retreat. Coca-Cola became an American Classic when it quickly retracted its New Coke formulation.

 

#5 Restore

As I was passing by Metro Cinema in Mumbai the other day, I was struck by how little interest there is in restoring its glory. Metro Cinema (1938) is an example of our Art Deco heritage. Today it is a multiplex movie theatre in Mumbai. It was built and originally run by Metro-Goldwyn-Mayer (MGM), the Hollywood studio. This has the ability to become a destination landmark and the equivalent of the Kodak Theater in LA for Bollywood. Sometimes, all that great brands really need is a little restoration.

 

Alpana Parida is President, DY Works.

 

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