BrainTrust Query: How to Revitalize an Aging Brand

Obviously the author hasn't heard the new DEVO CD. If he had he would understand that sometimes it's better when old bands--and brands--stay the stuff of romantic nostalgia.

Seriously, the argument seems a bit generic. I'd start from another position seeing if there are enough old fans around to make an initial investment profitable and then seeing how to build a fan base with new fans.

Sticking to the music analogy I'd say you want to be more like Bob Marley and less like Dion.

Ryan Mathews, Founder, ceo, Black Monk Consulting

I dunno. Ask Mick Jagger.

Len Lewis, President, Lewis Communications, Inc.

First of all, Australians don't get old--their hangovers just get worse. (Full disclosure: I lived there three years and loved it.)

As for reviving aging brands, the nostalgia of the original brand image for the original fan base always seems to be the starting point. After that, it's just a matter of whether today's kids feel as fondly about Ovaltine as their mom's remember feeling when their mothers made it for them.

The other (remote) possibility is that you have a truly ageless product or, in this case, sound. We still laugh about the day Ray Jone's teenage son, a then budding and pretty good lead guitarist in his own right, came home and told his Dad that he had "discovered this fabulous new guitarist that he just had to hear." The "new-comer's" name? Carlos Santana. True story.

Ben Ball, Senior Vice President, Dechert-Hampe

I think the operative words here are relevant and profitable. If the product is relevant to a large enough market and profitable to make, it is probably worth re-marketing. If after making that critical analysis the product meets the criteria, I think the author's five recommendations make sense.

Marge Laney, President, Alert Technologies, Inc.

I think to some extent we've come to believe that the mark of a strong brand (band, actor, manufacturer, retailer etc.) lies in the ability to reinvent itself countless times.

I prefer to think that truly great brands never find it necessary to "re-invent," "reincarnate" or "come-back."

The greatest thing about the Beatles was that they never got back together.

Doug Stephens, President, Retail Prophet

Doug hits on a pertinent point.

Another band from the UK that is venerated is the Jam.

Paul Weller split the band at their commercial peak at the ripe old age of 24 in 1982 and enshrined their untarnished legacy. He refuses to this day to get them back together for that very reason.

The same goes for the Beatles. They represented a time and place that cannot be recaptured but can be revisited through their ageless music.

Perhaps the sign of a powerful brand is knowing when to call it a day?

Bill Grize III, Communications Specialist, Stop and Shop

Before reviving an old brand, or acquiring an existing brand to turn around, we need to ask whether:
- There is evidence of enough customer awareness and support.
- There are positive connotations for the brand that can be built upon in the CURRENT market context.
- There is an opportunity to refresh the brand, while retaining its core promise and authenticity.
- The company has the resources and inclination to be a "caretaker" or "steward" of the relationship that has been created in the past between the brand and its customers.

If the answer is "No" to any of these questions, I'd hesitate. If the answers are all "Yes," then resuscitate by all means.

More here....

Devangshu Dutta, Chief Executive, Third Eyesight

What a great question and discussion this can be. Just think of the previous discussion regarding Sears and how this discussion could apply. Sears is a company badly in need of rediscovering who they were and how they became so good at what they did. They were the only game in town. They need to have a serious conversation with themselves to rediscover their mojo. Delivering groceries is not what is getting the Hoodoo Gurus back in the public eye. Nor will it be for Sears.

Ed Rosenbaum, CEO, The Customer Service Rainmaker, Rainmaker Solutions

I think the answer lies in "when," not "if," meaning that older bands are seeing the opportunity to make a second tranche of bucks and why shouldn't they give it a shot?

Since there are only a handful of bands like the Beatles and Rolling Stones, the answer isn't to "be like them." The other 90+% of music acts have a shelf life and despite massive popularity in their day, need to invest effort and resources to reinvigorate the brand for a second go-round--hence the need for some form of strategy.

Essential to success, the music has to be good. That said, capitalizing on the nostalgia of the name and reaching out through social media and other low cost channels is an efficient approach to pursue.

Taking the show on the road is the executional part of the strategy. I don't think too many older bands can get away with a new studio release and expect much without reinforcement from a live tour.

Bill Hanifin, Managing Director, Hanifin Loyalty LLC