ARTICLE SUMMARY: Brands are like restaurants, they have a few dishes you love, and no other place makes them quite the same, so you keep going back there again and again.
When it comes to restaurants and brands, sooner or later you’re going to get tired of the same old thing and go elsewhere. When restaurants are in trouble they can revise the menu and utilize word of mouth and local advertising to revitalize their brand. But brands, especially national and global brands, are a whole other ball game. They require a strategy and a lot of time to turn things around. According to Michelle Wiles, it’s going to take roughly five years to turn a brand around and make it profitable again.
“How long does it take to turnaround a brand?” by Michelle Wiles is a look at a few of the major brands that were facing failure and examines how that happened, and more importantly, how they turned things around. Michelle focuses on:
- What happens in those 5 years of revitalizing a brand?
- What are the phases of revitalization
- Takeaways for turnaround CEOs, marketers, and investors
There is no magic bullet that will bring back a brand from the brink of failure overnight. Creative teams need time to understand customers and keep track of changes in brand perception. Teams need to be careful, a watered down positioning, or a brand that tries to target everyone will attract no one.
Once a brand starts to fail it is not an easy road back, time and strategic planning are a must if you’re going to rebuild trust, relevance, and market position.
If your brand is in trouble, this article is for you. Let us know what you think in the comments.
