It might be almost blasphemous to talk about letting go of old brand equity and laying an old brand to rest, but there are times when change is needed. Reformulating and re-designing, or even overhauling an old brand can be a wise decision. If sales are flat and show no sign of growth, youd better stop kidding yourself and hire a branding consultant.
Brands are an extremely vital element in your product and corporate value proposition. With communications so pervasive today, corporate branding and product branding are becoming fused as one. Corporate brands are increasingly powering product brands and product sales and that pose some substantial risk, as those sub brands cant be as easily re-positioned when they falter.
As time passes, culture changes, new technologies and new competing brands appear and they change the perception of value that is available in a marketplace. Old sales propositions wont fly in the face of 20 or more other competitors offering the same benefits and features. With cultural, economic, technology changes, and corporate changes, your aging brand image and brand equity may end up doing more harm than good. Your...