Three of the Most Successful Corporate Rebranding Initiatives of the Last Ten Years

Corporate rebranding is essential in certain circumstances; however, it is not right for all businesses. The businesses which benefit the most from rebranding are those which are struggling to attract their desired demographics and whose sales are dangerously low.

This may equate to the organization distancing themselves from their current consumers or they may choose to embrace their new consumers.

Either way, they must change the way they are viewed by the marketplace in an attempt to boost sales and often simply as a way to keep the doors open. Following is a short list of 3 rebranding initiatives that achieved great success within the last ten years.

Old Spice

Old Spice is more than 70-years old. In recent decades, people began to associate this brand with their grandfathers or an older generation altogether. It was highly unlikely any younger man would be caught wearing the scent of an old man; therefore, Old Spice was forced to rebrand or die. Their rebranding choice was to remain loyal to the product and logo, while simply changing the appeal of the experience their products will provide their customers. They used a former athlete as a spokesperson in commercials and viral videos. Old Spice also utilized social media channels effectively which is often difficult to accomplish for aging brands. They successfully completed the ultimate rebranding campaign as their sales increased 11% in the first year and have steadily increased since.

Apple

Apple was trading shares at $6 in 1997. Over the next several years, they had major decisions to make. They eventually decided it was time to rebrand and establish an image of quality products with sophisticated and almost artistic designs to bring in new and returning customers. Apple saw an opportunity to separate themselves from the competition and started their rebranding approach immediately. Once they began launching products such as the iMac and iPods, their legacy of the 21st Century was secured. In recent times, their shares have been valued at $350. The Apple then and the Apple now are virtually unrecognizable to one another.

J.Crew

The struggles of J.Crew have gone relatively unknown to the general public; however, in 2003, the company was at an incredibly fragile state. The company hired Miller Drexler as the new CEO, the man who made GAP a global sensation, and within two years, they saw their first profits in five years. In addition, between 2003 and 2008, company sales increased 107%, and in 2009, their sales reach a level which was higher than that of pre-recession days. What was the secret of Drexler? He rebranded the store to be a store which features simple yet luxurious basics of high quality and high standards.

Rebranding has the ability to take a failing business and revitalize it into a thriving business relatively quickly; however, if your brand is simply seeing a lull in sales rather than seeing plummeting sales and shares, you may not benefit from this approach. Gaining customer loyalty and repeat business is the most ideal way for businesses to generate long-term sales, and creating a relatable image is the perfect way to accomplish such a task.

Ann Hiester is a marketing professor, writer and wearing of J. Crew clothing. She became a marketing expert through earning her MBA from one of the Top 10 Best Online Marketing Programs.