Unheralded marketing heroes renovate their brands while they are strong and growing. They spot changing market dynamics and address them as opportunities before they have time to develop into threats. Their reward is faster profitable growth without the negative headlines (Geyer, 2009)1.
Geyer’s candid explanation of why rebranding is necessary even while the company is healthy should be followed by firms everywhere. The concept of waiting until signs of trouble appear before making changes to the company’s image is a recipe for disaster. Let us look into the specialty fragrance company Bath and Body Works. It currently has 1558 stores that are mostly found in shopping malls. The brand image has not changed much since its founding in 1990. The company, although healthy could use some rebranding to keep it going strong:
1. Update their logo: It The Company’s logo is simple and to the point, I am sure that it is a strategic decision but even a change in color or background to their logo would keep the firm looking fresh and modern.
2. Bath and Body Works does not have a tagline such as McDonald's “I’m lovin’ it” I would give it one for example “Bringing Home the Happy” or “The Ultimate Spa: Your Home”.
3. Using technology to the company’s advantage: There are “apps” for just about anything one could think of, but Bath and Body Works does not have one. It could list all their products, allow for mobile commerce and offer promotions and sales to all its subscribers.
4. Social Responsibility: Bath and Body Works should lead the way in giving back to those in need. It can be in the form of hygiene kits, consumers could sponsor or a donation could be made with every purchase.
There are many ways in which a company can rebrand itself to maintain relevance in a fast moving and ever changing business world. Building customer relationships and staying on top of consumer and social trends is the key to a healthy and prosperous brand.
1. Geyer, F. (2009, March 24). Four Best-Practices for Renovating Your Brand Before It's Too Late. Retrieved May 22, 2015, from http://www.marketingprofs.com/9/best-practices-for-renovating-your-brand-geyer.asp