The Brand Revival Conundrum: When Innovation Meets Reality

As I've navigated the dynamic landscape of food, nutrition, nutraceuticals, pharmaceuticals, and supplements, I've had the privilege of collaborating with some of the most innovative R&D and marketing teams in the industry. These teams are constantly tasked with driving growth through innovation, whether it's as part of a brand extension or rejuvenation strategy. However, I've often found myself posing a critical question: "Is the brand itself still relevant in today's fast-paced, technology-driven world?"

The COVID-19 era has been a catalyst for change, accelerating the adoption of AI, IoT, and omni-channel strategies. As a result, some brands are struggling to stay relevant, their once-strong brand equity now waning like a fading sunset. The harsh reality is that some brands are simply outdated, designed for a bygone era when consumer lifestyles, habits, and communication channels were vastly different.

In such cases, investing in innovation and marketing to rejuvenate or extend a brand can be a Sisyphean task. It's like trying to revive a patient who's terminally ill, no matter how skilled the doctors or advanced the medical equipment. Out of compassion, we'd try to save a human life, but when it comes to a dying brand, it's essential to be more pragmatic.

The question is, will companies take the bold step of conducting a brand audit before pouring resources into innovation? Or will they continue to throw good money after bad, while their competitors silently (with amusement) overtake them?

I'd love to hear your thoughts on this. Have you encountered similar challenges in your industry? How do you approach brand revitalization in a rapidly changing market?

Let's discuss!

Dr. TiehKoun Koh

www.nykingfisherassociates.com