Welcome to the Eleventh episode of the Minutes Mastery series by 3T! In this episode, Rajan Arora closely examines how certain big brands need to revitalize. Brand revitalization is the process of renewing a brand that has lost its appeal or market share. It involves updating the brand's image, repositioning it in the market, innovating products, and enhancing marketing and communication strategies. By aligning with current consumer preferences and trends, a brand can reconnect with its audience, stay competitive, and regain its market strength. This approach often includes sustainability efforts and improved customer engagement to ensure long-term success. Nike, one of the world’s biggest brands, faced some tough times but found a way to bounce back stronger than ever.
Nike is a giant in the fashion and sports industry, but even giants stumble. At one point, Nike was dealing with a massive £21 billion loss. Rajan, a seasoned Marketing Trainer & Professor, breaks down what went wrong, from market saturation to changing customer preferences and some marketing mistakes.
One of the key concepts discussed in this episode is brand revitalization. Rajan explains that when a brand like Nike encounters challenges, it’s crucial to breathe new life into the brand to stay relevant. This might mean updating the brand’s image, revisiting marketing strategies, or innovating products to meet current consumer demands. Brand revitalization is about reconnecting with your audience, staying fresh in the market, and ensuring that your brand continues to resonate with consumers in a meaningful way.
Using an article titled "Why the World's Nike Trainer Obsession Turned into a £21 Billion Black Hole" from The Telegraph, Rajan explains how Nike turned things around by focusing on innovation, personalization, and sustainability. He shares how any brand can stay ahead by connecting more deeply with customers through customized products, eco-friendly initiatives, and special releases.
We thank Nike and The Telegraph for their contributions to this discussion.
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