Brands often fail due to a variety of reasons such as a lack of innovation, poor management, and intense competition. However, there are also instances where a brand may have a momentary setback, but with the right strategies and tactics, they are able to turnaround their fortunes and regain their foothold in the market. One such example is the car manufacturer, Chrysler. In the late 1970s and early 1980s, Chrysler was in dire financial straits, grappling with high debt and intense competition from foreign car manufacturers. However, with the implementation of innovative new products and a restructured management team, the company was able to make a comeback and re-establish itself as a major player in the automotive industry.
Another example of a brand that has successfully come back from the dead is the fast-food chain, McDonald’s. In the early 2000s, the company was facing declining sales and negative public perception due to the growing popularity of healthier eating options. However, they were able to turn their fortunes around by introducing new menu items, revamping their marketing campaigns, and modernizing their store design. Today, McDonald’s is once again a dominant player in the fast-food industry.
These examples demonstrate that even when a brand is facing significant challenges, it is possible to make a comeback and regain their position in the market. It requires a combination of strategic thinking, innovation, and a willingness to adapt to changing consumer preferences. Companies that are able to implement these strategies effectively can overcome obstacles and re-establish themselves as a strong brand.
One way brands can regain customers who have boycotted their brand is by being transparent and owning up to their mistakes. For example, in 2011 Nestle was boycotted by customers due to a scandal involving child labour in their cocoa supply chain. The company responded by implementing new policies and launching a traceability program to ensure that cocoa beans were ethically sourced. They also made a public commitment to work with suppliers and NGOs to improve conditions for cocoa farmers. This transparency and willingness to address the problem head-on helped Nestle regain consumer trust and regain customers who had boycotted the brand.
Another example is Pepsi, which faced a boycott in the 1990s due to accusations of racial insensitivity in its advertising. The company responded by revamping its marketing strategy, increasing its focus on diversity and inclusivity, and creating ads that better reflected the diversity of its consumer base. This helped Pepsi regain consumer trust and regain customers who had boycotted the brand.