How to Restore a Brand’s Former Glory? These Five Companies Have Shown That It Is Indeed Possible…

The idea of starting a new company is exciting because you are building a new identity, but it is also daunting as statistics do not favor entrepreneurs since most small business owners and startups are doomed to fail from the outset.

No matter how brave and fearless you are when starting a new business, you are aware that everything can go downhill. However, not everything is so bleak; even if your brand seems to be losing its initial momentum and you feel it is starting to fade away, it does not mean it is doomed to fail. Moreover, the world of entrepreneurship is filled with stories of leaders who have brought companies on the brink of collapse back to a successful path.

We present an overview of 5 well-known brands that have revived their business and restored their brand’s former glory.

1. Converse

Chuck Taylor high-top sneakers, better known as Chucks, were created as a marketing trick by Converse. It all started in the 1930s when basketball star Charles Hollis (Chuck Taylor) signed a contract to promote this type of footwear with Converse. Although high-top sneakers had been produced since 1917, sales were not great until Chuck Taylor put his signature on the sneaker, which caused sales to skyrocket.

Unfortunately, as every trend is fleeting, so was the popularity of Chucks. After a few decades, large companies like Nike began to take over the market, and by the mid-1990s, Converse was practically a dead brand. Nike acquired the company in 2003, revitalized the market with a new image, and associated them with many celebrities such as musicians, artists, and actors. Thanks to Nike, Converse was revived, and Chucks are now one of the best-selling shoe models.

2. LEGO

LEGO bricks have always been a popular toy. However, in 1990, LEGO tried to adapt to modern times by producing new sets of bricks with special pieces. In theory, the idea was excellent, especially since every company needs to adapt to modern times, but unfortunately, these sets were not well recognized by the largest consumers, children, leading to LEGO suffering heavy losses in the millions of dollars in 2000. What did they do? They returned to the basics and began promoting their original line of LEGO bricks that stimulates children’s imagination, and they expanded the market with video games and movies.

3. Volkswagen Beetle

This model sold successfully during the 1970s with over 15 million units sold, but that fame was short-lived. Just a few years later, the Beetle fell in the market, and the company hid this for years. After nostalgia for the past became global and retro design came back into fashion, Volkswagen seized the opportunity and redesigned the Beetle model for a new audience. The fact that demand for the Beetle continues to grow today speaks volumes about how good this move was.

4. Starbucks

It is almost impossible to find a person who has not heard of Starbucks. If you do not live in a city that has at least one Starbucks, then you have surely visited one during a trip to one of the European metropolises. However, Starbucks has not always been this recognizable brand with a stable position in the global market. At its inception in 1971, Starbucks was a local coffee shop in Seattle. For many years, it operated with below-average revenues and without a clear long-term vision. After some time, a simultaneous rebranding and the launch of a franchise business began, resulting in the opening of cafes worldwide, and it continues to grow today.

5. Apple

It is hard to connect today’s successful Apple with what it was before. As most people know, Apple experienced its greatest success during the late 1970s and early 1980s with the rise in popularity of the Apple II and Apple III computers. Due to creative differences, co-founder Steve Jobs left the company in the mid-1980s, and the brand began to lose popularity. Jobs returned to Apple in 1997, and the company began a massive rebranding, reorganizing its business and becoming synonymous with minimalist and futuristic design that utilizes modern technology. Apple’s story of rising from the dead is definitely one of the best examples.

What can we learn from these examples?

These stories, besides being entertaining and inspiring, are also an excellent example that regardless of the state your brand is in, there is always an opportunity for a complete recovery, and even improvement in the long run.

Three main conclusions that can be drawn are:

1. The importance of elimination. This should be obvious, but it is a problem many entrepreneurs struggle with. If the business is not working, you need to change something in the way you operate. There are no compromises here; changes are necessary for further growth.

2. The key is differentiation. Many companies fail because they do not differentiate themselves from the competition. If you can find a way for your brand to stand out, whether with a new brand or a new target audience, you can breathe new life into your business.

3. Think outside the box. Most of the companies on this list revived their business by making unconventional decisions. You should not be afraid to resist established norms when revitalizing your business.

Entrepreneurship is full of mistakes, challenges, and difficulties, but these brands have proven that if a business has hit rock bottom, it does not necessarily mean that the company should be shut down. All it takes is to be creative, persistent, and dedicated to the business to keep the brand alive.