We’ve all seen once-thriving brands lose their footing and struggle to maintain relevance.
It’s sad to see these giants fall and become struggling brands with untapped potential, as we call it.
But in the midst of this decline, there is a glimmer of hope.
These brands still have the potential to be transformed, make a comeback and regain their former glory.
Let’s talk about why they’re struggling and what steps they could take to get back in the game, if they invest the time and energy.
1.Barnes and Noble
With the rise of e-books and online retailers like Amazon, Barnes and Noble has lost its competitive edge.
Their failure to adapt to changing consumer preferences has led to a decline in sales and store closures.
But there is still hope for this iconic brand if they are willing to join brand masterminds in making bold moves to redefine themselves.
Recent Branding and Marketing
Barnes and Noble’s recent branding and marketing efforts have been lacking.
They’ve needed to find new ways to reach and engage with their target audience in the digital age.
This could include revamping their website, creating a strong social media presence, and offering personalized recommendations and promotions based on customer data.
They’ve also needed to differentiate themselves from other online retailers by emphasizing the value of their physical stores.
Here’s where we see some new changes Barnes and Noble is making.
New Moves Toward Improvement
Secondly, we’ve said for a while that Barnes and Noble should consider reimagining their physical stores.
As of fall 2023, Barnes and Noble is doing this.
Barnes and Noble is basically screwing the corporate standards and brand guidelines they’ve previous been defined by.
They’re pushing the chain to act like an indi-store, and letting the local book-selling teams decide what the store should look like.
Don and Rob discuss Barnes and Noble New Brand and Design Strategy:
“It’s like a breath of fresh air,” says Rob. “I’m fully behind this idea.”
Other Suggestions
Barnes and Noble could also benefit from a complete overhaul of their digital presence.
The company needs to create a stronger online shopping experience that can compete with the convenience of Amazon.
This could be achieved by revamping their website and app to be more user-friendly, with personalized recommendations, easy search and navigation, and seamless checkout processes.
Additionally, offering exclusive online content or access to unique author events could provide an incentive for customers to purchase directly from Barnes and Noble’s platforms rather than third-party sellers.
Finally, Barnes and Noble should leverage its strengths as a knowledge and education company.
For instance, they could expand their offerings in the educational sector, working with schools and universities to supply textbooks and other educational materials.
They could also offer tutoring services or learning resources, further positioning themselves as a valuable partner in education.
By targeting the educational market, Barnes and Noble could open up new revenue streams and bolster its brand image as a trusted source for learning and education.
2. Kodak
Kodak, the iconic photography company, has faced significant challenges in the digital age.
Once synonymous with film-based photography, Kodak struggled to adapt to the rapid rise of digital cameras and smartphones, leading to bankruptcy in 2012.
While the company has since restructured and diversified its business, and seen some improvement in profits, it has yet to regain its former glory.
Current Branding and Marketing
Kodak’s current branding is still heavily associated with its film-based photography roots.
While this connection to a nostalgic past can be a strength, it also limits the brand’s ability to position itself as a leader in modern imaging technology.
Furthermore, Kodak’s marketing efforts have been relatively low-key, making it difficult for the brand to capture the attention of consumers in a crowded market.
Suggestions for Improvement
To reinvigorate its brand, Kodak should focus on showcasing its innovative products and services while maintaining a connection to its rich history.
The company can leverage its expertise in imaging technology to develop cutting-edge products that appeal to both professional photographers and everyday consumers.
By emphasizing its commitment to innovation and quality, Kodak can reestablish itself as a trusted and reliable brand in the imaging industry.
In terms of marketing, Kodak should invest in high-impact campaigns that highlight its unique offerings and demonstrate its relevance in the digital age.
This could include partnering with well-known photographers, influencers, or celebrities to showcase the brand’s products in action.
Additionally, Kodak should explore opportunities for collaborations and partnerships with other brands and industries, such as fashion, art, and technology.
3. JCPenney
JCPenney has been grappling with declining sales and store closures in recent years.
Much like Sears, JCPenney has faced stiff competition from online retailers and fast-fashion brands, making it difficult for the company to maintain its position in the market.
It’s fighting hard to make a comeback, and with the right plays, may be able to take a big win.
Sometimes asking the right questions is the beginning to powerful change.
JC Penny needs to ask, “How can we distinguish ourselves?”
Current Branding and Marketing
JCPenney’s current branding suffers from a lack of clear differentiation from its competitors.
The company’s product offerings and store layouts are often perceived as generic and uninspiring, resulting in a weak brand identity that fails to resonate with consumers.
In terms of marketing, JCPenney has relied on traditional advertising methods and promotional tactics, such as sales events and coupons, which have done little to generate excitement around the brand.
Suggestions for Improvement
To revitalize its brand, JCPenney should focus on developing a unique value proposition that sets it apart from other department stores.
This may involve emphasizing exclusive collaborations with popular designers, offering a curated selection of merchandise, or providing exceptional customer service.
By establishing a strong value proposition, JCPenney can give consumers a compelling reason to choose its stores over other retail options.
In addition to refining its brand positioning, JCPenney should also invest in a comprehensive marketing strategy that highlights its unique offerings and engages with consumers across multiple channels.
This could include launching creative social media campaigns, developing engaging content for its website and blog, and hosting in-store events that bring the brand’s personality to life.
At the End of the Day
Barnes and Noble, Kodak, and JCPenney, despite their individual challenges, are poised for potential resurgence with the right strategies.
Barnes and Noble’s transformation into cultural hubs, Kodak’s focus on innovation while maintaining its historical roots, and JCPenney’s development of a unique value proposition are just a few ways these brands can reclaim their identities, excite consumers, and ultimately regain their market positions.
It is a testament to the power of strategic branding and marketing in an ever-changing consumer landscape.
Comments are closed.