When a company markets its product’s long, iconic heritage, consumers are reluctant to buy a new variation.
Classic brands carry a sense of nostalgia, trust, and tradition. Over the years, they become ingrained in the cultural fabric and enjoy a loyal customer base. But as market trends evolve and technology accelerates, even the most iconic brands face the inevitable challenge: to innovate or risk becoming irrelevant. While innovation can be a lifeline, it’s a delicate dance between modernizing and preserving the identity that made them successful in the first place.
So, what exactly happens when a classic brand tries to innovate?
1. The Risk of Alienating Loyal Customers
One of the biggest risks a classic brand faces when innovating is alienating its loyal customer base. Long-standing customers often choose these brands because of their familiarity and dependability. They’ve built trust in the brand’s products and services over decades. When a company makes a significant shift whether it’s a change in design, a new product line, or a shift in messaging it can create a sense of discomfort or even betrayal.
Take, for example, the backlash that occurred when Coca-Cola attempted to introduce “New Coke” in 1985. Despite extensive research and testing, the new formula was met with intense public outcry, as consumers felt the company was discarding its heritage. Coca-Cola had to revert to the original formula within months, learning the hard way that straying too far from a core identity can come at a high price.
2. Revitalization Through Smart Innovation
On the flip side, when executed strategically, innovation can breathe new life into a classic brand without undermining its heritage. Smart innovation involves leveraging the brand’s core strengths while adopting modern trends or technologies that align with the brand’s values.
Consider LEGO, the toy company beloved for its iconic building blocks. In the early 2000s, LEGO faced financial difficulties as kids increasingly turned to digital entertainment. Instead of abandoning its core product, LEGO found a way to merge tradition with innovation. The company introduced digital products like LEGO video games and launched the LEGO Ideas platform, where fans could submit their own ideas for new sets. Today, LEGO is a thriving brand that successfully blends the physical and digital worlds, all while staying true to its identity.
3. Striking a Balance Between Heritage and Relevance
For a classic brand, innovation doesn’t always mean a complete overhaul. Instead, it’s about evolving while maintaining a sense of continuity. Striking this balance is key to ensuring that both legacy customers and newer generations find value in the brand.
An excellent example is Apple, a brand rooted in innovative tech but also revered for its simplicity and design ethos. Over the years, Apple has introduced groundbreaking products like the iPhone, iPad, and Apple Watch. Despite these innovations, Apple has stayed true to its minimalist design philosophy and user-friendly interface, which has helped retain its long-standing fan base while attracting new customers.
Similarly, brands like Burberry have managed to balance their heritage with modernity. Known for its classic trench coats, Burberry managed to stay relevant in the digital age by embracing digital platforms and even experimenting with augmented reality. The brand stayed true to its high-fashion roots while embracing change, proving that luxury can coexist with innovation.
4. Challenges in Brand Perception
Another significant challenge that arises when a classic brand attempts to innovate is the risk of diluting its core identity. Too much change too quickly can confuse consumers and dilute the brand’s historical equity.
For example, Harley-Davidson, known for its heavyweight motorcycles, recently launched an electric bike, the LiveWire. While a move toward electric vehicles is progressive and in line with sustainability trends, it challenges Harley-Davidson’s brand perception. The company has to walk a tightrope, ensuring that innovation (electric bikes) doesn’t erode the rugged, rebellious image it built over decades. How the brand manages this balance will dictate its future success with both its traditional base and environmentally-conscious consumers.
5. The Opportunity to Reach New Markets
Innovation opens doors to new audiences and market segments. By adapting to emerging trends, brands can attract younger consumers who may not have previously connected with them. New products, designs, and strategies can generate excitement and media attention, sparking interest among consumers who wouldn’t have otherwise considered the brand.
A classic example of this is Old Spice, a brand that was once synonymous with aftershave products for older men. In the early 2010s, Old Spice launched a marketing campaign featuring humor and viral content to rebrand itself for a younger audience. The result? A surge in popularity with millennials and Gen Z, making Old Spice relevant again in an entirely different demographic.
6. The Role of Technology in Modernizing Legacy Brands
Technology is one of the biggest drivers of innovation today, and classic brands that successfully adopt it often experience a resurgence in popularity. Whether through e-commerce platforms, mobile apps, or social media, technology allows brands to connect with consumers in new ways, offering personalization, convenience, and interactivity.
Nike, for example, embraced digital innovation with its Nike+ app and wearable tech that allows athletes to track their performance. While staying true to its roots as a sportswear company, Nike has transformed itself into a tech-driven brand with a focus on the future of fitness, capturing the attention of tech-savvy and health-conscious consumers.
Conclusion: Innovate With Intent
When classic brands try to innovate, they face a complex and multifaceted challenge. They must navigate customer loyalty, maintain their core identity, and embrace modern trends—all while ensuring that innovation enhances rather than detracts from their heritage. Brands that manage to strike this balance can not only survive in a changing market but also thrive by staying relevant across generations.
The secret lies in smart innovation that honors the past while embracing the future. Classic brands don’t have to abandon what made them iconic; instead, they can evolve in a way that resonates with both long-time fans and new consumers alike.
Source from Ayamediainc.
