Brand reinvention

Feel a bit lazy reporting on something that was already reporting on something else. However, think it's worthy of repeating (again).

So, as Lacoste manages to bring itself back from the brink, here are some useful lessons for any brand a bit past its sell by date that wants to rebuild relevance without a knee-jerk, gratuitous leap into the world of 'yoof' and 'cool'...

1. History Can Be Made Relevant to Today: your 'story' is one of your most potent equities. And your story is, by definition, not one anyone else can tell. So what's your story and how can you make it compelling to a new audience. In the case of Lacoste, it was established by Rene Lacoste, a brilliant French tennis player, who in the 1930s, won three French Opens, two Wimbledon championships and two US Opens. Lacoste are proud of their history and don't try to hide it.
2. If You Have an Iconic Identity, Use It: what easily recognisable brand icons do you own, even if currently languishing in the marketing 'attic'. Could be something to do with the product, packaging or advertising, but whatever it may be it could have the ability to cut through the brand clutter, and offer a short cut to brand associations. Lacoste's crocodile is one of the most widely recognised brand identities in the world, and even when 'uncool' that's still worth its weight in gold.
3. Seize Relevant Trends: there are always trends. And lots of them. So be aware what's happen around you...and beyond the 'in' trend everyone's saying hot if that doesn't work for you. The next hottest, or even the luke warm, will still probably let you tap into a big audience. And who knows, that may well turn the heat up for you. For Lacoste it was the return of the "prep".
4. Don't Be Scared to Innovate: A problem for classic brands, is that they are scared that they will loose their authenticity if they innovate. But this is the path of stagnation and death. if you know your story though, and know the truth of who you are and what you stand for, innovation that builds on your heritage and extends it into new areas is easy. Lacoste weren't afraid to evolve their iconic shirt, to appeal to a new generation of women.
5. Patience Pays: when turning things around, small steps can sometimes be far more effective and profitable than trying to do everything over night (and probably failing...expensively). Lacoste has opened just 46 stores since 1995, but has enjoyed slow and steady growth, and built a solid brand foundation for the future.
6. Scarcity Adds Value: similar to the above. But any profitable incremental sale is a step in the right direction. And sometimes, the right thing can actually be to cut sales, ditch the stores and consumers that are holding you back, and start again. When Robert Siegel took over Lacoste in 2002, the first thing he did was to cut back on distribution, taking the brand away from mass retailers like Macy's.