In today’s fast-paced world, managing a legacy brand in the digital age is no small feat. The rise of Web3, AI, and evolving consumer behaviours have transformed the landscape of business.
Disruptive startups are flooding the market with innovative products and services, challenging established legacy brands that may be slow to adapt. While legacy brands boast a rich history and brand loyalty, this same longevity can create inertia, leaving them vulnerable in a rapidly changing marketplace.
As a former executive at a legacy brand like Carhartt, I’ve gleaned invaluable insights on how these brands can successfully navigate the digital era. Here are the essential lessons I’ve learned and how they apply to my current role at RealTruck.
The Challenge of Change: Legacy Brands at a Disadvantage
It’s no secret that legacy brands often lag behind newer companies when it comes to embracing change. Brands like Sears, Kodak, and Toys “R” Us serve as cautionary tales. These once-mighty retailers faltered in the face of the e-commerce explosion.
Why Legacy Brands Struggle with Change:
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Bureaucratic Structures: Larger companies often have layers of management that can stifle innovation. Decision-making is slower, and bold moves are seldom made.
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Reliance on Traditional Marketing: Many legacy brands cling to outdated marketing methods like radio and print media, missing the opportunity to engage digitally.
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Regulatory Challenges: Compliance with consumer data protection laws can be daunting and costly, hindering agility.
The reality is that the digital age isn’t just about technology. It reflects broader societal changes and evolving consumer attitudes.
Core Tenets of Marketing in the Digital Age
To thrive, legacy brands must master four core tenets of modern marketing:
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Personalization: Today’s consumers want to feel valued. Personalised experiences—like tailored product recommendations or custom emails—can significantly boost engagement.
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Multi-Channel Integration: Successful brands seamlessly integrate marketing across platforms, from social media to in-store promotions.
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Uniform Customer Experience: A consistent shopping experience, whether online or in-store, is non-negotiable.
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Ethics and Social Values: Authenticity is key. Brands must align their actions with the values of their consumers.
Strategies for Legacy Brands to Excel
So, how can legacy brands weather the storm of digital transformation? Here are seven proven strategies that have worked for me throughout my career.
1. Put Consumers First
It sounds obvious, but many legacy brands fail to update their understanding of their target audience. A brand like Yeti successfully rebranded through community marketing, creating a more inclusive approach.
2. Cultivate a Positive Company Culture
Companies like Google have shown that a strong company culture can propel a brand forward, making it more appealing to younger audiences.
3. Focus on the Right Metrics
Tracking metrics like brand familiarity, purchase intent, and Net Promoter Score can help legacy brands gauge their marketing effectiveness.
4. Invest in Strategic Partnerships
Collaborations can help legacy brands reach new audiences and mitigate risks. Partnering with like-minded brands opens doors to innovative strategies.
5. Embrace Storytelling
Consumers today crave relatable stories over traditional advertising. Sharing authentic narratives can engage and inspire your audience.
6. Evolve the Brand When Necessary
Repositioning a brand carries risk, but it can also enhance relevance. At RealTruck, we’re evolving from a nuts-and-bolts retailer to a lifestyle brand that resonates with truck enthusiasts.
7. Embrace Change While Staying True to Your Roots
Digital transformation doesn’t always require drastic measures. It’s about meeting consumers where they are. Today, everyone carries a supercomputer in their pocket, and brands must adapt to this reality.
Conclusion: Legacy Brands Can Thrive
Despite their resources, many legacy brands falter when facing a changing landscape. However, with a consumer-first mindset and a focus on unique value propositions, legacy brands can not only survive but thrive. Companies like IBM, Coca-Cola, Nike, and Carhartt are prime examples of legacy brands that have successfully adapted over the decades.
By embracing change while honouring their roots, these brands show that it’s possible to navigate the complexities of the digital age. The key is understanding that adaptation is not just about technology; it’s about people and the stories we tell.
