Author, Barry Silversteen provides great perspective on the life, death and rebirth of brands (see link below). His article brought to mind several thoughts to muse.
Designer, Ralph Lauren comes to mind in terms of a brand that is outliving the competition while being able to introduce itself to a younger, hip generation. Jeweler, Tiffany & Co. came full circle by introducting an affordable, trendy brand extension for a younger yet sophisticated following. The recording industry is perhaps the best example of brands that come and go and then return. More than ever, recording artists struggle to obtain the classic or timelss distinction artists of the 80’s and earlier have come to relish.
The key to establishing a successful brand is to determine purpose. Is your product generational in the sense that it is something your customers’ children will aspire to obtain or is your product just a sign of the times? Either way, planning and budgeting according to your purpose will minimize losses while creating substainal brand value.