I follow multiple consumer brands on social media, just because I like their content, sometimes not even keeping a tab on their revenue or market reach; their constant online presence makes me remember them and follow their content. ?
However, I long to see the brands online that I used to see in ads while growing up in the 90s. Though they have left a lasting impression on me, today's generation doesn't have any connection with those brands; so what can the Legacy brands do in the consumer goods space to adapt to the digital era to stay relevant? In my opinion, the following can be done that new brands might struggle with:
Leveraging Legacy Strengths:
- Nostalgia Marketing: Tap into the power of nostalgia! Revisiting classic advertising campaigns with a modern twist, or launching limited-edition products with retro packaging that evokes positive memories for older customers and sparks curiosity in younger generations.
- Brand Storytelling: Legacy brands have a rich history and a strong brand story. Using social media and content marketing to tell their story, highlighting heritage, values, and impact over time might create interest in the brand.
Embracing Digital Transformation:
- Social Media Engagement: Actively engaging with the younger target audience on relevant social media platforms by utilizing humor, user-generated content (UGC), and influencer marketing might gain traction from younger demographics.
- Micro-influencers: Micro-influencers generally have a smaller but loyal following within a niche. Working with micro-bloggers with targeted content strategies will add authenticity and relatability, much more than the endorsements from mega-influencers.
- Omnichannel Marketing: Creating a seamless customer experience across all touchpoints – online and offline and integrating with the social media and website will ensure product availability across both online and traditional retail channels.
Innovation & Adaptability:
- Sustainable Practices: Consumers are increasingly environmentally conscious. Highlighting the commitment to sustainability in the manufacturing practices, packaging materials, and social responsibility initiatives will resonate with today's generation.
- Direct-to-consumer (D2C): Exploring D2C options by selling directly through the website or app. This can allow greater control over brand messaging, pricing, and customer relationships.
- Product Innovation: Continuously innovating and developing new product lines that cater to changing consumer preferences and emerging trends without losing the hero products.
- Data-Driven Decisions: Utilizing customer data and understanding their purchase behavior is a must, as well as Social media analytics to understand the audience better and tailor the marketing strategies accordingly.
