When a company realizes its branding just isn’t working it becomes hard to return to what made it successful and people love it in the first place. But to re-brand your company successfully is a quite another journey in itself.
This happened to Walmart. Walmart is America’s largest retailer and these days the company is learning about successful branding all over again. Currently it is going through one of the worst U.S. sales slumps ever and the CEO’s realize they need to return to what made them successful in the beginning.
When asked, the executives admit that they made a bad move when they moved away from its roots as a basic retailer for value priced merchandise and moved into moving into upscale merchandise.
Walmart realized that their core business, Americans with annual incomes between $30,000 and $70,000 liked to shop for attractively priced merchandise. But Walmart decided a year and a half ago to go to “Project Impact” which meant they moved into selling more upscale merchandise. But not knowing how to market to your key audience is a big mistake most companies can’t afford to make.
The result, the worst sales plunges ever for the company.
So what is the company doing about it now? They are returning to their original branding, “Everyday Low Prices” formula that made them successful and powered their sales growth. They are rebranding back to the formula that worked prior and advertising as such against their competitors.
And it’s working. New York City is asking for a Walmart in the middle of the city. They like the idea of “Everyday Low Prices.”
Has your business or company abandoned its original branding for a new one that is not working? Then it’s time to turn to Moonstruck Marketing Group to get you back to where you were successful; tweaking it along the way as only they know how to.
If your branding isn’t working, you must admit it’s not. And you must seek out a professional that can help you turn your business around and become successful, either for the first time or…again.
Photo by thiensuvodanh1983 on Flickr