Six Rules of Brand Revitalization: Learn the Most Common Branding Mistakes and How to Avoid Them, Second Edition

5. Tendency 5: The Belief That What Worked Yesterday Will Work Today

A restaurant brand team was worried about declining sales and customer transactions. So the team decided to run a promotion. The promotion was for a family dinner meal at a certain price. The team knew that five years earlier, this same promotion at the same price generated huge profits. So, now, five years later, the team ran the same promotion: same meal offering at the same price. The promotion did not work. Subsequent price elasticity research indicated that the brand’s perceived image and value had declined so much that the price of this family dinner meal in the current environment was perceived as too expensive. The brand was in such disrepair that a price deemed great ...