Thursday Buzz: Opposing Ways to Revitalize Stale Brands
Coca-Cola and Kodak take completely different approaches in attempts to stay relevant to a modern audience. Also: how to manage a team when employees have widely different working styles.
Legacy companies Coca-Cola and Kodak are making headlines for major product changes, and their diverging paths get to the heart of how aging organizations can make moves to stay relevant.
In an effort to attract the millennial market, Diet Coke is undergoing a visual rebranding, reports AdWeek. The cans are skinnier, the colors brighter, and Coca-Cola is offering new flavors, including Ginger Lime and Fiesty Cherry.
Why the change? Coca-Cola’s North America group director for Diet Coke, Rafael Acevedo, told AdWeek the new look “makes the brand feel more contemporary. It modernizes the brand and makes it feel very premium.”
But even with a new look, Diet Coke is still Diet Coke. Coca-Cola is still doing what it does best, which is to create soft drinks. Dustin Longstreth, chief marketing and chief strategy officer of brand agency CBX, told the magazine that “in the case of Diet Coke, they clearly sought to stay true to who they are to appeal to their Diet Coke loyalists while also giving prospective new consumers an interesting excuse to give it a try.”
Kodak, on the other hand, isn’t making marketing tweaks—it’s entering a new market as the company pivots to crypto technology. Just this week, Kodak introduced a Kodak-branded cryptocurrency mining rig called KashMiner, and it’s introducing its own cryptocurrency called KodakCoin, CNBC reports.
The response has been mixed. Kodak stocks have soared, but on Twitter, Bitcoin economist Saifedean Ammous called the mining rig a “scam.”
It remains to be seen how either attempt will turn out. If sales of Diet Coke skyrocket, that makes a case for all for-profit and nonprofit organizations to repopularize a stale product via marketing changes.
Conversely, if Kodak’s pivot to the technological leading edge pays off, then more organizations may look to revolutionize with bold, innovative moves to keep the brand alive.
Managing a team is never easy, but it can be especially difficult when team members have widely varying personalities and working styles.
The Muse shares advice to help you better understand your team and increase your efficacy as a leader.
One way to let your employees know that you care about their perspective is to make your one-on-one check-ins more holistic. Don’t just ask about the office; also inquire if there’s anything in their personal lives that would be helpful for you to know.
“Our professional and personal lives are more integrated and entwined than ever, and knowing a little bit about your employees’ lives outside of the office can have a pretty major impact on how you manage and communicate with them during working hours,” writes Kat Boogaard.
Other Links of Note
Is your mobile fundraising underperforming? _Kivi’s Nonprofit Communications Blog _reveals how to generate a high return on investment from your mobile giving campaigns.
All event planners should be working to attract next-gen attendees. The Velvet Chainsaw blog offers advice on developing an attendee succession plan.
Influencer marketing isn’t going anywhere, but it is changing. MarketingProfs shares the trends that will shape it in the new year.