Consumers
tend to be receptive to familiar things to which they have
experienced sometime in the past. They feel nostalgic when
old brands are revived and thus are more receptive and more
likely to purchase revived brands. Retro branding which
means revival of old brands, hopes to cash in on the nostalgia
and fin-de-siecle effect associated with them. This paper
tries to understand the various concepts associated with
retro branding, its popularity and the reason why companies
go for retro branding (discussed through various examples
in India over the past few years). Through examples like
Volkswagen, Beetle and Star Wars, the concept as discussed
by prominent researchers in the field like, Brown, Sherry
Jr., and Kozinets, is highlighted and explored. The paper
also explores the linkage between cult brands and retro
branding.
Worldwide
companies are reviving old and abandoned brands and relaunching
them. In fact they are cashing in on the nostalgia and reaping
handsome returns in the process. The `retro' revolution
has gripped the world and everybody and anybody is going
back in time. There could be several reasons for relaunching
a brand, but the prominent one is to recapitalize on its
past success. Many companies consider relaunch of an existing
product a safer option than developing a new product and
creating or building a brand. The marketing task they assume
is easier to perform with a relaunched brand. But, too often
marketers forget the fact that, unless there is substantial
similarity with the heritage brand with an added difference
that will justify the relaunch, the chances of its success
are less.
A
major factor in favor of relaunches or what is termed retro
branding (the revival or relaunch of old brands) is that
consumers tend to be more receptive toward familiar brands.
And, in case of cult brands, consumers look forward to relaunches
or sequels, as brands like Star Trek, Star Wars and Volkswagen
have proven. This paper would explore the behavior associated
with retro brands. This paper explores the various behaviors
associated with retro branding and reasons for its growth.
Researchers have attributed nostalgia as the major factor
in the acceptability of retro brands by the customers. The
fin-de-siecle effect plays a major role in making
the consumers dwell on the past as time passes by. Thus
brands that consumers were familiar during their childhood
when revived decades later, strike an emotional chord to
them and they tend to buy those brands as against their
existing purchases that fulfill the same need. |
