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Brands with billion-dollar turnovers are spending significant amounts to transition from outdated to luxurious.

Famous brands, including Coors and Jello-O, are undergoing a revival to capture a new audience as consumer tastes change.

Over the last 150 years, Coors has been many things: a beloved beer brand of the American West, surviving Prohibition, an innovator in aluminum cans, a boycott target, and then a beneficiary, a household name, and the subject of many jokes.

Today, the brand is once again changing shape, facing a new reality in its domestic market: Americans are drinking less beer.

In a world teeming with hard seltzers, spirits, and various non-alcoholic carbonated beverages, more and more people are seeking alternative drinks. This shift has been ongoing for several years, and in 2022, sales of spirits in the United States surpassed beer sales for the first time, according to the Brewers Association in Boulder.

Molson Coors, the multinational company behind Coors, Miller, Blue Moon, Keystone Light, and dozens of other popular beer brands, reported a 5% decline in sales volume in the United States, equivalent to 2.2 million barrels, in the past year, as reported by Axios.

Company leaders acknowledged the shift in consumer lifestyle choices and the softening of the beer industry in their earnings reports. However, they also painted an optimistic picture of the path ahead. Part of this optimism stems from the fact that the company has prepared for these transformations: its largest brands are currently on an upward trajectory in sales and market share, and in recent years, it has oriented its product lineup toward growing categories such as whiskey and energy drinks.

To keep up with the pace of cultural development, brands constantly reimagine themselves, from subtle changes like an altered font to significant changes in their product portfolios and positioning. When done right, rebranding is barely noticeable to the audience but creates a stronger resonance, emotional connection, and brand indispensability for everyday consumers, says Deb Gabor, an American founder and CEO of Sol Marketing and the author of several branding books.

The Urge for Evolution

According to Gabor, post-pandemic, she sees a wave of companies looking to revive their brands to adapt to seismic changes in consumer lifestyles, habits, and priorities.

Coors is far from the only brand grappling with a challenging market and new competition. Bankrupt firms, including retailers Bed, Bath & Beyond and JCPenney, are undergoing costly makeovers under new ownership; toy manufacturer Mattel is infusing pop culture into everything Barbie to breathe new life into the decades-old doll; and companies like software provider Zoom and pharmaceutical company Pfizer have unveiled new logos to draw attention to their investments in accessibility and biopharmaceutical innovation, respectively.

Rebranding is typically a costly and lengthy process, especially for large global organizations operating through numerous channels. However, if executed well, it can revitalize a struggling business and turn it into a powerful hub or make an old name feel relevant to a new generation.

A strong brand can drive product sales, engage with customers, attract exceptional employees, and open the wallets of investors. Extensive research has shown that consumers are willing to pay more for brands they trust, leading to significant potential revenue for these companies.

However, this hard-earned value also makes rebranding a riskier proposition. Even when leaders recognize the need for change, they often fear significant alterations, says Rick Wise, CEO of Lippincott, a global creative consulting firm that has initiated rebranding for companies such as Starbucks, Samsung, Walmart, and Southwest Airlines.

"Usually, in an organization, you love the brand very much, and you're very afraid that messing with it will have consequences," he says, "so you want people to treat it with great care and apply a management approach to it."