In an age of shifting technologies, countless startups, and corporate mergers, it is be easy to wonder how Walgreens, a 118-year-old company, has managed to stay a international business giant. It all comes down to relevancy.
Countless companies have missed the mark on rebranding and paid the price. Whether it be a poor rebrand or refusing to rebrand at all, the consequences can result in loss of business and even company shutdown.
Take “Toys R Us,” for example. The in-store format was rendered obsolete by the rise of online shops like Amazon. The coming of a digital age meant a new way for kids to play via gaming apps and the internet. Not to mention that even in its heyday, the Toys R Us shopping experience could be likened to walking through a cold warehouse. There was no attempt to move with the times, and it ended in the company’s downfall.
For Walgreens, it was losing its grip on the community, its customers, and the pharmacy industry. The company needed to refocus its center, to redefine exactly what it meant to its customers and what it would take to keep them.
Walgreens is a household name for a reason – it is a pharmacy, a convenience store, and more. It encompasses the everyday aspects of people’s lives. The new direction chosen for Walgreens placed major emphasis on a customer’s sense of well-being and personal satisfaction. By introducing a loyalty system for Walgreens customers, called the Balance Rewards program, customers are able to save big on in-store and online purchases by using their card. The rewards system is aptly named for the balance we all seek between physical health and personal well-being.
“The Balance Rewards program was an overnight success, with more than 100 million customers enrolled. It continues to grow and has become one of the largest reward programs in the United States. Not bad for a rebrand, right?”
John Meyer | Partner and Chief Creative Officer at knoodle