Legacy is an important part of any marketing strategy. Legacy is anything handed down from the past. The past of a business, a specific company, a product or a person. It could be anything from the past.
The past is important in order to understand the present and the future.
The local bakery
It’s been here for more than 76 years. Three months ago they closed their doors. The owner was sick, he couldn’t work anymore. I’ve talked to many of their customers, they were sad. They loved their local bakery.
Today. The bakery opened their doors again. A new owner. I’ve talked to some of the old customers, and I read an article in the newspaper. People will buy their bread, because they think of it as their old local bakery. It’s the same building, and the same name, and probably some of the same recipes as well.
According to their marketing, it’s the same old bakery.
I work at a college, and I’m doing my best to recruit students. It seems that our college doesn’t have a legacy. That’s because it’s only 15 years old. The past is not really a past to talk about.
Why do you think that Harvard university and University of Oxford are among the top universities in the world? It’s not all because of legacy, but it’s an important part. When a university was founded more than 350 years ago, its legacy is important.
The business and the product
If you are looking for a business, one to join in order to earn money, or you are looking for a product, legacy is important.
If it has been success for many years, you are more likely to join or buy. Moleskine notebooks are a great example. The legendary notebook of Hemmingway, Picasso and Chatwin. Without their legacy, they be just another notebook, untill people rediscover the quality.
The negative impact of legacy
Legacy is an important advantage in marketing. On the other hand, legacy can also be a major drawback. Sometimes, companies use all their marketing efforts to hide their legacy and to rebrand their company or their products.
Companies like Philip Morris, now Altria, had to shed its negative image. The same did Coca-Cola when they introduced “New Coke” in 1985, it was a major mistake, and they had to reintroduce their original formula with a new name, now “Coca-Cola Classic”.