A signboard of a time-honored brand is a legend, which records social changes and the prosperity of the market. However, the times are changing, and some time-honored brands have not kept up with the pace of change. At present, 50% of the 1,128 time-honored Chinese brands recognized by the Ministry of Commerce are in a state of dismal operation or continuous loss. Some time-honored brands have reached the “limit point” of their life cycle and urgently need to open up the “second curve” to continue their life cycle. The core is innovation. Innovation is the soul and the way to survive. Although time-honored brands have a profound historical culture and brand heritage, they cannot be burdened by their reputation. They must increase their innovation efforts and rejuvenate new vitality. Of course, it is not easy for time-honored brands with decades or even hundreds of years of history to break through traditions and seek innovation. However, if they are blindly shackled to traditional concepts, traditional models and traditional products, they are obviously no longer able to adapt to the rapidly changing market environment and consumer needs. The revenue of some time-honored brands has continued to decline and they are even facing a survival dilemma. The main reason is that their products are old and their services are backward, which can no longer attract young consumers. Outdated organizational structure, lagging market response, lack of human resources, lack of Internet thinking, etc. have become the development difficulties faced by time-honored brands.
Time-honored brands are imbued with profound cultural heritage and carry rich historical memories. A cup, a plate, and a bowl are full of the wisdom of traditional Chinese food culture; a screen, a fan, a hat, and a shirt show the exquisiteness of traditional Chinese handicrafts. After hundreds of years, without fear of the test of time and quality inspection, time-honored brands are the fine products left over from the development of Chinese commerce and handicrafts, and are also the carriers of China’s excellent traditional culture. Protecting and inheriting time-honored brands and promoting their innovative development is not only the inheritance of traditional industries and business culture, but also the need to cultivate cultural confidence. Therefore, the key to the innovation of time-honored brands lies in balancing the relationship between inheritance and innovation. The cultural and quality core passed down from generation to generation must not be lost, and innovation can be increased in business models and product formats. In the context of consumption upgrading, the market has bid farewell to “quantity satisfaction” and shifted to “quality consumption” and “emotional consumption”. Consumer groups dominated by young people are more pursuing high-quality and high-value consumer experiences. In recent years, some time-honored brands have taken the lead in innovation, developing new products, going to the “cloud”, and expanding channels. They have not only retained the quality and taste that old brands should have, but also radiated a young attitude and trendy image. In the process of transformation and development, they are more “alive” and younger, providing a successful demonstration for the innovation of time-honored brands.
Time-honored brands are representatives of Chinese corporate brands. Faced with the impact of overseas trends and changes in the internal environment, time-honored brands cannot be satisfied with “living off their old capital”. Complacency will only continue to erode the brand and reputation of time-honored brands. The report of the 20th National Congress of the Communist Party of China clearly stated: “Focus on promoting high-quality development” and “accelerate the construction of a manufacturing power and a quality power”. This has pointed out the direction for the development of time-honored brands. Time-honored brands must bravely embrace the new market environment and trends while maintaining the core and culture of the brand, be good at using Internet thinking, and adopt diversified methods such as cross-border and joint names to expand the modern expression and appeal of the brand. The reason why time-honored brands have been able to pass down to this day is that they have maintained their vitality through continuous innovation. Today, although the environment has changed greatly, the laws of corporate development are common. Time-honored brands need to inspire the courage and determination to revolutionize themselves, accelerate the upgrading and iteration of brands and products, continuously improve the innovation chain, and leverage digitalization for transformation.