Can a social media plan help re-launch a bankrupt company

[MktgRob]

Here on Long Island there is news that the families that owned Fortunoff, the once great hi-end retailer in the tri-state area, has re-acquired the intellectual property of the original company and they are looking for a way to relaunch the brand after succumbing to the economic downturn earlier this year.

One way that was discussed in the new article was the selling of Fortunoff-brand jewelry (they were famous for their jewelry) nationwide. My question would be what does the community think about using social media to re-launch the Fortunoff brand in an ultra-light startup fashion and also to reach and develop a whole new community of loyal Fortunoff shoppers.

As a disclaimer, I am not related to the Fortunoff family. I simply saw an interesting story and thought it would make an interesting exercise/discussion of this forum.

[InsightsDigital]

Earlier this year, Inc.magazine published an article/case study about an Italian/Pizza chain restaurant whose co-owner committed some felony as well as bankrupt the company. As a result, the existing owner used social media and hired a branding company to help resurrect the business with a different slant and it helped increase business and re-gain customer base. Fortunoff has a loyal following. Thus, I recommend the following:
1. Create a Direct Mail campaign to notify former customers of Fortunoff of its new online presence.
2. Create an awareness campaign by highlighting a particular product line or niche and even create a publicity campaign using social media.
3. Offer specials and discounts.

[MktgRob]

Earlier this year, Inc.magazine published an article/case study about an Italian/Pizza chain restaurant whose co-owner committed some felony as well as bankrupt the company. As a result, the existing owner used social media and hired a branding company to help resurrect the business with a different slant and it helped increase business and re-gain customer base. Fortunoff has a loyal following. Thus, I recommend the following:
1. Create a Direct Mail campaign to notify former customers of Fortunoff of its new online presence.
2. Create an awareness campaign by highlighting a particular product line or niche and even create a publicity campaign using social media.
3. Offer specials and discounts.

The only problem I see is that the majority of their loyal clientele were older people who may not use social media. But as that older clientele helped to introduce their children and grandchildren to Fortunoff, they could launch a social media campaign that could center around having the younger generations spread the word to the older generations. Something along the lines of, "Your Parents/Grandparents introduced you to the old Fortunoff, now its your turn to introduce them to the New Fortunoff". The benefits could be two-fold in that it could help to re-launch the brand and also to develop a new on-line community of older shoppers.

[InsightsDigital]

Based on my own consumer insights experience, older generation prefer/use AOL's platform so Fortunoff can investigate into the possibility of advertising or creating a microsite in an AOL community. Just a thought.

[fromthe5]

If you're going to re-launch the brand you should really have a website to back it up. That way you can optimize for the terms that people will remember and relate to. Social networking media can provide tons of traffic but it is true that it skews younger.

[MktgRob]

If you're going to re-launch the brand you should really have a website to back it up. That way you can optimize for the terms that people will remember and relate to. Social networking media can provide tons of traffic but it is true that it skews younger.

When I made my original post it was with the assumption that there would be a main, standard website but thanks for pointing it out. I needed to be more clear.