Like a well-maintained engine, a well-managed brand can keep a company moving steadily forward. But every brand, like every engine, suffers wear and tear, and sometimes even the best-kept ones require an overhaul. That’s what happened to Fram.

Fram is a 75 year-old oil filter brand with a storied history. Who can forget the famous TV commercials featuring crusty old mechanics saying, “You can pay me now, or pay me later?” Those spots built the Fram brand into semi-iconic status.

Of late, however, Fram has run into a problem. Seems its historical target audience of do-it-yourself (DIY) amateur auto mechanics are a dying breed, especially when it comes to oil changes. It’s just too easy to pop into the quick lube down the street rather than crawling under a filthy car to risk bloody knuckles and second-degree burns. In fact, Fram discovered that 70 percent of oil change occasions now fall squarely in the DIFM (do it for me) category. Not good for a DIY brand.

At that point, Fram had a choice. The company could have given in to the internal dynamics that tend to plague struggling organizations, sticking its head in the sand, living in denial, and being hampered by finger-pointing and internal divisions while its market continues to degenerate. Or it could face facts, deal with its issues and rejuvenate its brand.

Fram chose the latter. Recognizing the changing dynamics of its industry, Fram used sophisticated consumer research to identify a new core target–one that didn’t begin by separating DIYs from DIFMs (a hard habit to break, no doubt). Based on that analysis, the company has reoriented its positioning so it will resonate with a new consumer sweet spot.

That’s easier said than done. Fram’s task not only included new advertising, it involved a redesign of over 1,100 SKUs and an entirely new approach to distribution. Being easily found on the shelves at automotive aftermarket stores is no longer enough; now Fram also has to meet the needs of quick lube operations and independent auto mechanics. That’s a whole new ball game.

Will the new strategy work? Time will tell. But Fram is off to a good start, having been both intelligent and deliberate in its approach to a very real challenge. With the economy in tatters, other companies may be seeing fissures in their foundations that represent similar existential threats–and will require courage to address.

Some will muster the will, and some won’t.