Mr. Peanut Gets a New Look. Will it Work?

Mr. Peanut got a new look, and on Tuesday, it will be introduced in an animated Kraft Foods commercial, according to an article posted today on The New York Times' web site. The commercial is part of a campaign the company is launching with the theme "Naturally remarkable."

The company sought to evoke nostalgia in consumers by giving their classic mascot an old-school, 1930s and 1940s style. The once-yellow peanut will be brown and will sport a flannel suit and a sidekick.

The concept, described as "new retro" by Mintel International Group, is one of a dozen trends that will shape 2011's marketing for consumer packaged goods, Mintel said in this press release.

To make Mr. Peanut more engaging, he will also get a voice for the first time ever.

But the big question is, will these changes be effective for Kraft Foods? Will it be worth the $30 million to $35 million the company spent on the campaign? Only time (and consumer spending) will tell.

After all, there is danger in altering a company's logo - as seen with these "10 Major Rebranding Disasters" listed on Business Insider's web site.

What do you think: If it's not broken, don't fix it, or keep up with the consumers' evolving tastes for ads and embrace the retro trend?