Now, the brewer wants to back up its words with more words, specifically its iconic slogan from the 1970s: "It's Miller Time."

MillerCoors, a joint venture between Molson Coors Brewing Co. (TAP) and SABMiller PLC, has decided to revive the slogan, which had been retired in 2002, in an effort to revive Miller Lite's lackluster sales. That won't be cheap. As Dow Jones Newswires noted, Andy England is raising Miller Lite's media budget by 50% for TV, print and online sites such as Facebook, Pandora (P) and Yahoo's (YHOO) fantasy sports service.

According to Beer Marketer's Insights, Miller Lite's market share slumped from 8.1% in 2008 to 7.5% in 2010. Beer Business Daily ranks the Miller Lite brand fourth, behind Bud Light, Coors Light, and Budweiser -- with about a 7% market share. This is bad, especially since about 25% of MillerCoors' total volume comes from Miller Lite.

"Miller Lite is a little bit victimized by our significant success in Coors Light, but that's no excuse," MillerCoors CEO Tim Long told The Wall Street Journal. "We've got a job to do on Miller Lite."

Yeah, but is nostalgia really the answer?  

People who remember the classic Miller Lite commercials don't drink beer as much as they used to. Seeing the old "It's Miller Time" slogan may unleash the floodgates of their memories, but not necessarily lead them to pry open their wallets. Younger drinkers who avoid Miller Lite now have little incentive to drink the brew that their dads and granddads enjoyed. 

However, Harry Schumaker, editor and publisher of Beer Business Daily, is optimistic about the new campaign. "Yes, I believe the new campaign will help sales of Miller Lite, if only because the past ad campaigns have been so bad in comparison," he wrote in an email.  

MilllerCoors has a tough road ahead. Beer sales have been flat for years. The reasons are many, ranging from a crackdown on drunk driving to the growth in popularity of distilled spirits. Beer drinkers these days are increasingly willing to shell out big bucks for premium craft beers.  During the first half of 2011, dollar sales at small and independent craft brewers were up 15%.

Miller Lite is a brand that's past its prime. Bringing back a slogan from its glory days makes that fact plain.

Jonathan Berr enjoys a beer about once a quarter.  He owns no shares of the companies listed here.