My Dracaena marginata had become a problem. It was very lanky and top heavy so, I took a drastic step and hoped for the best: I cut off most of the plant and kept the bottom 6 inches.
I was delighted to see that after a few weeks, a couple of shoots had appeared on the stem.
If your plant has “lost its looks”, try and save it before throwing it out.
Maybe I should have also kept the top of the plant and put it in water, like I did with my umbrella plant. It might also have grown roots… P.S. To increase your chance of success, do not do this in the winter.