Here are five reasons why your brand could die. Don’t be caught dead with them:
Companies forget the fundamental truth about brands: that they belong to consumers, not brand managers. They forget what made brands useful to consumers. And, because of that, brands start to lose their coherence, which is fatal.
Taking cost out of a product formulation sounds efficient but as often as not it’s the most effective way to starve a brand to death.
A company or brand builds a good reputation, sits back and rests on that reputation, and then wakes up one day to
find out that faster, hungrier, more innovative competitors have passed them by.
Consumers increasingly expect the values of a brand to be reflected in every aspect of the business behind the brand. Brands can no longer be securely ring-fenced from their corporate owners.
The world is in a state of permanent change. Those who fail to understand the consequences of this for their brand put those brands at serious risk.
Thanks to The Chartered Institute of Marketing.