Sony, introduced the Walkman in 1979 and by the 90s it was a gadget every teen kid had. But when MP3 players were launched, the sales of the Walkman witnessed a drop. The iconic Walkman was killed by the MP3 players, which were later killed by smartphones. Sony didn’t adapt to technological innovations such as digitalisation and the shift towards software.
So, basically all brands that fail, fail to stay relevant or fail to innovate, are infamously said to have become another Sony Walkman. It is almost a given that with changing times and evolving customer behaviours, importance of remaining relevant cannot be overlooked. The penalties for not doing so could be detrimental for your brand. Remember the miserable fate of Nano that winded up from Indian market after brewing quite the storm or Kingfisher that’s totally shut down or for that matter Bisleri pop that died due to lack of audience acceptance.
No matter what company size, industry or product niche you are into, you must as a brand that’s seriously in it for the long haul realize what your customers want, how their purchasing habits will change or evolve over time and how marketing and delivery of products should change as well. Today, not products, but brands make a difference because products these days are now bought, not sold. Brand success and failure depends a lot on the brand-customer relationship, brand image, positioning, and brand promise. When you establish a relationship with your customer, you are developing perceptions by attaching emotions. Failing to listen to your valuable customers is one of the biggest reasons why you lose customer loyalty. It’s a reputational risk and a missed opportunity. Customers can not only influence what they buy, but what others buy as well these days and hence it’s even more important than ever to understand in depth what your customers care about. Customers expect exceptional customer experience, strong brand ethics and often the ability to improve and influence the products they consume.
They also expect surprise and delight in your offerings, and where and how they engage with your brand. Besides, businesses simply cannot afford to ignore independent reviews and recommendations. Research presented at Cannes Lions 2018, revealed that in 65% of cases when a consumer switches brands, it’s because the company failed to stay relevant.
Kodak, the iconic brand and its fall is well known. Given that Kodak’s core business was selling film, it’s quite obvious to realize why the disruptions of digital technology posed a challenge to them. Although the company pioneered the possibilities of photography in the digital age, where they failed was in realizing what business they were actually in. They continued to frame themselves as a chemical film company versus an imaging company versus a moment-sharing company. Kodak had the money and the talent to make the transition required to stay relevant, but not the risk tolerance.
So, what you need to stay relevant?
- Your brand needs to be affordable, accessible and show empathy.
- The Global Consumer Insights Survey 2018 by PWC revealed that price, location and trust are the key factors people consider when deciding what brand to buy, so businesses need to ensure they are addressing each area.
- Adapt to the changes in the market around you. Because he who waits, fails.
- The first product you have launched may have been a huge success, but that’s not all, you can’t stop there. Just because you were successful initially doesn’t mean you always will. Your customers are looking for the next level of engagement from you. If you don’t give it to them, somebody else will.
- Give them enough reasons to choose you over others. How? Through a value promise of your brand rather than simply product functionality that resonates with them.
- Don’t ignore the importance of your company DNA. Do not fail to recognize your brand’s core potential and then don’t forget to leverage that to the maximum.
- Provide the latest technology to your customers to avoid redundancy. Nokia the lost brand is a prime example of this. At a time when it should have partnered with Android, it tied up with Microsoft and the software couldn’t keep up.
- Some companies aim to expand very fast as compared to the resources they have or their brand’s potential to carry so many products. That’s a bad idea.
- Lack of effective branding is another reason why brands fail. With targeted digital campaigns, getting your brand’s name in front of the right eyes can be done more economically than ever before.Let us help you through your branding ideas. You can write to us on email@example.com or call us on 9867299977.