Why brands fail and what can you do to avoid failureTed Blackwater ▼ |
Brands Stay true to yourself
Nothing lives forever and that's the fate that can strike even the biggest brands out there. However, while some fail in an instant, some are living to span the century. So, what's the secret?
But, what's behind failure? Is any brand doomed to fail at some point? Well, if you are smart, your brand can live for a very long time and be successful all the time.
First, you must keep in mind that you can't control your brand as much as you think. True, you created it but your brand is not just a product, it's an idea in your customers' heads. It's a way of life, a way of expressing ideas and desires, a way to show who's who in the society... In other words, your brand is much more to your customers than you think.
That in turn, leads us to a very important conclusion: Stay true to yourself. If you are making sport cars and you're good at it, you may come to an idea to expand and make cheap cars, small cars, big cars, trucks, forklifts... When that idea comes to mind, the best thing you can do to is to think about a distant beach, football game or birds flying around.
In short, do whatever you want, just don't think about expanding in areas that don't belong to you naturally. To make a new version of your car is OK, but to make a forklift... That will spell doom for your company.
Evolve. If you want to survive, evolve. Look around you how other companies in your field are changing, what's the state of science and technology, and where the society is going. Incorporate new ideas into your brand to make it stronger, not to change it just for the sake of change.
Then, take a look at your loyal customers and try to figure out - ask them! - what's the best in your brand and what they would like to see. And then - forget all ideas for which you think they don't fit.
Remember, you created the brand because you had an idea and that idea worked. That way you will easily recognize what will work for your brand and what will not. Remember that you can't - and shouldn't - make a product that will be great for everyone, that's impossible. So, focus on your core strength and build around it.
And for the end, be stubborn. If you know you have a good idea and good product, stick with it and develop it. With time, you will see that you can manage to be yourself, your brand will stay the same in its core and it will be successful. And consumers are loyal to a brand that's loyal to itself. ■
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