Changing brands in today’s fast-moving environment
Tom Dougherty, CEO – Stealing Share
3 August 2016
Embracing brand in an environment of change
The world is changing rapidly and with it so are the tastes and preferences of consumers. New products, brands and technologies are creating entirely new demands from consumers. New wants and needs emerge while others wane. Everything from Brexit to the eminent failure of the Airbus A380 to the global Pokemon Go craze demonstrates just how malleable the preferences of consumers of all stripes really are.
Taco Bell now serves breakfast and McDonalds serves breakfast all day. One can go into the store and buy hard cider, hard lemonade, hard root beer and hard cream soda. Some cars now drive for us, refrigerators take pictures of their contents and your bed tells you how well you slept the night before. Consumers today thrive on the newest and latest, and enjoy inundating themselves in noise under the guise of making things easier. The only constant is change.
“Brands too often today are responding to the nearly overwhelming changes in the market by drifting, often too far, from what has made them successful.”
As the pace of change continues to hasten, what are companies to do? Should they be as malleable as the preferences of consumers? Should they be changing brands?
To properly answer that question, we have to once again remind ourselves of the difference between a company’s businesses and its brand. The business piece is easy. It’s what you do. In short, it’s the services you provide or the products you sell. Nike’s business is to sell athletic apparel and GEICO sells insurance.
Changing brands, the decision
Changing brands is a little more difficult. For some companies, brand is simply a logo. For the smarter company, it is the amalgamation of everything, including all operations. But that’s only part of the equation.
When brand is executed as it should it should be, the totality of everything an organization does comes in to play. This goes from R&D to customer service to sales and marketing to HR and everything in between. Understanding this is key to succeeding in an era of change, not just riding out the storm.
Brands too often today are responding to the nearly overwhelming changes in the market by drifting, often too far, from what has made them successful. We call this brand drift and, in a business environment where change is the rule of the day, it can be the wrong thing to do. Let the business adapt, innovate and change as market conditions demand organically.
This is not to say that good brands should avoid investing in monitoring their brand equities. Far from it. Brands should constantly be making sure, especially in times of great change, that their brands continue to be influential and resonate. Because in these times, consumers seek safe harbors. That is true of all human beings.
At Stealing Share, we create brands derived out of the beliefs and aspirations of your target customer, making it truly is a reflection of who your current and prospective customers are or aspire to be. If your brand does not truly do that, then changing brands is needed.
In this rapidly changing business environment, if you continue to do the good work of making sure your business has adapted to changing market forces, then we can help you create or modify your brand so that, no matter how much tastes change, your customers and prospects will remain true to your brand.
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