Posted on : 2023-01-13 03:34:56
Article : Good evening, Friday management TASK 225- While innovative start-ups come and go like the wind, there is always something to learn by watching when pinnacle examples of corporate business and industry leaders forget that they are not untouchable.
Every successful company and entrepreneur have at least some history of failure behind them. That’s because companies need to grow to operate long-term, and you cannot grow unless you try new ideas. Unfortunately, a lot of those ideas are not going to work. Rough patches don’t just happen to small businesses either, even plenty of big brands almost went bust before really hitting their stride. Launching a product may seem like a game-changer for a brand, but they can also end up as epic disasters and lead to failed products due to poor marketing. It is undeniable that surviving the fierce competition in the markets is challenging, and hence, companies have to take risks and keep introducing innovative products. Companies launch different types of commodities intending to capture the consumer’s attention. The majority of them successfully meet the customers’ expectations. But many products have failed because of poor marketing. Hence, they were unceremoniously withdrawn from the market.
To avoid such situation, companies need to strategize their marketing of products/brands either with lowering prices, changing the packing, or repositioning or rebranding. There’s no single signpost that marks the time for brand repositioning — in fact, it’s often a combination of several critical factors. Some of the signs might be: A downward trend in sales. A shrinking core audience, Industry shakeups (new technology, new business models, new competitors),A disconnect between marketing messaging and the topics brought up by real customers. Product line updates that are out of sync with old brand promise., An outdated value proposition for the current culture or market, Lack of brand appeal to younger generations, need to pivot away from brand confusion or negative associations.
All are examples of brand repositioning catalysts for SMBs and global enterprises alike. For some companies, this is an opportunity to finally get a real foothold in the market and scale up, often in ways that were not working (or possible) with your old positioning. For established names, successful brand repositioning can refresh a stale image or renew interest in an historic brand. Otherwise, rebranding could be thought of for renewing the product in new avatar.
A brand repositioning strategy is not a complete remake of your company’s identity but it’s a calculated adjustment. Brand repositioning can offer a new path forward (and upward) when growth has stalled, competitors are taking the lead, or customers are not connecting with your company like they used to. In other words, companies reposition to keep up with evolving customer needs.
Rebranding, by contrast, is a more wholesale effort. A rebrand could involve changes to your brand name, logo, core product, business model, and more. Everything about your brand identity is on the table. Rebranding tends to be reserved for times when companies are failing and need to rediscover their identity and to get a fresh start.
While innovative start-ups come and go like the wind, there is always something to learn by watching when pinnacle examples of corporate business and industry leaders forget that they are not untouchable. Market shifts can rattle the foundations of even the most prominent enterprises. It is a reminder that no one is safe and that complacency can lead to innovation failure.
For example, Nokia was the first to create a cellular network in the world. In the late 1990s and early 2000s, Nokia was the global leader in mobile phones. The company overestimated the strength of its brand and believed it could arrive late to the smartphone race and still win. In 2008, one year after the first iPhone release, Nokia finally decided to compete with Android, but it was too late. Their products weren't competitive enough.
In our Management solution for this TASK 225 we shall discuss on how brands could regain the lost ground with few brand examples. You can join us by sending your experiences or innovative thoughts on this topic to encourage the entrepreneurs. Our management solution will be posted on 16th Jan 2023 Good morning, Monday Management solution for TASK 225.
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