According to Lynn Russo Whylly, writing for ChiefExecutive.net, ignoring or missing a major consumer trend or behavioural shift can seriously damage a brand’s chances of survival.
Some big-name brands have endured by learning how to reinvent themselves, such as IBM, Apple and McDonald’s.
In manufacturing, the author observes, revitalisation is driven largely by a commitment to R&D and innovation. And it appears many firms are catching on – Booz & Company’s 2013 Global Innovation 1000 Study showed R&D spending among companies listed was at its highest level since 2010.
However, revitalisation also requires internal transformation. John Veihmeyer, chairman and CEO of KPMG, told ChiefExecutive.net that the need for transformation to keep up with the latest challenges is simply “the new normal”.
Russo Whylly shares the following suggestions for revitalising a brand:
• Assess your brand message to ensure it is accurate and consistent. Make adjustments if necessary.
• Increase your capabilities for customer data analysis. The author comments: “As your database faces exponential growth, insight gleaned is increasingly becoming the primary driver of business decisions.”
• Invest in the best people who can work consistently on a cohesive vision.