To survive should you evolve? Change your game plan?
Strategies? Do it all to be relevant? The answer would be YES. The age old rule
is that the fittest survives, the others become obsolete likewise in a world
where the consumer calls all the shots and the brands have to provide a
valuable experience to retain their ever so lawful customers who have been
provided an array of choices through a hundred channels, media choices and
products to evaluate and choose from. Brands have to strive to understand the
consumer, their needs and demands and strive to simply be at the top and stay relevant,
but those who fail to understand the importance of being relevant end on the
bottom rungs of the food chain.
However achieving that level of relevance is
definitely no easy feat as all brands strive to build and rebuild themselves to
stay more relevant. The consumer is the defining force where their legitimate
expectations determine what brands stay relevant and which do not,companies
have to battle with the developing technology from mobile wearable’s to
internet embed homes which increase the consumers engagements making it ever
the more difficult to stay relevant .
The issue is actually not HOW to stay relevant but
WHY a brand should be relevant .A company should understand the gravity of the
failure to endorse relevance and the harm it does to the brand. For instance
when looking at the close down of William Grinding mills a brand that has been
in existence since 1951 it has been relying on the name built through the years
but failed to assess the change of consumer needs and demands which may have
led to its closure .In comparison the brand such as Pilawoos that began as a
mere Kottu (fast food) joint has expanded its franchises along the Galle road
and its many other joints catering to the needs of its consumers in a more up
to date and efficient way making it more consumer relevant.
Relevance is fueled by customer loyalty, the task is
to gain that loyalty and maintain it beyond the next transaction. Staying
relevant would be the key to product development and progress, when looking at LEGO
which has been a favorite of children for its imaginative properties into
physical retail which is embossed into digital enterprises and full length
films, it’s evident that LEGO has made all efforts to promote its brand
especially by joining up with the Marvel franchise and producing LEGO movies. However
all these marketing efforts pinpoint to one purpose and that is to provide
value to parents that LEGO is an inspiration and a form of development for the
builders of the future.
Staying relevant is a trend that all brands must
incorporate to survive in a race that’s evolving by the minute and
understanding why it’s important to stay relevant would be a strength for a
company hoping to further their brand in the market.
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