Brand falls from grace

LESSON TO BE LEARNED.

1. Beloved Brands forget who they are and what it was that made them famous. EX: BENETTON.
2. Struggle to keep up with the times. EX: CADILLAC
3. They make the wrong strategic choices because they think of themselves before the consumer. EX: GAP
4. If you are Afraid to attack yourself, expect an attack from someone else. EX: KODAK
5. Lose focus and let the experience slide. EX: BLACKBERRY

MAINTAINING BELOVED BRAND STATUS

1. Keep the brand’s promise front and center on who you are.  You need to be either better, different or cheaper.   Challenge yourself to stay relevant, simple and compelling.
2. Keep challenging the status quo to maintain an experience that over-delivers the promise.  Create a culture that attacks the brand’s weaknesses and fixes them before the competition can attack.  With a Beloved Brand, the culture and brand become one.
3. Make focused strategic choices that starts with being honest with yourself.  Find a way to listen to your consumers and stay ahead of the trends.  Watch for dramatic shifts because they can really open a door for a competitor.  It’s easier said than done, but don’t be afraid to attack yourself even if it means cannibalizing your current business.  A good defense starts with a good offense.
4. The most beloved brands have a freshness of innovation, staying one-step ahead of the consumers.  The idea of the brand helps acting as an internal beacon to help frame the R&D.  Every new product has to back that idea. .
5. Keep the brand story clear and simple through great advertising in paid media, but also through earned media either in the mainstream press or through social media.