Via The Browser:
Why is it that some brands launch like meteors, captivating our imaginations and our wallets, only to fall spectacularly into marketing oblivion? And perhaps more importantly for marketers today: How can this fate be avoided?
The Tale Of TiVo And Why Great Brands Fall From Grace | Fast Company
Points:
- “The answer lies in the difference between what is required to generate initial trial of a new product, versus building a relevant equity that stimulates ongoing interest and repeat business.”
- “…we need to dispel the myth that there is any long-term “first-mover” advantage in marketing brands.”
- “…three important lessons:
- …first, having a brilliant innovation ahead of competition is a great thing. But there is danger in letting the technical innovation be the news itself, because inevitably competitors will copy or leapfrog you. It’s always best to build equity that elevates the conversation to emotional benefits, values, and beliefs, rather than a purely functional one. That’s much harder to copy.
- Second, ensure your product experience is outstanding, creating ongoing repeat from happy consumers.
- And finally, have a second act. Keep it fresh and give your loyal user base something to trade up to once they’ve committed to the brand; don’t leave them hanging on wondering what is the next level of involvement.”
Ponder:
- How do you go about determining a brand identity?
- What is the infrastructure required to continually review the brand and keep it refreshed?
