The story about David and Goliath may as well be based in this day and age. Considering the only rule applicable is no rules. We take a look at the reasons why your brand, as outstanding as you make it seem, is just big and not so fast.
Reason #1: Age old Marketing tactics
An article written by Peter N. Golder, Julie R. Irwin and Debanjan Mitra for Forbes mentions how leading brands tend to waiver over time. This study, conducted over a span of 15 years, indicates around 20% of the so-called leading brands tend to lose their leadership every fifth year. Keeping this in mind, being current is not just about having the best marketing team stuffed with business school graduates. It’s also about knowing your base. We all tend to lose track of our end customers because of our own deadlines and work dramas. Rather than working in silos based on merely function, move towards a more integrated personality for the company.
Reason# 2: Social Media
Let’s take the example of Vishal Gondal, Managing Director at Disney-UTV Digital. Also, a reputed social media channel. His Audi Q7 was given for servicing at an authorized Audi service station in Mumbai, India. The GPS tracking system showed his car was travelling all over the city when it was supposed to be at the service station. Someone’s joyride, somebody else’s misery. He tweeted the Audi India handle but didn’t get a reply from them for three hours. Meanwhile, the BMW handle tweeted Vishal and asked him to try out on of their cars for a week. End of story with the most perfect moral.
Reason # 3: Customer details
Remember how, as a child, a massive amount of time was spent of attaining the best cursive handwriting? Currently, it’s a colossal waste. You may have the best team, the best product, the best line up. Now for the grand pause. Many major brands don’t have consolidated information about their customers. When someone tweets or mails you, don’t ask them for the basic details as to when they bought your product or their contact number. It’s your prerogative as a brand to have a glitch-less customer database. Make it part of your culture. No customer left behind!
Reason #4: The way the brand is viewed
There’s a thin line of difference between being image conscious and being arrogant. Take for example, Hewlett Packard. The company spoke out about how the brand reached a stage of stagnation. They used this spotlight, churned in some existential questioning and look where they are now! This company openly admits that it’s time to change. They did it in 2001, they did it in again 2013. Everyone loves a company that admits they can do better and goes ahead to prove the same.
Reason #5: Not Reflecting
Ergo, not reinventing. There is never enough time but that’s not a viable excuse. Take Nike as an example. While the nature of the products dictates the brand in itself, they have given some very innovative and thoughtful additions to the basic line. It’s not just the clothes. It’s the entire package.
Remember, bad decisions make for good stories. Let the good stories come from your competitors’ side.