Many brands have been with us for a long time and many are still struggling for survival. Why do some brands sustain by escaping the effects of time and why do some brands vanish?
There are many reasons why brands start performing low and eventually lead to vanishing −
● A brand not being able to withstand market changes and competitors.
● New cheaper entrants in the market, which destabilize added value of the established brand.
● A brand not able to suffice consumer’s needs, or customized requirements.
● A brand not able to attract upcoming generation of consumers all over again when current consumers grow old.
● A brand marketing and management team lacking foresightedness.
These are few most common facts why brands start to decline. To last for a long term, the following vital points a brand must adhere to −
● Keep on innovating on the fronts of product quality, design, and consumer’s convenience.
● Always keep its reputation good.
● Always remain contemporary with the changes in the consumer’s culture, preferences, economic and technological changes, and new market openings in the world.
● Always keep itself noticeable to the target market.
● Work on not to lose its market share for cheap copies of the products.
● Work on acquiring superior image and then keeping it.
● Price its products appropriately depending upon the target market’s income.
● Present itself in the quality environment which is as high as its product offers.
● Control the relationship with the opinion leaders and distribution of products.
● Defend its intellectual properties against theft or sneaking intrusion.