Brands exist because there is a need for them within the market place. Well one then may begin to ask why so many brands fail to win the hearts of consumers? This happens because some brands fail to meet certain consumer requirements in order to take that brand to the next level, such as; as Nike, Netflix and Apple. Any brand has basic needs, and it is the company's marketing teams job to figure out what those basic needs are, and how they can incorporate them within their business model. According to INFO Entrepreneurs branding has three basic needs;1) There must be market opportunities, 2) Brands need sufficient resources to commercialize and ensure continuous support, 3) A good management team is vital for a good brand management process. Even with these three principles carefully put into place, some brands will simply still fail to meet consumers wants and expectations. Another crucial factor in successful branding is making sure your brand has room for development and change.Not allowing room for your product to change with cultural and technology can be detrimental in the long run to even a major corporation. Just ask the former CEO of Blockbuster Video "John Antioco" who once ran and operated the successful company that used to dominate the home-video rental market, that was until the newbie NetFlix came into play and completely revamped the entire way we watch movies at home. It became obvious that NetFlix and the DVD-by-mail business model would triumph over the larger Blockbuster/brick-and-mortar approach. In 2000, Antioco had even dismissed Netflix and even laughed at the idea of online home movies, and by 2004 Blockbuster could sense they were in trouble.
Blackberry, Abercrombie & Fitch, JC Penny are some other once major brands that are slowly if not already dead in the water. These brands have either failed to migrate over to a more technological way, or they have failed to continue to touch the emotions of consumers. Companies that make sure their brands connect and touch the lives of people will make their brands triumph. The Harley-davidson brand is a perfect example of a brand that connects and touches the lives of its customers. It is like a religion and its customers live the brand by wearing Harley tattoos and apparel. The companies that are most successful in the market like Harley-davidson express the value that they add to the lives of their customers by saying they can sell them a dream. To me it seems the most important thing a companies brand can do is really understand its target consumer, and how their wants and needs can change over time, and that is it their job to deliver products or services that can maintain the consumers attention and loyalty.
Check out these links, I though the Food Brands was pretty interesting.
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