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When brands go under – and how to stop yours from failing
Our founder and MD, Andrew Scott, reflects on the reasons once popular brands go under and highlights how to keep things feeling fresh and interesting in a highly competitive market.
Those of us who keenly watch market trends (and isn’t that all of us in business?) are aware that even the biggest brands, the ones that seem to be infallible in any circumstances, can be prone to decline and fall.
I think about Everest Windows, one of the first companies to make a tremendous success of double glazing when its popularity began to grow on these shores. Once they were a byword for the whole industry; now they’re in administration. We could also mention clothing brand Superdry – a runaway success in the early Noughties, with celebrities queuing up to wear their gear, but now facing a collapsed share price and a very uncertain future.
Why does this happen? Well, as we are sometimes told when personal relationships fall apart, “it’s complicated.” It can be all sorts of things – missed opportunities, loss of customer loyalty, changing economic circumstances, bad decisions and failure to adapt. The latter has certainly been true in the glazing industry, where smaller, nimbler players are offering better materials, quicker turnaround times and more choice while providing plenty food for thought for the bigger operators who might not be quite so fleet-footed.
Remember video rental business Blockbuster? They were once everyone’s go-to store for an evening’s entertainment. Then mail-order DVDs and streaming came along, but Blockbuster failed to adapt, relying on ever-decreasing footfall. The result? Game, set and match to Netflix.
Marketing strategies to keep brands relevant
Even the best-laid plans of brands can go south if attention wanders or there is a headstrong, hubristic attitude among senior leadership. So how do brands stay relevant and in the game? At Purplex we’re constantly finding ways of keep our clients’ brands fresh and interesting in a highly competitive market. Our key strategies include:
Embrace innovation
Don’t be afraid to shake up your own market. Invest in research and seek ways to improve your product or service. Think of Apple, forever pushing the boundaries of technology and design.
Listen to your customers
Conduct surveys and actively engage with your audience on social media. Understand how their needs and tastes might be changing, and don’t be afraid to adapt your brand accordingly.
Stay ahead of the marketing curve
Keep an eye on industry trends, technological advancements, and changing demographics, and be prepared to pivot when necessary. Think of how car companies are embracing electric vehicles in response to environmental concerns.
Become an expert voice
Establish your brand as a thought leader in your field. Share valuable content, insights, and educational resources with your audience. This builds trust and positions you as the go-to authority.
Why working with marketing experts matters
The marketing landscape is complex and ever-changing. Don’t be afraid to bring in experts like Purplex, a full-service marketing agency that will help and guide you through this often complex and occasionally rocky terrain. A fresh perspective can identify blind spots and spark innovative ideas. And, to return to Everest (the mountain, not the window company!), would you climb it without the help of an experienced sherpa? The same applies to brand building. Partnering with experts like Purplex increases your chances of reaching that summit.
To conclude, if you have a brand you have a living, breathing thing that, like a houseplant, requires constant care and attention. If you understand where brands go wrong, you can learn from their difficulties and not fall into the same traps while making sure your brand survives and thrives. And if you keep going upwards, eventually the view from the top will be spectacular!
If you want to know more about Purplex, and how we can help you gain the best possible results for your business, get in touch today.
This entry was posted in branding and design
