Photo: Flickr – Barabeke
recognising the need to adapt to the needs of consumers is the most valuable asset for a company looking to survive, according to an article by Brian Solis of The Washington Post.Here’s the thrust of the article:
“Identity, persona, essence and promise, are the new kings and queens of the branding kingdom, thanks to technology and the deeper connections it creates between brands and consumers.”
There are countless examples of companies that haven’t heeded that advice, and instead fell victim to “digital Darwinism.”
- Blockbuster was used as an example by Solis of a company that didn’t heed the changes fast enough, and eroded as a result.
- Polaroid, while incredibly popular as an instant photography brand, failed to capture a significant portion of the digital photography movement and filed for bankruptcy in 2001.
- Other companies cited by Solis as victims of digital Darwinism include Circuit City, Borders Books, Tower Records, Saturn, and Palm.
A few companies that were mentioned that didn’t fall victim to this trend? Not surprisingly, Apple led the pack, with a $153 billion brand valuation. Google was right behind, valued at $111 billion, with IBM and McDonald’s taking spots three and four. What helps these brands stay viable?
- Solis mentions the successful branding that Apple developed in the 1980s and 1990s, with catchy marketing campaigns (“Think Different”) and concentrating on how their brand fit into the world.
- Coca-Cola, the number sixth rank company in the world in valuation, gets 80 per cent of their value from branding alone.
Maintaining a connection with consumers — with flexibility, research and innovation — should be the top priority for any company looking to stay in business.
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