July 3, 2013
Are You Remaining Relevant To Your Customers?
So you’ve built a business on maintaining relevancy to your customers, but we all know change happens with each passing year. Then, what happens as your customers and their business change? Do you remain relevant to their changing needs?
Case in point is Kodak. Here is a large, highly recognized global brand that did not change as their customers changed. While consumers embraced the digital age and film no longer became relevant, Kodak held on to what got them there in the first place – film and paper. Kodak even invited the digital camera in 1975, yet management did not see it as the future and ignored the idea.
What was once a brand king, one that held a reputation for high standards, quality, the best in the world, and consistently ranked as one of the world’s five most valuable brands, now has become a tarnished brand, and in bankruptcy after filing for Chapter 11 protection. Even their digital cameras are considered as “cheap” compared to the likes of Nikon, Sony and Canon.
Many businesses have been successful for decades just as Kodak, yet they see that change is inevitable and innovation along with some brand adjustments must be made. Brand management then becomes a critical function within any organization, where a desired reputation of the brand must be implemented including rebranding or repositioning. Make sure you are not ignoring new ideas that will enhance your brand for the future.