Sunday, January 12, 2020
Companies don't blame the product, (but) they blame the brand. Brands also transformed the process of marketing into a process of perception-building. Image is now everything: consumers consider more important the perception of the brand than the real product. Why branding is everything? Because companies live or die on the strength of the brand: one mistake and the customer can break the loyalty bond RULES why brands fail l. Brand Amnesia. For old brands, memory becomes a problem. When a brand forgets its identity and try to create a new identity, like Coca-Cola with New Coke. Brand Ego. Brand overestimates its importance, believe to dominate the market alone (like Polaroid in the photography market) or enter new markets that don't fit (like Harley Davidson selling perfume) 3. Brand deception. Companies sometimes lie when branding, and today consumers are really connected via Internet and can't be cheated. 4. Brand paranoia. When the brand feels an inferiority complex, imitating the competitors and reinventing the brand every six months. 5. Brand Relevance. When a market evolves, the brands risk to become obsolete.There are some myths associated with branding: I If a product is good, it will have success. This is not always true, Because good products can fail exactly like bad products. For example, Bateman was better than VS., but failed. 2. Brands are more likely to succeed than fail. Wrong. Brands fail every single day, the 80 per cent dies when introduced, and 10 per cent within five years. 3. Big companies Will always have brand success. This is false, because famous brands are also weaker. For example Ã¢â¬Å"New CokeÃ¢â¬ . 4. Strong brands are built on advertising.Advertising can support brands, but not build them. There are many types of failures, one of them is Classic failures Reasons why brands fail: marketing errors: like setting the wrong price or name or getting paranoid about the competition or consumers can boycott the brand because of a scand al via internet or simply because they are bad ideas New Coke case In the case of New Coke, the brand forgot its identity.