Marketers Face The Paradox Of Quality
The paradox of quality is that the better our products get, the more they are alike.
NEW THINKING
The paradox of quality is that the better our products get, the more they are alike.
Measuring brand progress allows a marketer to gauge how well the brand strategy is working, the impact marketing activity is having, and to keep an eye on the competition.
As the furniture industry reels from a dramatic drop in consumer demand, Lovesac overcame market headwinds to report 7.5% growth in revenue in fiscal year 2024, reaching $700 million from $651 million the previous year.
Brands do not always survive financial engineering. Sears is an example. Bed Bath & Beyond is another. Toys R’Us is still struggling after a bankruptcy and collapse. Quiznos survived bankruptcy but is a small shadow of its former self.
The growth of any brand will plateau if it is successful with its initial product range in its region of origin. Further growth must come from expanding the product range, extending geographically, or both. Before scaling your brand, the business fundamentals need to be in place. Investors seem keen to fund technology-based brands even if they have never made a profit, but this isn’t wise. According to Cyrine Ben-Hafaïedh and Anaïs Hamelin (2022), profit-focused brands...