We are compiling the 40 Most Common Brand Problems. Have you witnessed Number 31?
Common Brand Problem Number 31: Not keeping up with the industry on product or service innovation
Analysis: No matter how much of a market share advantage or leadership legacy you have, you should not rest on your laurels.
Key Point: The marketplace is too competitive. Constantly reinvent yourselves. Maintain a large pool of resources to invest in new ideas. Award the resources based on projected incremental sales and return on investment. Even pursue new business approaches that could make your current core business obsolete. If you don’t, someone else will. Think about the impact of digital technology on Kodak’s film-based photography leadership. Consider Encyclopedia Britannica’s entry into interactive software (which sells for a fraction of the cost of their traditional hardcover bound volumes).
The Blake Project Can Help: The Brand Positioning Workshop
Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Licensing and Brand Education