Overcoming Common Brand Problems – 31

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

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).

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  • Maryam in Marrakesh

    May 3, 2007 at 4:32 am

    I love this about constantly reinventing yourself. It gives me confidence when it comes to branding my blog and ideas about branding my new business. Branding has been on my mind non-stop for the last few days. So glad that I have found this blog.

  • Ben Kelly

    May 3, 2007 at 10:30 pm

    I agree totally.

    Focusing too much on what got you ‘here’ means you’re not focusing on where you’re going.

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