“You learn more from failure than you can from success.”
A brand is a product, service or concept that publicly distinguished from other products, services or concepts, so that it can be easily communicated and usually marketed.
• A brand is not a logo.
• A brand is not an identity.
• A brand is not a product.
So what exactly is a brand..?
A brand is a person’s Gut Feeling about a product, service or organization. Individuals define brands, not companies, markets or not public.
“It’s not what you say it is,
It’s what they say it is.”
Why Brands Fail..?
A brand basically helped the organizations differentiate themselves from competition. But nowadays, companies began to differentiate themselves from the competition with their marketing efforts, and due to these marketing efforts, the brands of the company grew higher and higher. With this growth the expectations also grew for the brand. And any brand which made a wrong move, whether it was in product or services, dropped severely. Only the product or service did not drop, it was the brand which dropped. The success of a company depends a lot on the branding and marketing efforts, but it also depends on the product. However, it is several times observed, that even the product is not upto mark, then too branding is the department which is blamed.
Talking about cars, Tata Nano is the biggest example. Many people did not like Tata Nano because for them a car is a luxury and overall Nano’s looks and performance were not upto mark. However, when asked for Nano’s failure, Tata company said that they did not ‘Market Tata Nano properly’ and that the concept was not presented in the right manner.
Talking about shoes, consider Reebok as well. When it brought in Bhaichung Bhutia, the Sikkimese footballer to endorse its products, the sales did not show much improvement. Here it failed on the promotion front, because it failed to realize that in India, it is cricket that sells more than football. The use of right type of celebrity for endorsement is important.
So why do brands fail? The cause of a brand’s death or stagnation is its failure to sustain an emotional connection with customers. Whether a brand embodies trust, tradition or innovation, it has to live up to customers’ expectations or it will never inspire a loyal following.
Thus, overall there are many reasons of why brands fail. But then, business always involves some risks. If this risk factor is eliminated, it also takes away with it the elements of challenge and learning opportunities that it has to offer. So go ahead and take the plunge, but do take your learning guide of various principles learnt such as the mixture of four P’s, which will guide you to safety, if you start drowning.