The status of brands and marketing campaigns does not remain same for years. However, the rate of change has increased manifold over the years. The figures of Fortune 1000 corporations show that among the top 20 companies, 35 percent were new between 1973 and 1983. Between 1983 and 1993, the same figure rose to 45 percent and between 1993 and 2003, the figure stood at 60 percent. This point is further supported by the fact that 40 percent of the top companies in Fortune 500 in 2000 disappeared in 2010.
The demise of stalwart US brands is many, such as, Tower Records, Wherehouse, Borders Books, Circuit City, Saturn, Pontiac, and Palm among others. The unpredictability of the brands in terms of their sustenance is becoming more potent by the day. Wall Street Journal published an article, “Ten Brands That Will Disappear in 2012,” providing a list of brands which will demise soon, such as, Nokia, American Apparel, and Sony Pictures.
The aspects of branding changes rapidly. The aspects consumers look into a brand or in a marketing campaign cease to exist in a few a years’ time. The promise, essence, persona and identity are the new differentiating aspects of brand, driven by technology and the deeper connect between the consumers and the brand.
The consumer behavior, markets and mechanisms of connecting with the customers are impacted by technology. It is an intricate business, which very few brand managers can understand and thus take their brands to demise.
One of the few people, who understood it, was Steve Jobs of Apple. After rejoining Apple in 1997, he emphasized to establish deeper connect with the consumers. In this effort, he came out with the iconic advertising campaign, “Think Different.”
“For me, marketing is about values,” said Jobs, “This is a very noisy world and we’re not going to get a chance to get people to remember much about us. So, we have to be very clear what we want them to know about us.”
The campaign, “Think Different” ran for 5 years that set the stage to rebrand Apple from a fledging consumer perception. This has been one of the best examples of successful branding that survived for a long time in terms of relevance and attention.
Another example of sustainable branding is McDonald’s. The chain has been going through store by store makeover with faux leather chairs, muted colors and wooden tables. The aim of this marketing activity is to redesign consumer experience, for which, the organization is pouring in $1 billion. They have taken the competition head on with Chiptole, Starbucks, and Panera Bread to provide their customers with upscale and elegant presence.
Senior Vice President of McDonald’s, Jim Carras said, “McDonald’s has to change with the times and we have to do so faster than we ever have before.”
The cultural adaptation and innovation is the key in recognizing the evolving of the consumer affinity and preference as well as technological advancement. The game changing aspects in relation to technology and consumer preference are the smart phones, tablets, gamificiation, and social and mobile networks. Embracing these aspects can ensure organizations impacting in line with consumer preference and technology changes and thus determining the bottom line impact.