Business News
When brands go under – and how to stop yours from failing
Those of us who keenly watch market trends ( and isn ’ t that all of us in business ?) are aware that even the biggest brands , the ones that seem to be infallible in any circumstances , can be prone to decline and fall .
I think about Everest Windows , one of the first companies to make a tremendous success of double glazing when its popularity began to grow on these shores . Once they were a byword for the whole industry ; now they ’ re in administration . We could also mention clothing brand Superdry – a runaway success in the early Noughties , with celebrities queuing up to wear their gear , but now facing a collapsed share price and subsequent withdrawal from the London Stock Exchange .
Why does this happen ? Well , as we are sometimes told when personal relationships fall apart , “ it ’ s complicated .” It can be all sorts of things – missed opportunities , loss of customer loyalty , changing economic circumstances , bad decisions and failure to adapt . The latter has certainly been true in the glazing industry , where smaller , nimbler players are offering better materials , quicker turnaround times and more choice while providing plenty food for thought for the bigger operators who might not be quite so fleet-footed .
Remember video rental business Blockbuster ? They were once everyone ’ s go-to store for an evening ’ s entertainment . Then mail-order DVDs and streaming came along , but Blockbuster failed to adapt , relying on ever-decreasing footfall . The result ? Game , set and match to Netflix .
Even the best-laid plans of brands can go south if attention wanders or there is a headstrong , hubristic attitude among senior leadership . So how do brands stay relevant and in the game ? At Purplex we ’ re constantly finding ways of keep our clients ’ brands fresh and interesting in a highly competitive market . Our key strategies include :
• Embrace Innovation : Don ’ t be afraid to shake up your own market . Invest in research and seek ways to improve your product or service . Think of Apple , forever pushing the boundaries of technology and design .
• Listen to Your Customers : Conduct surveys and actively engage with your audience on social media . Understand how their needs and tastes might be changing , and don ’ t be afraid to adapt your brand accordingly .
• Stay Ahead of the Curve : Keep an eye on industry trends , technological advancements , and changing demographics , and be prepared to pivot when necessary . Think of how car companies are embracing electric vehicles in response to environmental concerns .
• Become an Expert Voice : Establish your brand as a thought leader in your field . Share valuable content , insights , and educational resources with your audience . This builds trust and positions you as the go-to authority .
Why Talking to Experts Matters
The marketing landscape is complex and ever-changing . Don ’ t be afraid to bring in experts like Purplex , a full-service marketing agency that will help and guide you through this often complex and occasionally rocky terrain . A fresh perspective can identify blind spots and spark innovative ideas . And , to return to Everest ( the mountain , not the window company !), would you climb it without the help of an experienced sherpa ? The same applies to brand building . Partnering with experts like Purplex increases your chances of reaching that summit .
To conclude , if you have a brand you have a living , breathing thing that , like a houseplant , requires constant care and attention . If you understand where brands go wrong , you can learn from their difficulties and not fall into the same traps while making sure your brand survives and thrives . And if you keep going upwards , eventually the view from the top will be spectacular !
If you want to know more about Purplex , and how we can help you gain the best possible results for your business , visit : www . purplexmarketing . com /
74 AUGUST 2024 CLEARVIEW-UK . COM