Brands that Last: Three SecretsJune 25, 2022 2022-06-25 21:20
Brands that Last: Three Secrets
Brands that Last: Three Secrets
Do brands last a lifetime? What makes some brands survive while others fail?
Think about this question as it relates to your own life. What brands and products do you remember from your childhood? Are those brands still existing?
If so, what could their main secrets be? If they are no longer around, what could have led to their extension? So, perhaps you already know the answers to these questions.
My favorite childhood car brand was the French-built Peugeot. The Peugeot company was founded in 1810 by Jean-Pierre Peugeot, who began making coffee mills and bicycles.
Despite not having seen my grandfather’s functional Peugeot 504 (Peugeot’s first Saloon Car), I did see the spoilt immovable car kept in the garage. The car’s round headlights and sunroof caught my attention at the time. On occasion, he gathers his young children and tells them stories of his car-related antics. From Ho to Hohoe and Aflao to Accra, he traveled.
It was the most adored vehicle in the 1970s and 1980s. I used to only consider traveling by the Peugeot. All this time I was hoping for a meaningful experience that I would be able to talk about with my grandfather. Was his account of the car similar to my personal experience, in other words? Brand’s perception vs customer experience.
Admirably the Peugeot still exists today with different models made, and the company has evolved.
Today, I will share with you three key secrets among the many that help brands thrive over generations.
There are several ways brands can survive and thrive. The key to success lies in understanding these strategies and applying them to your business.
Let’s get started…
Customer-focused: if your goal is for your customers to feel satisfied and you put your all into it to achieve that result, your customers will come back to serve you in many ways. Some may become your unofficial brand ambassadors. Brands that attain iconic status are people-minded. They take pride in their work and they go the extra step to ensure that their clients and customers are satisfied. Brands that last know that they’re in business because of people. They realize that these people will be spreading the good word and image about the brand, which will bring in more clients and more money. Brands that last put a premium on their customer acquisition and retention processes and don’t let it happen by chance. are the ones that succeed over the long term. The key to creating enduring customer value is to figure out how to build sustainable competitive advantage, not just for individual companies but for entire industries. Be value-driven!
Communication: Brands that last keep their communication channels open all the time. Lasting brands use both new and old media to promote your business. Social media is used to engage with people, listen to them, provide feedback, and promote products and services. Listening helps provide avenues for bettering your products and services and strengthening your brand’s presence Lasting brands have a strong digital presence and constantly improve their digital presence to stay top of mind for their target audience.
These actions help to strengthen the bond between the brand and its customers
Consistency: Consistency is key. Nothing remarkable can be achieved without consistency. It’s the value, the voice, and the brand that drives home the message. Brands that last are always improving, always innovating, and always marketing their products and services Follow Coca-Cola’s lead. They’ve improved, even their formula, packaging, and messages, and constantly market themselves.
Returning to the Peugeot brand, one of their success secrets has been their ongoing commitment to innovation and improvement. They never gave up, and today it’s one of the most sought-after cars in Europe by tourists.
In addition to nine other Car of the Year wins in Spain, they have won five Car of the Year awards in Italy.
I will summarize it all by ending with the words of James C. Collins from His Book, ‘Built to Last: Successful Habits of Visionary Companies, “The good news is that one of the key elements of being a visionary company is strikingly simple: Good old-fashioned hard work, dedication to improvement, and continually building for the future will take you a long way… The bad news is that creating a visionary company requires huge quantities of good old-fashioned hard work, dedication to improvement, and continually building for the future. There are no shortcuts. There are no magic potions. There are no workarounds. To build a visionary company, you’ve got to be ready for the long, hard pull. Success is never final”
To remain relevant, brands must continuously reinvent themselves to attract new customers or retain existing ones. This requires constant innovation and adaptation.
In conclusion, note that lasting brands are not built on autopilot, when it comes to building lasting brands, it’s important to understand what makes your brand different from others, and then find ways to leverage those differences to create lasting value for your customers.
Bernard Kelvin Clive