There are many reasons for brand failure. Maybe it is a case of bad product. Perhaps, no proper research was conducted. Marketing mix can be faulty e.g. bad pricing or bad distribution or bad advertising. When there is no apparent reason for failure, we call it plain bad luck. However, the most important cause for brand failure is bad thinking or in other words bad strategies. Just a strategy statement is not enough. While formulating the strategy, we should keep in mind the following.
Be consumer driven
There should not be emphasis on the mere attributes of the product. We should keep in mind consumer behaviour.
Common cold affects two categories of people — those who keep indoors for rest when they catch cold and those who move out and work even while suffering from cold. Contac is positioned for the movers since it ‘keeps –you-going’.
Re-define Research
Research itself is not always perfect. We mostly read the operative part and accept it as gospel truth. Research may have subjective bias. Dissect the research report thoroughly. Examine the questionnaire. See whether the right questions were framed.
Concentrate on the Crux of the Matter.
Sometimes, we tend to state to state what is pretty obvious. All of us know that frozen food are convenient. What matters more how they taste.
Meaningful Benefit
Though we can derive a number of benefits from the products, we have to restrict ourselves to the more meaningful benefit. Detergents have to clean and cold remedies must provide the relief. Even Diet Pepsi has to refresh, though it provides only 1 calorie and controls sugar and weight.
Popularity As the Main Benefit
The most sold brand sells most due to some reason. The most sold status is a consequence, and not a cause.
Price Strategy
Mere price with no regard to quality is not a good strategy. Sooner or later, we must strike a price-quality equation which provides value to the customer. We may buy an economical car but it does not last for a long time. This is poor value. A car that lasts with minimum maintenance costs, is luxurious and gives resale value is an example of good value.
No Arguments
In financial advertising, just cold facts won’t do. People do not perceive them properly. We have to justify us by relevant information or reasoning.
Bundle of Benefits
Who buys just a combination of ingredients or parts? We buy some expected benefits. Are we buying a quarter-inch drill or a quarter-inch hole? Just attributes are not the benefits.A computer may have processing power –it is speedy. It is the attribute. But its speed saves our time. It is the benefit.
Mother Brand
Never dilute the property of the mother brand by extensions and improvements.
We should not fiddle with the long term brand strategy right at the beginning. It should be the last thing to change. The reasons of brand failure may lie elsewhere.