Great brands remain at the top because they work really hard to be and stay great. If you want to follow in their footsteps and build a brand that will last for years to come, there are several things you need to do.
Becoming great isn’t the end of the line. We’re serious, it isn’t. It’s just the beginning.
The fact that you’re on top one day won’t stop you from hitting rock bottom the next. This rule also works for brands. You don’t know what we’re talking about?
Do you remember Kodak? Sounds familiar, doesn’t it? Well, in 1996, Kodak was one of the world’s most valuable brands. It was ranked alongside Disney, McDonald’s, and Coca-Cola. However, 16 years later, those three brands were still at the top, while Kodak was filing for bankruptcy. It lost more than $30 billion in market value.
You see, Kodak didn’t implement a bad strategy. They didn’t lack foresight. Their product design and development were on point. But Kodak made a different mistake. It stopped building the brand. It stopped doing what great brands do.
There Are 7 Crucial Principles That Allow Great Brands to Achieve and Maintain Continued Greatness
1. Work Inside Out
If you want to build a great brand, you first have to build an outstanding corporate culture. A great example of this is IBM. Their brand needed rebuilding, and they achieved it by first recreating their corporate culture.
2. Don’t Sell Products or Services
Truly great brands don’t just focus on the superiority of their product offer. We’re not saying that’s irrelevant, just that it’s not the only relevant matter. Great brands focus on developing strong emotional connections with their consumers through their particular offers. People buy based on how you make them feel and based on which values you share with them.
3. Ignore Trends
We know whirlwind trends can be enticing with their promise of a quick profit. However, you need to know that it’s a trap. It only delivers a short-term sales boost. Even worse, you can endanger your brand identity if you blindly follow trends. That means losing loyal consumers.
4. Never Chase People
Although it might sound like chasing every demographic is a good idea, it really isn’t. Once you shift from a specific audience to a wide one, you will lose the core connection with your best target audience. However, if you instead focus on your primary target demographic, you will be able to build a strong relationship with those consumers which will reap far greater long term rewards.
5. Pay Attention to Details
All the greatest brands look to fulfil their consumers’ expectations. One of the key elements of those expectations is the customer experience. Focus on closing the gaps in that experience, and you will create a very positive image of your brand’s core values and long term brand longevity. People like returning to brands that value them. That’s how you also build brand loyalty.
6. Stay Committed to Your Brand Identity
The integrity of your brand is not a small thing. Truly great brands such as Vanguard and Shake Shack sometimes sacrifice their short-term growth just to protect their brand integrity. Why? Because it’s at the very core of their brand. Consider what your brand offers, what is at its core. Once you do that, build an offer that focuses on those qualities, and make sure never to compromise them.
7. Don’t Emphasise “Giving Back”
The great ones never have to emphasise giving back. But why? Because their offer creates shared value for all of their stakeholders and their communities. Moreover, their brand is what powers change and has a positive impact on society as a whole.