It’s often stated that to establish your brand and grow your business you’ve got to find your “true north” and keep moving in that direction. There certainly is truth in that statement, but perhaps not the whole truth.
Yes, it’s important to craft a recognizable and consistent brand that consumers can identify with and develop a strong connection to. But your brand and your business strategy need to be flexible, as well.
And it’s important to note that those two attributes—strength and flexibility—aren’t in opposition to one another. Just arm-wrestle a yoga master some time and you’ll understand that pliable muscles can also exert tremendous force!
How the Inflexible Have Fallen
The business landscape is continually evolving. Brands have two choices in how they respond to these changes: Rigidly oppose them or smoothly adapt to them. Not surprisingly, companies that take the first approach typically regret it.
Kodak is a prime example. The undisputed leader in photographic film, the company also created the first digital camera. However, they scrapped the product because they feared it would erode their film business. Then, when digital cameras skyrocketed in popularity, Kodak’s unwillingness to adapt led to the company filing for bankruptcy.
Blockbuster Video met a similar demise. A company that seemed to have an outlet in every city in America at its peak, and surely ample financial resources to update its business model when Netflix proved that on-demand video was the “next big thing,” chose not to adapt. And now it’s gone.
These are, of course, just a few of the many companies—large and small—that were doomed by their inflexibility.
Brand Survival Starts With Awareness
Running a successful company is hard work. Consequently, it’s understandable that business leaders tend to spend most of their time focused on near-term issues like meeting today’s challenges and pursuing tomorrow’s opportunities.
But for your company to exhibit the kind of flexibility that will enable it to thrive in a rapidly changing business environment, you’ve got to make it your practice to step back regularly and take a look at the big picture. In particular, you’ve got to be aware of new developments that might necessitate a change to your brand strategy. This includes:
● Market trends. Consumers can be fickle. Today’s “must-have” product or service can become tomorrow’s cliche. And just that quickly, your industry-leading company can find itself at the back of the pack.
● Emerging technologies. Imagine being a manufacturer of music CDs and ignoring “this new digital music thing.” Whether a technological advance affects your offerings or your internal operations, you need to stay informed about what’s available.
● Your competition. Despite your best efforts to spot trends and learn about new technologies, your competition may “beat you to the punch” at times. So, it’s a good idea to keep an eye on how their business is evolving in case you need to follow suit.
● World events. Your perspective needs to be broad enough to take in important happenings around the world. For example, consumers are increasingly choosing to buy from companies that are environmentally aware. Missing this type of sea change (or dismissing it as a fad) can be a big mistake for your brand.
The “Middle Way” to Better Results
In brand strategy (as in life in general), the right approach tends to be somewhere in the middle of any two extremes. That’s true when it comes to a brand’s flexibility and strength.
From your visual branding and messaging to your product offerings, if your company tends to change seemingly at random, that excess of flexibility is likely to erode consumer confidence and hurt your business. At the other end of the spectrum, if your company doesn’t make carefully considered and appropriate modifications to those attributes and others as needed, you’re likely to be left behind by your competition and your customers.
Ultimately, companies that have a well-defined brand strategy paired with a willingness to refine it when conditions call for changes are the ones that become and remain market leaders.