According to a recent brand study, “… the average rating of clarity about a brand’s value proposition is down by one-third since 2008.” That’s easy to understand, considering that the market today is flooded with messages, and consumers are constantly bouncing from one medium to the next. In this environment, it’s difficult for brands to “stick” in the hearts and minds of consumers.
The Ad Age article goes further, reporting that “it takes more researchers and more R&D investment than ever to generate a single good idea.” That results in a glut of me-too brands in the marketplace.
So again, we stress that understanding your customers’ needs and wants (be relevant!) and being innovative in the way you meet those needs (be different!) are crucial ingredients for brand success.
Want to know more? Check out the Ad Age article, “Bolder Bets are the Future for Brand Innovation.” Then learn about the steps for successful brand development: “How to Create a Lasting Brand.”