Tuesday, June 2, 2015

A secret worth telling

In the business world, for the most part, you don’t want to be a best kept secret. In fact, you want to be just the opposite. That’s why people advertise and market their products. But sometimes if a company has been around awhile—30, 40, 50+ years—it can fall into the trap of assuming customers already know all the great things about the product it manufacturers. After all, if they’ve been around for that long, shouldn’t everyone know what’s great about their product? Maybe…but it’s a risky assumption. Just how risky is usually unknown until someone new comes along and begins to take away market share.

When fresh competition enters the scene, it’s a good time for a company to evaluate the strength of its brand. Has it fallen into complacence and weakened or lost its brand signal? It can happen to the most respected, longest-standing companies out there. But as long as the foundational elements like a good product, solid differentiators and a customer base are still present, a brand can be revived. 

Barry LaBov
LABOV Marketing Communications and Training

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