I was reading the “Remembering” section in today’s Vancouver Sun and got thinking about my favorite topic; brands. And about why do brands die? or put another way; why do people stop liking and buying brands? Why did Vat 19 (the spirit of Trinidad) die? (not too long ago it was synonymous with rum) Why is there no more Veni Mange Fete? (once upon a time you could not get a ticket to buy) Why is Kodak bankrupt? (which for brands is normally the equivalent of palliative care before the inevitable)
Here’s some reasons I could think of:
- A lack of Re-invention: it’s what newspapers are trying to figure out. My 18 year old son Diego gets his news on Facebook and from friends’ bbm’s
- A lack of humility: it’s easy to get cocky when you are ruling the roost. (pun intended) It’s hard to start your day with the attitude that you know nothing. But that’s a good place to start
- Too many products/brands in your portfolio. It’s inevitable that you cannot give them all the love that they each deserve
- No clear reason for being; aka positioning. Starbucks lost its way when it forgot that it was “a place for conversation and a sense of community. A third place between work and home”. It has since found its way again
- Some companies are better at sales than marketing and branding. They do not see the value of branding on long term sales and go for short term sales drivers like contests and discounting
- Sometimes the brand dies with its creator (Elvis figured this one out though)
Here’s another view from Todd Carothers that adds some insight to the topic.
The person I was reading about in the Vancouver Sun that motivated this piece, Micheal Gerard Herringer, sounded like a really great guy. He continues to inspire, even in death.
