Point Blank — 4 self-inflicted missteps that can land your brand in trouble
By Larry Light
Blockbuster. Remember them? In a time that seems far, far away, the 9,000-store video rental chain seemed to be everywhere. Families would practically camp out to secure the latest releases.
But as the industry and world changed, and movie-renting habits evolved, Blockbuster failed to adapt. Did you know that it once declined an offer to partner with an emerging new company called Netflix?
Try to find a Blockbuster store today. I dare you.
The Blockbuster story isn't that unusual. Too many brands often don't recognize the need to adjust to changing markets and circumstances until it's too late.
Standing still while changes rage around you is a formula for failure, plain and simple. But if you employ the right decision making, it's possible to give your brand a shot to live forever. There are dozens of identifiable ways you can make a mess of your brand. Here are four that seem to be the most consistent:
No. 1 – Believing that what worked yesterday will work today
No. 2 – Failure to innovate
No. 3 – A lack of focus on your core customer
No. 4 – Backtracking to the basics
Bad brand behaviour has a disastrous effect on your business culture, employee pride and the heart and soul of your brand itself. It needs to be stopped, but stopping it isn't enough. Your brand also needs to make positive changes if you want it to be truly revitalized.