Matt HaigKogan Brand Failures Praise for Brand Failures docx

[...]... perception of either the brand, the competition or the market This altered view is a result of one of the following seven deadly sins of branding: � Brand amnesia For old brands, as for old people, memory becomes an increasing issue When a brand forgets what it is supposed to stand for, it runs into trouble The most obvious case of brand amnesia occurs when a venerable, long-standing brand tries to create... situation They cannot turn the clock back to an age when branding 4 Brand failures didn’t matter And besides, they can grow faster than ever before through the creation of a strong brand identity So branding is no longer simply a way of averting failure It is everything Companies live or die on the strength of their brand Yet despite the fact that branding is more important than at any previous time,... replace its original formula with New Coke The results were disastrous � Brand ego Brands sometimes develop a tendency for over-estimating their own importance, and their own capability This is evident when a brand believes it can support a market single-handedly, as Polaroid did with the instant photography market It is also apparent when a brand enters a new 6 Brand failures market for which it is clearly... shelves for many years, collecting dust When brand fatigue sets in creativity suffers, and so do sales � Brand paranoia This is the opposite of brand ego and is most likely to occur when a brand faces increased competition Typical symptoms include: a tendency to file lawsuits against rival companies, a willingness to reinvent the brand every six months, and a longing to imitate competitors � Brand irrelevance... largest branding blunders of all time Brands which set sail with the help of multi-million dollar advertising campaigns shortly before sinking 8 Brand failures without trace are clear contenders However, the book will also look at acknowledged brand mistakes made by usually successful companies such as Virgin, McDonald’s, IBM, Coca-Cola, General Motors and many others Welcome, then, to the brand graveyard... other brands have replicated since These errors include such basic mistakes as setting the wrong price, choosing the wrong name, and getting too paranoid about the competition However, these failures also illustrate the general unpredictability of all marketing practices No matter how strong a brand becomes, the market always remains elusive The best any brand manager can hope for is to look out for. .. carried out on its new formula, it failed to conduct adequate research into the public perception of the original brand Classic failures 19 2 The Ford Edsel Among many US marketing professors, the story of the Edsel car is con­ sidered the classic brand failure of all time Dubbed ‘the Titanic of auto­ mobiles’, the Edsel is certainly one of the biggest branding disasters to afflict the Ford Motor Company... it comes to cars it is a matter of life and death Bad quality control proved an extra nail in Edsel’s coffin 26 Brand failures 3 Sony Betamax According to received branding wisdom, the best way to become a strong brand is to be first in a new category This theory has been repeatedly emphasized by the world-renowned brand guru Al Ries ‘Customers don’t really care about new brands, they care about new... happened These ‘classic’ failures help to illustrate the fact that a product does not have to be particu­ larly bad in order to flop Indeed, in the case of New Coke, the first failure we’ll cover, the product was actually an enhancement of the formula it replaced The reason it bombed was down to branding alone Coca-Cola had forgotten what its core brand was meant to stand for It naively thought that... Davidson trying to sell perfume � Brand megalomania Egotism can lead to megalomania When this happens, brands want to take over the world by expanding into every product category imaginable Some, such as Virgin, get away with it Most lesser brands, however, do not � Brand deception ‘Human kind cannot bear very much reality,’ wrote T S Eliot Neither can brands Indeed, some brands see the whole marketing . class="bi x0 y0 w1 h1" alt="" Brand Failures Matt Haig Kogan Page Brand Failures Praise for Brand Failures . “You learn more from failure than you can from success. Matt Haig’s new book is a. responsible for brand creation, development and management.” Dr Paul Temporal, Brand Strategy Consultant, Singapore (www.brandingasia.com) and author of Advanced Brand Management Brand Failures Matt. seven deadly sins of branding: � Brand amnesia. For old brands, as for old people, memory becomes an increasing issue. When a brand forgets what it is supposed to stand for, it runs into trouble.