Watching the Super bowl last night and paying particular attention to the highly anticipated and high priced half time ads, it got me thinking, where have all the brands gone? Brands such as Clash of the Clans, Squarespace and to a lesser extent Go Daddy all had extremely effective and entertaining ads, but where were the brands I grew up with gone? Do you ever wonder what happened to famous companies like Woolworths, Tower Records and Pan Am? These once hugely successful businesses all ended up going bankrupt leaving thousands of people unemployed and the owners scratching their heads trying to figure out what they did wrong. It is evident that their closures were due to their failure to adapt their product ranges and services to new technology and new ways of doing things. Tower Records, the music mega-store which was affected negatively by music piracy and the introduction of iTunes. Their dependence on selling CDs is what led to their ultimate demise whereas their competitor HMV decided to branch into new products such as books, headphones and DVDs. There ability to diversify enabled them to remain profitable. A well-known brand and recognizable logo is not going to save your business from financial ruin. Making informed decisions in order to attract new customers is the only way to ensure success in the long term.
The same can be said for famous people in TV. Recently it was shown that late night show host David Letterman’s ratings are at an all-time low. This is because he is no longer relating to his young viewers. Jimmy Fallon is dominating the late night ratings, as he features guests who appeal to people in their twenties and thirties as well as to the older generation. His fun personality also adds to the show’s popularity. Another very popular man is the fictional James Bond. It is incredible to think that there have been twenty-three 007 films since 1962 with another one currently in production. Most movies only ever aspire to become trilogies but 007 films have certainly proven that with the right cast and a carefully written script the story never has to end. The James Bond franchise is timeless because the producers change actors and directors every couple of years and feature new high-tech gadgets in each film. They also base the story in a new country so Bond fans never get bored.
If there are any lessons to be learned from the sudden downfall of these big companies and famous personalities it is to not put all your eggs in one basket. You cannot depend on your brand alone to keep your company afloat. You need to safeguard your business by constantly evolving to suit the rapidly changing times that we now live in. With so many insurance companies vying for a larger share of the market, it is imperative that you keep researching new product areas to stay ahead of the pack.
We see too many agencies that continue to do things the same way year after year. We cannot afford to become an industry that doesn’t adapt and continues to do things the same way. Ask yourself, how long do you think it will be until we are forced to change? Do you anticipate those changes or do you hold on as long as possible? Our dilemma is that we see too many agencies owners that think they have a good thing going and want to hold on until the last possible moment. We can help you make those changes.
