Wednesday, April 25, 2007
Advertising Age's recent survey reminds us of the guiding philosophy that keeps a brand relevant. And yup, you guessed it, it's innovation.
Despite shifting consumer needs and wants, "Marketing must be reinvented," said ANA President-CEO Bob Liodice. "In fact, it must be continually reinvented." Reinvention, he went on to say, should be a guiding philosophy in brand building.
According to the survey, the best actions to combat brand deterioration are product innovation, refocusing marketing efforts on growth, exploring new targets, analyzing the root cause of the deterioration and completing a deep qualitative study on brand issues.
Don Sexton, a professor of business at Columbia University, said: "Sizzle alone won't do it, you have to have the steak as well. Great advertising makes a lousy product fail faster."
Read the whole thing over at Advertising Age