Philippine Daily Inquirer, Business Features Section, February 24, 2012
Time was when selling a product was far simpler – not much competition; fewer available product forms and benefits; limited media formats to deal with and absolutely no social networks. Also, less sophisticated research and development and technology; far less pervasive retail space and formats; pricing and margins were not too depressed; and consumers were less demanding and bought mainly due to functional needs.
Thus, a product that rose to become a successful brand decades ago would have by today’s time far more financial resources, a wider customer base, heritage, expertise and capability to invest in product technology, research and development. Moreover, by this time the brand is likely to emotionally connect more effectively with consumers.
But few brands endure into the next generation of consumers. Some cease to exist completely. Others are simply milking their old-time customers and fail to build new markets. A few recover from the big dip and re-energize so brand life continues.
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