Grow the core for brand success
Economic and technological upheavals often result in loss of focus. Marketers become distracted by passing fads, neglecting their core – the original source of business – in the process. David Taylor describes a step-by-step process that ensures the core business is refreshed and reinvented.
Today's marketing directors are a busy bunch. They're struggling to grapple with the challenges of social media, being told by scaremongering experts that old media is dead. On the other hand, they are being warned to 'innovate or die', leading to brands stretching in all directions —Tango shower gel, anyone?
And then there are those friendly retail 'partners'. In response to ever more demanding supermarket chains, UK brands are hooked on the crack cocaine of marketing: price promotion. A mind-boggling £14 billion a year is now spent on these promotions, delivering a short-term high, followed by a crash, and a gradual erosion in brand equity.