Time: under 5 minutes
Level of Knowledge: Beginner
Have you ever wondered why some companies continue to stay afloat while others sink? One method to keeping your organization above water is through evolving your brand with the changing times.
Brand evolution is a form of strategy that companies and businesses should strive to adapt to stay relevant in a rapidly changing environment. It is optimal, as it involves the brand’s community and followers, resulting in valuable changes that are more preferred by the brand’s audience. As a result of much research and analyzing of the marketplace brands learn the necessary developments in technology and customer taste. The best signal of evolving stems from analyzing and evaluating the relationship between the brand and its stakeholders. This can be done through engagement on social media, listening to comments and concerns from the brand’s followers.
Many of today’s top brands have undergone tremendous changes, from their logos to the items they sell. Take, for example, IBM. They remain relevant in their industry by keeping up with its ever-changing marketplace. Many would not know this, but one of their products used to be cheese graters! How times have changed. Now, IBM is known for providing the most up to date computing and digital solutions, all through consistently evolving. IBM’s evolution is caused by indicators in the field of technology and its stakeholders. They excel at recognizing the needs of its consumers and the areas of the marketplace that need to be improved. Now IBM is one of the leading and well-known computer hardware companies in the industry.
Another known company that has gone through significant changes is McDonalds. Since 1937 the fast food chain has come a long way, from being a drive-in restaurant in San Bernardino, California to becoming one of the biggest franchises in the world. McDonald’s went from selling burgers and fries, to selling an array of fast food favorites. Over time, they’ve improved their menu, in efforts to keep up with a consumer culture that is concerned with calories. As a result, McDonald’s began to feature healthier food items, such as salads, oatmeal, and yogurt, and by also listing the nutrition facts about their food items. To remain in competition with the coffee industry, McDonald’s also featured its known “McCafe,” which has products such as coffee, smoothies, and frappes, much like you would find at your local Starbucks. Because of its evolution, McDonald’s has successfully become the biggest and well known fast food chains, with thousands of restaurants worldwide.
Source: Samuel Diosdado Pinterest
Brand evolution is important because it keeps a company up to date with market trends and the needs of its customers. Consumer culture is always changing. If a brand or business wants to succeed and remain competitive, changes are needed to evolve. Whether it’s a change in logos or a new line of products, any improvement helps a brand stay relevant to its consumers. As long as brands are willing to listen to its stakeholders, their evolution should be fruitful and rewarding.