The Visionary Brand | The New Age: Be Distinct or Become Extinct
Hello, and welcome to the Visionary Chronicles! Today, let’s delve into another vital chapter from my book, “The Visionary Brand: The Success Formula Behind the World’s Most Visionary Brands.” A heartfelt thank you goes out to all who have purchased the book, helping it become an Amazon bestseller and a Reader’s Favorite Award winner for best nonfiction marketing genre business book.
As a business leader or brand enthusiast, you might have often wondered why some brands succeed while most fail. I frequently address this question, whether through my consulting firm Liquid Mind or from readers curious about the success formula. Let’s explore this concept together.
The Element of Evolution and Adaptation
Success and failure for brands hinge significantly on their ability to evolve and adapt. Statistics show that in the first five years, 80% of brands fail, and in the next five years, 80% of the remaining ones fail again. Thus, very few make it through. The secret lies in embracing evolution and adaptation.
Be Distinct or Become Extinct
One of my favorite quotes, closely aligned with Tom Peters’s philosophy, is: “Be distinct or become extinct.” In today’s ultra-competitive market with ever-shortening attention spans, brands must stand out or risk becoming obsolete. This generational shift forces brands to evolve or expire. Evolution is the less disruptive cousin of revolutionary change but equally critical.
Setting the Standard Through Evolution
The ultimate goal is always commercializing a product that sets a standard for generations. Brands often undergo incremental changes, progressing towards true innovation and disruption. For instance, consider the case study of Ford’s transition in the EV market. Initially, their strategy failed, necessitating adjustments in their vision and approach.
Realizing a product that sets a standard is a lofty goal, but few brands achieve it. Evolution, however, can be just as powerful for a brand’s ongoing strategy.
Adapting to New Age Expectations
Visionary brands distinguish themselves by creating or adapting products superior in design, fit, form, and function. Such attributes cater to the evolving expectations of the marketplace for the new generation, a generation profoundly influenced by rapid technological advancements.
Authenticity in the AI Era
Contemporary brands, particularly in consumer goods (CPG), often struggle to understand and authentically apply new technologies. For example, a jeans company recently claimed to use AI for fitting—an attempt that fell flat. The lesson here is clear: authenticity matters. Superior design, fit, form, and function must be genuine and continually evolving.
Dynamic Innovation
Maintaining brand relevance requires dynamic innovation. Innovation, though powerful, can be static if not continuously adapted. Evolution is a moving process, essential for remaining visionary. Brands that embrace dynamic ideas are best positioned to meet future needs.
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Examples from Technological Evolution
Consider historical tech innovations like the Walkman. Despite selling 20 million units over two decades, the lack of evolution led to its eventual obsolescence. Compare this with brands like Apple and Nike, which have continually evolved without compromising their foundational values.
In the movie Air, we see a glimpse of Nike’s journey, illustrating its principles, commitment, and passion, which form the backbone of its success. Balancing core values with adaptability is crucial for sustaining success.
The Shortcut to Failure
Some brands falter due to an inability to adapt. While shortcuts can lead to failure, there’s no shortcut to success. Successful brands exhibit anticipation, judgment, and transparent decision-making—traits vital for bringing creative ideas to life.
Two Paths to Generational Survival
Evolution
Incremental improvements and updating current core products are essential. Evolution should be continual and dynamic.
Innovation and Disruption
Reimagine existing processes or create entirely new ones. Digital advancements, like the shift from vinyl records to an infinite library on iTunes, exemplify this. Ideation processes benefit from questioning traditional methods and seeking better solutions through adaptation.
Inspiration Outside the Four Walls
Inspiration often lies beyond the confines of corporate offices. Take Nike’s Flyknit, inspired by suspension bridges. Such a leap in innovation stemmed from real-world observation, revolutionizing footwear design.
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Knowing Your Customer
Successful brands intuitively understand customer needs, even beyond what customers realize themselves. Henry Ford famously said that if he had asked customers what they wanted, they’d have asked for a faster horse. Disruptive innovation lies in envisioning needs ahead of the curve.
The Survivor Mentality
A survivor mentality drives brands to execute relentlessly amidst change. Seeing the future for your customers is a unique skill that sets visionary brands apart, ensuring they thrive across generations.
Cultivating Passionate Culture
Brands that have endured for generations embody a survival instinct within their culture, attracting passionate individuals. This culture of passion and creativity fosters continual innovation.
Breakaway Technology
At Oakley, for instance, the focus was always on the next breakaway idea, ensuring persistent industry leadership. Competitors often follow, but great brands continue to lead by consistently innovating.
Leadership Principles
Adopt the principle: “Always be thinking, always be different.” This mindset differentiates leaders from followers.
Economic and Community Value
Great brands like Nike, Tesla, and Oakley command premium price points and cultivate loyal communities through relentless innovation and dynamic strategies. Staying ahead is complex but essential.
Balancing Revolution and Evolution
The First Mover Advantage
Brands balancing revolution and evolution maintain a generational lead in their industry. This balance means mastering product life cycle compression and pushing the demand curve favorably through continuous innovation.
Pressure and Energy
Integrated correctly, the pressure of innovation fuels energy, driving brands forward. Constant innovation, while challenging, keeps brands at the forefront.
The Importance of the Journey
Never underestimate the journey towards success. Appreciating the challenges and the team’s contributions along the way is vital. With the wind at your back and a clear runway, visionary brands set benchmarks for others to follow.
Generational Product Adoption
The strategy of disruptive revolution involves generational product adoption and enhancing lifestyles. This approach, supported by a continuous innovation pipeline, is crucial for entrepreneurial and iconic multi-billion dollar brands.
Conclusion
In this dynamic field, consistently provide value to users through evolving and revolutionary products, enhancing daily life and engagement with your brand. Stay true, authentic, different, and most importantly, enjoy the journey.
Feel free to contact Bryan@LiquidMindSite.com or visit LiquidMindSite.com for a free consultation. We appreciate your time and support!
Stay ahead, stay visionary.
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