As the market evolves continually, brands need to keep themselves at the top of their game to keep users interested. Failure on part of the marketer would require re-designing the whole strategy to get back into the marketing arena. Here are a few companies that have embraced change successfully-
- Netflix– What started off as a DVD sales and rental business is today taking the world by storm with over 118 million Netflix subscribers. This happened due to a change in strategy since 2007 when Netflix realized that streaming was going to be the future, and started investing in original TV shows and other productions which were region based and provided more personalized content.
- Facebook– The controversy around the Facebook – Cambridge Analytica scandal which involved the data leak of over 87 million people brought down the image of one of the most sought after social networking website. However, consistent efforts on part of the developers helped Facebook stand strong during this phase. As part of its efforts to protect user data, Facebook has recently suspended 200 applications over data misuse.
- Old Spice– Around 2008, Old Spice which was originally associated with old world charm underwent an image transformation in order to associate its image with the younger generation by linking the brand to something brought down by legacy. As part of approaching the younger target groups, the company made young celebrities the face of the brand which showed an immediate impact on the otherwise declining sales.
Reported by Smriti Mishra