As my example today shows, you can be the most well-known brand in the world and the undisputed market leader, but it won’t matter if your market segment itself becomes irrelevant and no longer enriching people’s evolving lifestyles. At most, you can prolong your inevitable demise and have the dubious honor of being the last in your market to fold — in this case carbonated beverages.
Via the New York Times:
“For Coke to regain brand relevance, it has to try and meet changing consumer goals,” Professor Dhar said. “Innovation is one way. A different way may be to try to identify relevant goals that can be tied to moments which are made for carbonated beverages. This requires deep consumer insights and being on the offense rather than defense about the category.”
Why should you be in the business of enriching lives? Learn more in my book Slingshot: Re-Imagine Your Business, Re-Imagine your Life.