Abrand vision helps you work towards how to package your brand and what to do to achieve the goals you set for your brand. It also determines your brand’s foundational pieces. When a company fails to initiate, believe in and follow the practice of a strategic brand vision, the brand will at the long run drift and grow on its own and this may ultimately lead to its downfall or transform into something unplanned for. This is very rampant among popular brands whose leadership fails to adhere to the rules of basic product and brand management.Generally, the cycle of how you lose your way goes thus. A brand introduces an “eye-catching” product that may be similar to what is already available in the market. The product gains little but loyal customers, is made popular through advertising, becomes even more popular and is made available in specialty outlets, becomes a more conventional product and is in popular demand. It becomes a general commodity where you can get anywhere and your original customers might probably go for another product.
If your aim is to get your product on the shelves of popular stores, good but not satisfying. You need to follow the strategy that was originally laid down so that your product will not just be another commodity in the market but will stand out as a unique product. It is not how far you go to get your product to be popular but how well you get the product to be in popular demand and work towards it remaining that way.Irrespective of the price of your product, the distance of where consumers can purchase it, the choice lies with consumers and high productivity can only be made possible by the way you package your brand in a way that consumers will not be able to resist. It is one thing to build the status of your product; it is another thing to maintain the status of the product.When a brand gains popularity in the market, most consumers will love to have an experience if that brand and if it lives up to their expectation, , it becomes what they use overtime.
There will surely be other similar brands performing the same function but there will be uniqueness with your own brand that may make them prefer yours.Brand name is a very popular aspect in creating and expanding a brand. A brand name or logo gives your audience an idea of what you have to offer, it also communicate lots of information to consumers without the stress of going into details.Take a look at Apple for example. Mere looking at their logo gives you all the information you need to know about their brand. When you look at the logo, you see all the uniqueness of their brand and what they are trying to communicate to consumers. There is no need for banner, magazine ad, as the logo is already communicating all information consumers need.
Marketing Review aside, let’s dive into World Triathlon Corporation (WTC). It is not a popular organization but most people might have heard of their most popular brand; Ironman. Ironman is what you could refer to as a grass-root brand. In the 70’s, a small local event was organized in Hawaii with its theme as “how did this Ironman thing ever get started”, this event turned into a mega marketing tool that carries its brand mark on everything from watches to running shoes. The brand was however faced with a major problem. The name became popular but they lost its purpose. The fact that there is a question of if Ironman is a brand or a product or just an event is enough to point out that there is a problem.
The problem began when WTC in a bid to generate more money lost sight of the brand vision. A simple lack of foresight or maybe an attempt to take advantage of the brand popularity made it lost its punch, thereby deviating from the original purpose of the brand.If you manage a brand, you should be concerned about everything relating to the brand. It should not be all about making money but how you will be able to maintain that status without deviating from the purpose the brand was originally created.You need to strategize how to generate revenue from your brand and at the same time allow consumers get the value for their money thereby making it a win-win for you and the consumers.
This was the marketing mistake that WTC made which caused the downfall of Ironman. Their lack of control over the brand made a lot of people lost interest in what they had to offer. As a result of all this mistakes, the brand has lost its premium position in the triathlon community. However, there is a path to redemption despite the damage that has already been done. The first thing that needs to be done is to make sure consumers get the value of what they pay for. The WTC needs to create independent brands for the various distances and treat them accordingly. A customer that buys a much expensive product expects to get a different experience from a customer that buys a less expensive product. The same goes for athletes who pay to experience the full “Ironman” experience should be given the value of what they pay for.The next step to redemption is for WTC to rename the 70.3 mile races. Giving a product a name that does not depict what it works for is very bad for a brand. The 70.3 mile race is not an Ironman and should thereby be given a totally different name but it will still be associated with the master brand in some passive way.The Ironman brand has gone a long away and drifted away from its original roots. There is a huge difference between using a brand to promote sports and destroying it through lapse and over-display.