Businesses may find that adopting an evolving brand may be the path to ascendance throughout the digital age. Those who work for magazines, newspapers and printing or publishing companies should look at the bigger picture. Rather than narrow down their expertise, they ought to take a step back, listen to what people desire and offer a wider range of services.
Kodak's instant mistake
This doesn't necessarily mean that they need to offer more, it means they need to be perceived in a new way. For example, Forbes used Kodak to demonstrate the importance of this theory.
What was once one of the biggest names in the photography industry quickly crumbled in the wake of Instagram and other technological advances. Kodak failed – not because it couldn't sell its printing services – but because it wasn't willing to give more.
The company basically did itself in by sticking to its guns. Kodak didn't realize that it was in the "making memories" business and the print business, according to Forbes. This means that it restricted its scope to a less needed field. This shortcoming highlights the importance of brand. Nike doesn't just sell sneakers, it sells fame, potential and confidence. People might lace up their pair off running shoes and feel like they're Michael Jordan.
From Kodak's failure, entrepreneurs can learn that keeping a more open mind when it comes to brand might ultimately prevail over offering consistent services. In the future, a magazine that pitches itself as just that might not be able to stay afloat.
What companies can do
To avoid similar missteps, others in the print industry might want to consider expanding their brand. This means that a business magazine might not want to consider itself strictly as such but rather a company that offers education and information. Perhaps it could offer seminars, attend Twitter conventions and provide other business-related services that expand beyond reading a paper magazine.
Branding Strategy Insider offered a list of suggestions to help companies change and evolve. It includes:
• A business should change with the needs of customers.
• Companies should alter perception of products to span a wider range of functions and take advantage of content marketing.
• Entrepreneurs should reach out to people through new channels and also give more ways for people to get in touch with the company and access the services.
• Make people believe their money stretches beyond the purchase. This holds especially true in sectors that are keeping a close watch on funds. They don't have to offer freebies but they should offer discounts and specials.
How print can evolve
Those in the print industry can use these suggestions to evolve and grow. If a company only gets in touch with people via catalog, maybe it's time to start a social media campaign. On the same note, those that are strictly digital might benefit from distributing pamphlets and flyers.
What's more, companies need to be more in tune with what's going on in the world and what clients want and need in their lives. This could mean a company might create the best product out there but if it doesn't sync with an iPhone, or relate to the values of its target demographic, then it might flop.
These modifications are not only manageable but the consequences of not complying are foreseeable. Companies can look to demographic information and research as well as current events to evolve their brand. Once a business is receptive to that idea, they may not have to worry about their products becoming obsolete. The main focus would then be on revamping an offering's function.