Digital advertising thoughts from the minds at MediaNet
The big global brands are facing a crisis. Consumers increasingly have more options to choose from and are less brand loyal than previous generations. Discovering smaller regional brands, being influenced by online reviews, the everyday consumer landscape is changing.
McDonalds and Coca Cola companies have both recently faced a slight revenue loss. Media speculates that this is due to the rising concerns over obesity and health. However, if you look at the big picture, both of these brands ballooned when convenient foods was a growing industry and “global domination” came naturally. Nowadays, consumers have ever-changing lifestyle demands along with an increasing range of dining options and this has affected their consumption choices of fast food and soda overall.
This is not just happening in the food industry. Apparel brand, GAP – once the king pin of the clothing industry, are now fighting for attention amidst a growing number of retailers that offer similar fashions at competitive prices. Consumers are happy to shop around, shop online, and are less loyal by purchasing clothing from many different brands.
These established brands need to adapt, rather than fight the consumer. Some brands have been successful at staying afloat and have evolved from their initial single-category model. For instance:
- Tim Hortons has branched out into the snacks/sandwiches category to adapt to the changing consumers taste.
- Nike offers sporting goods that reach the entire family, has expanded into wearable technology to appeal to tech-savvy shoppers.
- Febreeze no longer is one type of spray, it is a suite of scent refreshers for your home, laundry and car.
How does brand reaches its current and future consumers? What do you foresee your customers doing? How will you respond? By regularly evaluating your reach, you can successfully stay ahead of the game and make sure that your brand stays top of mind.