MYTH 1: Successful brands know what they are doing
Conventional thinking says that when a company is successful, they must be doing something right. There is even a tendency for those in startups to idolise incumbent brands. It is understandable; doing something new is scary, and when you are just getting started, it is easy to let self-doubt creep in and second guess your original thinking. Once a company founder told me, “Our main competitor has a lot of brilliant people working for them. Don’t you think if our new idea were that good, they would already be doing it?”
The truth is, established brands are too often overwhelmed—getting lost in execution and spending much of their time putting out fires instead of dreaming about the future. Sometimes, big brands are just complacent and not hungry anymore. Almost always, incumbent brands are slow to react to evolving consumer needs. Brands that have been around for a long time are usually anchored down to their existing infrastructure and legacy systems. Being heavily invested in yesterday’s technology makes expensive change unattractive. That is why you cannot assume successful brands always know what they are doing. Successful brands often conveniently overlook new opportunities that then leave openings for new brands to come along and fill.
MYTH 2: Emerging market consumers aspire to be like those from developed markets
This story is from the July 2020 edition of Indian Management.
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This story is from the July 2020 edition of Indian Management.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
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