Everything and everyone is a product. A country, city, company, product, service and a person. And how the market perceives the product determines its value. It’s sounds cynic, I know. But if you want to be valued and sought for on the market you have to on a continuous basis make sure your brand is in demand and sells.
Innovating and updating your brand
When a product is a success all of a sudden the brand matures, growth slows and it comes under pressure from competitors. Europe and the US at the moment are good examples. Now is the time to start innovating and spending again if we want to defend our market position. If not, don’t complain if we lose out to competitors.
Nothing ever stays the same – not even Cornflakes
You may object that some brands, like Cornflakes, or Chanel for that matter, have been around for a long time. But what we buy today is very different from the same product 50 years ago, not least when it comes to packaging and design. If your brand is out of date you will have to make an investment and innovate yourself. How you want to be perceived depends on what market you are aiming for.
The West needs to get their attraction back
When it comes to countries and continents, Europe and the US have matured and competitors are moving in. But the West seem to take their current status for granted and are not doing enough to defend their market position. What happened to innovation and making their markets more attractive to investors, not to mention more business friendly?
The West is losing out
The market is irrevocably global. That does not mean the concept represent the best of worlds. But the West will continue to lose relative power as a result. It’s ironic isn’t it that thanks to its generosity in exporting the secrets of success, China and other emerging giants are catching up.
Developing nations are not going to cede power to the US and Europe out of gratefulness. So the West needs to face up to reality – their brand is losing out. It’s time to innovate and make it profitable for businesses again to stop them moving to other parts of the world. If not, the West will gradually trade places with the developing world.