In a constantly evolving world, it’s easy for brands to become tired. Like that old sofa or dated outfit, a once-shining brand can quickly lose its luster if it fails to keep up with the times.
Take Blockbuster, for example. Once the king of video rentals, it failed to adapt to the rise of streaming services like Netflix. Or Kodak, the photography giant that didn’t embrace the digital revolution fast enough. These brands, once household names, are now cautionary tales.
But it’s not just products that can become tired. Services, too, can fall out of step with the needs and expectations of modern consumers. Taxis struggled against the rise of Uber, and traditional hotels have had to up their game in the face of Airbnb.
A study by McKinsey found that companies that adapt to disruption are more likely to succeed in the long term. Those that don’t? They risk becoming irrelevant or, worse, extinct.
However, some brands have managed to pivot successfully. Apple, once known for its computers, reinvented itself with the iPhone. Netflix, which started as a DVD-by-mail service, became a streaming giant. These brands understood the need to evolve and stay fresh.
As Harvard Business School professor Clayton Christensen put it, “The reason why it is so difficult for existing firms to capitalize on disruptive innovations is that their processes and business model that make them good at the existing business make them bad at competing for the disruption.”
The lesson? Don’t get too comfortable. Constantly assess your brand, products, and services. Are they still relevant? Do they still meet your customers’ needs? If not, it might be time for a change.
As Seth Godin says, “If you’re not remarkable, you’re invisible.” In a world of tired brands, innovators will stand out and thrive.
