Influx Insights ponders the nature of brand churn today.
Is the rapidly increasing pace of information forcing us to cycle through brands and media faster? It’s hard to say exactly, but there are a couple of research studies suggesting this might be the case.
First media consumption. Lulu.com has done some great research into the shrinking lifecycle of best selling books. In the 1960s, fewer than three novels reached No. 1 position on the New York Times Bestseller List in an average year; last year, 23 did.
The second study relates directly to brands and comes from Y&R’s Brand Asset Valuator research on the Australian market.
The study suggested that consumers are more prepared than before to accept a “great offering” regardless of the company behind it. Brand values such as prestige, authenticity and tradition, were in decline, but greater importance was being placed on brands offering openness and participation.
The big question, of course, is what can brand managers and their agency helpers do, if anything, to slow the pace of churn. The author of the post quoted above says brands must continually reinvent themselves to stay current. I hear that, but if brands are always busy reinventing themselves, how will they find time to be true to themselves? And how will anyone know what a brand stands for?