As the name `Heritage Brands' suggests, there are some brands which occupy a special position in the minds of the consumers by virtue of heritage. However, having a rich heritage doesn't ensure that the brand will remain successful for eternity. This article talks about the issues which can (and have) spell disaster for brands with a rich heritage and the things a brand needs to take into account to continue to stay atop in the minds of the consumers.
Did you have a chance to go through the list of the world's most valued brands in 2005? Every year Businessweek and Interbrand come out with a list of the world's most valued 100 brands (Refer to Table 1). Among them, if one looks at the top 10 in 2005, one will find some brands which were into big trouble at some point in their lifetime. (The brands also have a life cycle). And just when the brands were written off by critics, they bounced back.
The main reason behind this is having a rich heritage. Heritage is quite unlike any of the four Ps of marketing, which can be altered anytime by the marketer. Heritage is built through careful steps over time. Heritage differentiates a heritage brand from any other. Just the presence of heritage can give cult status to something as simple as a movie. That is exactly what happened with the Star Wars. When George Lucas came out with the first installment of the series (back in the 1970s), little did he realize that a time will come when people will go to cinema halls and purchase tickets to watch only the trailer of an unreleased movie and then come out of the cinema hall without watching the main feature. That is exactly what happened before Star Wars Episode I was released. That is what a heritage brand can do. However, if we refer back to the opening quote by Levitt, the quote summarizes the reason for existence of business, as well as the brand. Many a times, the brand (and the parent company) forgets that it is the customer who ultimately keeps the brand alive. That is when the trouble starts.
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