Corporate Social Branding
Brands are evolving.
Big companies are losing market share.
What you think your brand “is” and what people think your brand “should be” is not aligning anymore.
Research done by Washington University suggests that in 10 years approximately 50% of Fortune 500 companies will cease to exist.
The average life-span of an S&P company has dropped from 67 years in the 1920s to about 15 years today.
In fact, some of the smart companies have fallen off the S&P list like Kodak, RadioShack, Compaq, Circuit City, Sears, Bear Stearns and some smart new companies have actually entered the S&P 500 list. Netflix, Google, Amazon, eBay. And the broader point here is that people expect that 75% of the current S&P 500 firms will actually be replaced by new firms by 2027.
All these leads to the fact that there is transformative change that is happening in the economy, that requires firms to be vigilant and focus on their innovative skills. In other words, we need firms to be strategically innovative. What does strategic innovation mean?
Costas Markides from London Business School defines strategic innovation as a different way of competing, as a novel way of competing.
Doing things differently and thinking about activities differently in order to create unique value for the consumers. And when you create unique values for the consumer, you are likely to differentiate yourself as a company and stand out and thereby achieve superior performance outcomes.
The narrative and the numbers tell us that there is no dominance by birthright for any company. This is the fundamental truth. Innovation is a meritocracy where startup Davids can slay entrenched Goliaths.*
Corporate Social Branding is About Your Desired Society.
Think of this:
Brands are no longer helping you become the person you want to be.
Now, you are loyal to brands that help you create the world you want to see.
Which brand is helping you make the community you want?
Which brand is helping you have people treated more justly?
If you want to prepare yourself for the future, you should start working on how to build corporate social brands today so you know what to do six months from today.
Contact our team so we can have a conversation about your needs and what we can do for you. firstname.lastname@example.org
*University of Illinoi