SIGMA::BLOG

If you own a car, there are countless ways you can find yourself at a body shop: you back into a fire hydrant, you develop a strange attraction to shopping carts, someone keys your door. You get the idea. Most cars have also become quite good at letting us know when someone needs to look under the hood – idiot lights on the dash, funny sounds, a new smoking habit, or one day it just decides to not move.

Why is it then, that we fail to act when we think—sometimes even know— that our brand is in disrepair? Well, whether it’s an abandoned Buick on the side of the road, or a brand new Prius with a sticky accelerator, there are identifiable indicators that it’s time to make a visit to “the brand shop”. The following are a few things that may light up your brand’s dashboard:

1.  Your market environment has changed. Your customers’ expectations of how a brand in your space looks, means, and behaves has altered. Are you keeping up with it? What your brand offers is still relevant to your customers, but how they think of you (and talk about you) needs to change to allow you to be more competitive.

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At this time every year, Information Resources, Inc. (IRI) issues an interesting report about what they call “pacesetter” products.  Essentially, it’s the best performing new product introductions from the prior year for consumer packaged goods, food and non-food.  Now, aside from the brand-specific details (e.g., “Love those Arnold Flat Breads!” or “Bud Light’s beer with lime flavor, who knew?!”), what’s interesting are the consumer behavior implications and trends.  Given that most new product launches fail, and that consumers – particularly in today’s economy – tend to purchase their known favorites, these trends are interesting indications of what’s sticking with consumers today.

So what’s grabbing consumers’ attention and share of wallet?

•    Known Equities – Line extensions and slight variations in products made consumers feel comfortable with their choices, for example, Campbell’s Select Harvest was #1, selling $201.8 million in better-for-you soup.

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