The recent Forbes study said, “Consumers are no longer Brand Loyal “. Today the brands like Blackberry, Kodak which was once household names are today being challenged to survive in the market. The era of “Moment Marketing” has come to an end. Companies have to become the part of their customers “Reality & Experiences”. The customers need awareness, authenticity and excitement over the brand to be on top of the customer’s mind. The fight begins when companies have to retain their customer’s passion for the brand. Customer needs exciting products in a regular stretch.
Below we look into three biggies who are trying to maintain their brand loyalty with innovation.
The Beverage giant took a chance on Beverage Innovation. They came up with the Idea of Cashew apple juice. The Clinton foundation and the Pepsi Co launched a strategic partnership.
The Chinese Smartphone leader Xiaomi ranks No. 2 in the list of 50 Smartest Companies 2015 by MIT Technology Review. It also stands at No 3 in the list of most innovative companies 2014 by Fast Company. Xiaomi is innovating and launching products to maintain its brand loyalty ranking in the Technology market. The company follows ““innovation through commercialization”.
Tesla Motors was founded by Elon Musk. Tesla Motors are using the open innovation model to stay ahead in the automotive market. Tesla Motors applies open innovation and its coupled process by establishing R&D collaborations with major companies. That way, it manages to further develop its innovative technologies.