Hot Brands tend to end up in one of two places. Some burn too bright and fade quickly. These are remembered as fads. Some others burn hot and simmer steadily for decades. These Brands become iconic.
So, what’s the trick to steering your Brand toward iconic? The good news is, you have more control than you think. That’s also the bad news.
The Crocs™ Example
Take Crocs™, for example. This ugly-but-functional shoe manufacturer pioneered a proprietary light-but-tough foam shoe and, initially, marketed it to sporty customers unimpressed with style-over-function.
Crocs’ sales soared in the early years until their own Brand bubble burst just a few years later. Where did Crocs go wrong?
No Supply Limitation
Remember Economics 101? If you saturate the market with your product, demand and/or price will plummet. While they racked up some amazing short-term sales, the strategy turned out to be “scorched earth” in the long term.
Line Extension Indulgence
Rather than sticking to the line of products that built their brand, Crocs extended their line to include products that—gasp!—looked good. This strategy ended up turning their Brand from a quirky-functional shoe company to a company that makes mediocre shoes for the masses.
Loss of the Core
A Brand’s core customer should be held on to with a death-grip. Once you began marketing to the masses, all bets are off. Unfortunately, when you try to appeal to everyone, you end up appealing to no one.
What’s the learn? If your brand is burning brightly, consider yourself lucky. Now it’s time to utilize strategies to make it an icon. The scorched-earth strategy your investors are craving will leave your brand a fad wearing Crocs.