f you believe that innovation is a way to help your brands grow, think again. You do not want to risk yourself like these brands
COLGATE-COLGATE PACKAGED MEALS
Inspired by the success rate of Lunchables or the static number of brand extensions, Colgate in 1983 came up with a new product ‘Colgate entrees’. Colgate entrees were a range of frozen products which not only failed to hit the limelight but also were capable of pulling down the sales of the brand to a considerable number. With the original brand being positioned as a product for oral hygiene, a little bit of research on brand extension would have saved the brand a lot of money.
COCA COLA-THE NEW COKE
In a desperate attempt to curb the rising demand for Pepsi products among young generation, coke in1985 came up with a new product ‘new coke’. The taste of the new cola was claimed to be ‘smoother, rounder yet bolder’ than the original version. Even though the product did get a great entry into the market, it didn’t stay for a long time. Causes of the failure of the new product can be attributed to the brand trying to change the entire ‘taste’ of coca –cola at once.
When ford introduced Edsel into the market on the ‘E- day’ in 1957, it was successful in creating a lot of curiosity in the air. Even though Edsel had some excellent innovation such as ‘rolling dome’ speedometer and its ‘teletouch’ transmission shifting system, a vacuum was felt in many areas of marketing. Edsel was released with a sky scoring price when America was having a recession period moreover the look of the vehicle failed to appeal to the eyes of the customers who found it more similar to something sucking on a lemon.
Looking at some of the greatest brand failures, it can help gain some insights on what NOT to do when thinking of creating a brand and/or introducing a brand. Lot of market research, studies and audience generation is needed to create a lasting brand.