Developing a brand name, trademark and the associated characteristics of a business can be a impossible job it seems for small businesses.
While the process takes place of developing a brand, many businesses think only in the short term when determining branding. Great businesses, however, many times will look at the venture they are pursuing and decide on making a “Life Long Brand.” Instead of planning for the next 5 or even 10 years, these companies plan for the next 20, 50 or even 100 years, aiming to build a brand that will outlast the lifespan of any individual in the company itself.
Two prime examples are Coca-Cola and Pepsi – Both very popular brands, who have been competitors for well over one hundred years.
Through the years, both brands have developed strategies, ideas and plans to compete against each other. For instance, in the early 1950s, when GIs were settling in to their new home lives, the sales rate for Coke was staggering, and Pepsi felt that it was impossible to beat the very iconic Coca-Cola. So, to combat Coke, Pepsi came up with a daring plan – Skip marketing to the adults, and go after the youth.
Over the next 35 years, Pepsi’s market share grew steadily against Coca Cola who then tried to counter Pepsi’s share with ‘New Coke’. This brought the competition to the forefront of all media outlets, and even protests against coke for changing the product. Since their accidental blunder which brought more attention to their brand, these two rivals have been closely tracking equally against each other.
Tropicana Orange juice is another great example about a long term brand, they have been around for over 60 years. For the majority of their time, they have had a Orange with a straw in it as the chosen symbol to represent their product. In January of this year, they decided that they would totally re-design the packaging of their boxes. Over the course of only one month, they lost over two hundred million dollars due to a major decrease of people recognizing the box. This directly boosted the sales of their direct competitors – Minute Maid and Florida’s natural.
Furthermore, it bodes well for business owners to consider a long term strategy rather than a short term one.