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The Biggest Brand Failures
By siliconindia
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Fremont: "There is no failure except in no longer trying" once Elbert Hubbard said. Failures are key to success and is not patented by small companies. There are several huge brands that failed drastically, but what is important is what you learn from your own failure and that of others. Below are five such big brands who failed drastically but learned from it.
New Coke
One of the world's most recognized brand, Coca-Cola sells nearly one billion drinks daily and is one of the best example of brand success story. When in 1985, the company decided to terminate its most popular soft drink and replace it with a formula that they wanted to market as New Coke. But, when its competitor Pepsi did a blind survey, it found that people liked the sweet taste of Pepsi more than the Coke. Therefore, the company decided to introduce New Coke in replacing of the original one.
With the declaration of the new product, most of its consumers decided to boycott the new product. This was because the company failed to estimate the power of its original brand. In 1985, the New Coke was launched and few days later the production of the original coke was stopped, which has been referred to as the biggest marketing blunder of all time. They told the world that they have the real thing and can later when they came up with the new real thing; it was difficult of the consumers to accept it. So despite the tremendous amount of hype created around the New Coke, the product failed. Even though the market research team knew much about branding and understood that consumers will go with their brand preference, but they failed to make the connection that these brand preferences would still exist once the product was launched.
From the brand failure of Coke, it is clear that even the big companies fail to recognize the value that their brand posses.
