What do brands need to do to be future ready
Source: Brand Equity | Amit Bapns
“To be built to last, you must be built to change.” These are the words of noted American author Jim Collins that Sanjiv Mehta, chairman and managing director of Hindustan Unilever, finds inspirational. Mehta believes that it is important to understand that business is a paradox made of “lasting stability and continuous change”.
Increasingly brands are realising that just because they may be indispensable to consumers today, does not mean that they would continue to be in the consumption basket of tomorrow’s consumer. Suresh Narayanan, chairman and managing director, Nestlé India draws a parallel with the karmic wheel of life and says, “Brands like human beings go through the stages of infancy, adolescence, energy of youth, maturity, debilitating pains of age and the pangs of life-cycle changes and uncertainties.”