What do companies need to do to revive their brands?
In a new article for Fast Company, Vision Critical Founder and President Andrew Reid answers this question using three examples of companies that are making successful comebacks: Best Buy, Yahoo and NASCAR.
As Andrew explains in the article, these brands are seeing resurgence because they're embracing customer feedback and reinvention. "They've started to take bold steps to react to the demand of the market, to be more customer-obsessed, and turn customer feedback into action," writes Andrew in the article.
That last part, in particular - getting closer to the customer and treating them as partners - is key for the reinvention of these brands, according to Andrew:
Big-box retailer Best Buy is listening to its customers more than ever by focusing on its customer reviews. The retailer has begun to share feedback with vendors and has taken a range of actions based on web reviews. In fact, it rewards some customers with special points to use toward future purchases for completing reviews.
Since joining Nascar as CMO, Steve Phelps has made Nascar one of the most fan-centric sports brands in the business. Nascar turns to its Official Nascar Fan Council, a customer intelligence platform that captures fan insight from 12,000 loyal viewers on an ongoing basis. Nascar has also partnered with Hewlett-Packard to develop a social media command center, helping it stay in tune with fan feedback in real time.
With more and more companies looking to be customer-centric including Amazon and Cisco, Yahoo is no exception. Given the many recent changes and acquisitions at Yahoo, understanding that each message to its customers has an impact is critical.
"One of the things we talk about at Yahoo is how every interaction elicits a reaction, says Yahoo SVP of brand creative Bob Stohrer. "Meaning, we have to know that, anything we do, no matter how small it may seem, could be incredibly meaningful to our consumer."
To learn more, read Andrew's article on Fast Company.