You don’t need an inner-city address, Caren will help you tackle money matters in the ‘burbs, through a better understanding of all the important issues – investing, superannuation, budgeting, tax, insurance, mortgages, gearing, shares, managed funds, small business, food, home, fashion, travel, and much more.

A fun and entertainingly educational forum, specifically designed for Australian “suburbanites".

Monday, October 7, 2013

Do you remember "New Coke"? A lesson for every business.

Can you guess the most recognised brand in the world?  If you guessed Coca-Cola, you'd be right.  

But does anyone remember "New Coke"?

In 1985 the Coca-Cola Company tested a new formulation.  This formulation was largely perceived to be better than Coke and Pepsi in the "blind" taste tests.  However, five years and millions of dollars later, the product refused to sell.

In fact, consumers demanded that the "old" Coke be brought back!

This was despite the fact that market research showed that the vast majority of people either preferred the taste of New Coke or couldn't tell the difference.  So what's all that about?

Loyalty to the brand name folks.

Believe it or not, the value of Coke's brand name is about 100 times more than its actual product!

I often get asked about the importance of branding for smaller businesses compared to big companies.  Frankly, your branding is crucial regardless of size.

Click here to find out what you should be considering for your brand!

And if you'd like to hear more of what I have to say on the matter click here for a recording of my most recent "You & Your Business" radio segment on 98.1FM Radio Eastern.

Talk soon,

No comments:

Post a Comment