We still don't know whether there will be a war with Iraq, but we do know that uncertainty coupled with strikes in Venezuela continues to drive oil prices higher and economies lower. So what to do? What should brands do to cope with the uncertainty?
To my mind, one of the best examples of what to do when things get tough, really tough, is Apple Computer. The brand, which was on its knees when Steve Jobs came back in '97, has continued the process of moving away from its sole niche in creative departments around the world and firmly established itself in the mainstream of the computer world on people's desks, in many different departments, and their homes. The brand strategy has been simple: Innovate and advertise heavily. Be consistent with the brand and be consistent with the brand image.
It's a simple truth and one that we all grow up with but how easy it is, when the chips are down, to panic and forget what you are about. The temptation is always there to start discounting the brand on the basis that people will forgive and forget when times get better. For anyone adopting this kind of short-termism, I've got news for you. They won't.
Brands that forget their own core values shouldn't expect their consumers to remember them. Ask BMW, Porsche or Bang & Olufsen. Brands like these place a high value on their image and integrity and don't give it up lightly.
It's interesting to note that B&O are currently in litigation with a store in the UK that was discounting their products. That's how much they care about their brand and its image.
Which brings me back to Apple. Their commitment to R&D and design is probably second to none in the field of electronics. Even the most skeptical of consumers could not help but be impressed when products like the iMac and iPod appeared on the scene. Great products heavily supported by advertising.
A strategy that has seen the company survive and thrive when many had written it off by the mid-90s.
So my point is simple. Despite all of the uncertainty and unpredictability at the start of 2003, this is not a time for the faint-hearted. It's a time when brands who have a real belief in themselves can build significant share at the expense of more fragile competitors. For the sake of our clients, and for our industry as a whole, we need to ensure that our commitment to brand building doesn't waiver and that we continue to invest in the best strategic and creative talent that we can find to help deliver our client's message. More than ever we should be looking to put together worthwhile training programmes, provide our people with the skills to help build brands in a truly multi-dimensional way. 2003 is not going to be easy but it does provide an opportunity for the more audacious brands to carve out significant brand shares for themselves.