Just as a strong focus on being relevant to your target audience is a key to growth & achieving success, a strong focus on maintaining relevance is important to sustain it. Despite the potential immediate impact on the bottom line, continuing to innovate & take risks will be the lifeblood of sustained success & long term survival.
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As brands attain success, they quickly become more accountable to shareholders and increasingly fixate on quantifying their success in each financial quarter. ‘Instead of taking risks and innovating in ways that are maybe unproven, that maybe won’t earn you a whole lot of revenue next quarter but will set you up for where you need to be in five years, it becomes all about the here and the now’.
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