For example a mobile manufacturer continuously updates changes in its mobile phone synchronously with the changing technology. The maker changes the hardware or software components and also promotes its product by developing a different portrait of the brand; otherwise, they will not be able to sell the brand.
The brand value of an image branding company is not absolute which means that a brand reputation that is good for one consumer may not be the same for another customer. Now we will discuss the reasons as to why the brand image of a company is not forever:
Changes in economic conditions
The economic condition prevailing within the firm also affects our brand equity. Inflation, deflation, any kind of war or natural calamity, tax and salary structure etc. everything comes under the purview of economic conditions. When the end consumer receives higher salary it is more likely that he/she will buy more of luxury items than a person having lower one. Economic downturn and inflation affects our wage and tax structure. As there is huge cost associated with research and development of product, during favorable economic conditions, the market performs well and vice versa. Below we share an image on how to cope with volatility of the market.
Source- https://www.fidelity.com/viewpoints/investing-ideas/strategies-for-volatile-marketsDue to changes in technology
With the advent of newer technologies more and more customers have changing demands. They want that newer functionality should be added to their brand. For example earlier a jeans manufacturer used to make high waist jeans but nowadays they manufacture low waist ones as the demands have changed.
Statistics have shown that 54% of the customers don’t trust brands and the distrust comes from broken promises and inability to meet client expectations. So, for a best branding company to achieve the assurance of the customers we need to add the features demanded by the consumers and also re-build the brand image with constant advertisements and promotions.
Change in demands of end customer
As there is constant change in the demands of end consumer with the changing fashion, technology, market conditions and salary structure, the brand needs to continuously instill changes in its features to survive in the market. There is a famous saying that “Everything changes and nothing is permanent” so it is similar with the brand image of a product or service also.
Earlier consumers used the desktops only but it has many disadvantages such as it was heavy and not portable, so, years later laptops were introduced that were lightweight and portable. Even then the consumers were not satisfied so the functionality of the laptops was shifted to tablets. The above example illustrates how tablets and laptops slowly took over desktops. A best image branding company in India and around the world needs to meet the changing demands of the end consumer to sustain the bitter competition.
Summary - The brand value of an image branding company is not constant due to increasing demands of customer, technological changes and variation in economic conditions.