With the unemployment rate at only 3.7%, consumer confidence is soaring, and the aptly named “Misery Index” is at an all-time low. So why are some of the country’s oldest and best-known brands struggling? Simply put, they are not keeping pace with the marketplace’s seismic culture shifts, which are forcing brands to be more nimble, useful, adaptable, and customer-centric than ever before. Interestingly, adopting these traits has allowed many newer and smaller brands to soar, while older, familiar legacy brands such as Coca-Cola are in danger of fizzling (or fizzing) out.
Today’s consumers want—in fact, demand—products that are tailored to their preferences; useful at solving their problems; available when, where, and how they want them; and able to deliver unmatched experiences and exclusiveness.