One of the most visible and psychologically important effects of the recession has been the disappearance from the High Street of a number of well-known, established, and – in the case of Woolworths – much-loved brands. Even a company with a venerable, established reputation is not immune to the unpredictable new business world we find ourselves in. So how can you ensure that your brand flourishes in the downturn and you avoid the fate of Zavvi, The Pier and the other big casualties of difficult times?
 
If even strong brands are vulnerable, should you look at cutting costs and reduce focus on intangibles like brand? In fact, holding your nerve and maintaining a vigorous marketing strategy is the best advice for hard times - have a clear strategy; know what you stand for; know who your customers are and communicate with them appropriately. Arguably, where Woolworths went wrong was it lost sight of what it was for. The brand had become associated with being cheap, but its cheapness was being undercut by internet companies who could offer the same products even more inexpensively.
 
Read the entire MyCustomer article.