Consider how this looks from the consumer’s point of view.
Merrill Lynch, Bear Stearns, Circuit City, Linens and Things, and now, Pontiac (per the story in this morning’s New York Times); all of these are brands that had seemingly been around forever (though some longer than others). And it was reasonable to assume that they would stay around forever. But now, they have either fallen off the planet, or they seem to be tilting in that direction.
What is the consumer to think?
Implications: Regardless of how strong and sound your company might be, you should not assume the consumer knows it or believes it. Even the most stalwart companies—even those with the longest, strongest legacies—can seemingly evaporate with relatively little or no notice (see list above).
If I bought a camcorder from Circuit City last year, and now it is broken, I’m on my own to navigate the repair with the manufacturer (the original retailer has left the building). If I was holding a gift card to Bombay Trading Company when it was shuttered, I’m seen as just another unsecured creditor (according to a company website).
In a world where so many companies vanish so quickly, it might be very smart for your company to (not claim, but) demonstrate that it will be around for a long time to come. What investments have you made in your stores, factories or facilities, lately? What is your heritage… but more importantly, what are your future plans? Do you have customers (testimonials) that will vouch for you? And if you’re in recruiting mode right now, are you doing it publicly? (Nothing says “we have a future” like, “We’re hiring!”)
It is important to communicate your strength and stamina to a consumer who has seen many heritage companies fade away. Mention your Web site in your advertising, and then make that site a source of full disclosure, complete transparency, and abundant detail for consumers who might be eager to research that you’re worthy of their investment, and someone that can offer a long-term relationship.
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