Do you have your brackets filled out? Every year, March Madness descends upon our house with everyone filling out brackets and cheering on their alma mater and Cinderella teams. Even if you’re not a huge basketball fan, March Madness is special and fun and it highlights what we love best about sports – almost anyone can win. But it does help if you’re Kentucky.
I don’t have a scientific method for filling out my brackets. I use a little bit of what I know about the teams and then rely on my gut. And, who doesn’t love an underdog?
In many ways, this is similar to brand loyalty. We have our favorite tried and true brands that we always turn to. We also love the brands to which we have emotional ties (like your college team) but don’t we like to jump on the bandwagon of an exciting new brand? Men’s Shave Club, anyone? But how about Coca Cola? They do a great job of retaining loyal customers while continuing to gain new fans too. Brands have to keep up with the times but they also have to keep their current customers.
Most customers stay with their brand until something negative happens or a better alternative comes along … like that Cinderella team. It’s fun to watch the Goliath (think Duke) get knocked off by a David (anyone, please). It might even make us change from our Goliath brand to a David or Cinderella.
Keep these points in mind to help manage your brand:
- Stay current but don’t change the essence of your brand which might alienate loyal customers.
- Watch out for those competitors who are always looking for their shot at the Final Four!
- Keep your customers happy with genuine customer service and quality products and help them stay engaged with your company through ongoing communications.
- If you need help to manage your brand’s image, find a public relations professional who can offer you strategy and experience.
Enjoy March Madness while it lasts. It won’t be long before college football starts!