While the majority of companies in today's unpredictable market conditions will do anything to shield themselves from looming threats, innovation expert keynote speaker Jeremy Gutsche suggests that crisis creates new opportunities and possibilities for brands.
In his award-winning book, 'Exploiting Chaos: 150 Ways to Spark Innovation During Times of Change,' he discusses how crisis forces brands to stop and reevaluate their current strategies. Crisis provides brands with the window to change the way they do things and become more competitive.
He shares the story of cereal brand Kellogg to illustrate how success can be found during a slow economy. The dominating brand at the time that was Post became stagnant during the Great Depression, creating new space for competitors.
"As the managers of Post reclined in their rawhide chairs, bracing for a slow economy, a hungry tiger lurked in the shadows. That tiger was the Kellogg Company. Their mascot, Tony the Tiger, had not yet appeared, but this insatiable spirit was already born.
While Post retreated, Kellogg doubled their ad spend. In 1933, their campaigns introduced slogans like "Snap! Crackle! Pop!" and "You'll feel better": motivational mantras during a gloomy era. The investment paid off. Americans loved the message and sales began to grow. Kellogg's became the go-to pick for breakfast cereal and your friend-grandfather abandoned his beloved Post Grape-Nuts."
When brands become stagnant and complacent because of crisis or a slow economy, it opens up the playing field for new players to step up to the plate. Download a FREE copy of Jeremy Gutsche's 'Exploiting Chaos' here for more tips on fueling innovation.