Should you stick to your day job?
There’s a natural tension in business and marketing between the “stick to your day job” and “adapt to change” camps.
On one hand, you’re told to stick to what you do best. Do it consistently over time and establish dominant focus on your brand strengths. The rationale is that by ignoring fads, being patient and investing in your brand over time, you will become successful.
On the other hand, there’s a school of thought that believes you must always adapt to changing trends to remain relevant. This camp insists that you must be sensitive to changes. You need to have the flexibility to not only adapt, but to lead your industry into new frontiers.
So, what’s the right approach?
Is it better to stick to your day job or adapt to changing trends?
The answer is yes. At the risk of sounding like a fence sitter, you can do both.
The key is to ensure a healthy balance between your mainstay and your adventures. Strong brands stick to their main meal ticket, while branching out via sub-brands and branded products. This allows them to stretch enough to maintain relevance in a dynamic market.
In short, you don’t have to make big swings to grab market share. Your strategic focus should remain on your core business, yet sub-brands can leverage your credibility in categories to compete in dynamic markets.
Where would Toyota be today without Lexus? Where would Intuit be today without TurboTax? Where would Nike be today without the Jordan Brand?
Would your brand be stronger with a second or third brand platform?