“It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”
– Warren Buffett
It’s been about six months since the Bud Light influencer controversy happened, and the product sales are still down by around 30% – and it’s not looking like they’ll recover. It’s both amazing – and frightening – to see the level and velocity of the market impact that resulted from a single decision.
While it may seem unfair, it is a reality. Everything you and your team have invested in and created can be erased with the wrong move.
The Devil Is In the Decisions
We’re faced with many decisions over the life of a brand and the impact they may have on our markets. Our goal is for expansion or correction, not contraction. In our decision-making process, we carefully consider all the data involving the business case to determine our next moves.
The risk is that even with the best research and measurements, we don’t always get it right. And if that happens, customers may look elsewhere for solutions, resulting in a permanent loss within the market.
Most people resist change but find things of equivalent value or even better when motivated to look for it. The Bud Light story is a prime example of what that can look like. Former Bud Light drinkers seem to have moved on to Modelo and other brands – and don’t seem likely to return.
Better Data Means Better Decisions
The primary tool we have for minimizing our mistakes is harvesting good data for our analysis – and then being honest in how we view the data and our analytical results.
Even with the best information available – there are no guarantees. But we’re in a much stronger position when we’re armed with solid data and an honest review process.
Our mobilePLUS solution is all about quality data. While it doesn’t have a direct line to your branding, it can substantially impact how you leverage your resources and financial investments with your operation by ensuring you have the best, most accurate, and timely data for those decisions surrounding your assets and critical items.
Mistakes happen. And even well-planned, conservative actions don’t always have the results we anticipate. Should you find yourself in this situation, I’ll tell you what I taught my daughter – it isn’t that you won’t fall off your bike – it is about getting back on and moving ahead.