Why some legacy brands fail to innovate
There are a number of reasons why some legacy brands may fail to innovate. Some of the key reasons include:
Organizational structure: Many legacy brands have large, bureaucratic organizational structures that can be resistant to change. This can make it difficult for these brands to adapt to new market conditions and to introduce new products or services.
Limited resources: Legacy brands may also have limited resources, particularly if they are facing financial difficulties. This can make it difficult for them to invest in research and development and to bring new products or services to market.
Risk aversion: Legacy brands may also be more risk averse than newer, smaller companies. This can make them less likely to take risks on new products or services, which can limit their ability to innovate.
Customer expectations: Legacy brands often have a strong reputation and a loyal customer base, which can make it difficult for them to change their products or services. Customers may be resistant to change, and legacy brands may be hesitant to introduce new products or services that could alienate their existing customer base.
Lack of leadership: Finally, legacy brands may also struggle to innovate if they lack strong leadership that is willing to take risks and drive change. Without strong leadership, these brands may be more likely to rely on tried-and-true methods and be less willing to embrace new ideas.
Overall, there are many factors that can contribute to a legacy brand’s inability to innovate, including organizational structure, limited resources, risk aversion, customer expectations, and a lack of leadership.