Last week Volvo announced it will limit the top speed on all its new cars to 112 mph starting in 2020–the same year the Swedish automaker aims for zero people killed or seriously injured in any of its models going forward. The change will be implemented globally, starting in the second quarter of next year, on vehicles planned for the 2021 model year. Volvo is taking the bold step because it has identified speed as a conspicuous gap it needs to close to reach its safety target.
Consumers today are more informed, empowered, and engaged than ever thanks to new digital business models that have spun the customer-brand relationship on its head. Customers who purchase your brand’s products and services no longer sit back and allow television advertisements to influence their decisions. Instead, they are actively researching your company and choosing to connect with the brands they resonate with.
The overarching reason why brands such as Nike, Apple, and FedEx attained iconic status is that they intuitively understood how to differentiate their brand in a noisy, cluttered marketplace—they dared to be different.