According to the Bureau of Labor Statistics, roughly 20% of small businesses fail within their first year (Forbes, 2021). From a managerial perspective, starting a business is only as significant as the ability to sustain it—and keeping it alive is often the most challenging part.

Bearing that in mind, what are long-lasting brands and businesses doing to remain relevant and thrive in an ever-competitive market?

Here are some of the best practices for achieving business longevity:

1.Stay loyal to your brand’s authenticity:  In a sea of new and trendy ideas, it’s easy to be swayed. While staying current is important, never compromise the authenticity that makes your brand unique. Be aware of trends, but remain true to your brand’s core identity, ensuring that your values and mission always guide your decisions.

Prime examples of brands that kept their authenticity over time are Apple and Chanel. Apple has consistently focused on innovation, design excellence, and user experience, embodying its "Think Different" motto despite increasing competition. Similarly, Chanel has stayed true to its heritage of luxury, elegance, and timeless style, continually reflecting the spirit of its founder, Coco Chanel.

2. Build strong customer relationships: Attracting new customers is vital but retaining them is equally important for long-term success. A truly customer-centric business prioritizes building strong, lasting relationships by deeply understanding customer needs and consistently providing exceptional service. Loyal customers are the foundation of sustained success, driving repeat sales and fostering positive word-of-mouth.

Business meeting at AM Furniture Group

Consider The Mandarin Oriental hotel group, known for its exceptional personalized service that creates a unique and memorable experience for each guest. From the moment guests arrive, they are welcomed with personalized greetings, special amenities tailored to their individual preferences, and attentive staff trained to anticipate their needs. This commitment to customization and service excellence has established Mandarin Oriental as one of the world’s leading luxury hospitality brands. Similarly, Rolls-Royce upholds its reputation for excellence by offering an ultra-personalized buying experience, allowing customers to personalize nearly every aspect of their car, further reinforcing its image of exclusivity and luxury.

3. Know your target audience: It’s difficult to sell your products if you don’t know who you’re selling to. Take the time to learn about your customers’ preferences, habits, language, and interests. The more you understand your audience, the more effectively you can tailor your offerings to meet their needs and watch your sales grow.

LEGO has consistently shown an ability to understand and adapt to its diverse audience—from children to adult fans. The brand taps into nostalgia while continually innovating with new sets tied to popular movies, TV shows, and video games, which appeal to different age groups. LEGO actively engages its community by inviting them to submit designs and ideas through its platform, showcasing a deep understanding of its audience’s creativity and passion for the brand.

Harley-Davidson has also built a strong brand by knowing its audience—motorcycle enthusiasts who value freedom, adventure, and a rebellious spirit. The brand's products, marketing strategies, and community-building efforts reflect this deep understanding. Harley-Davidson has created an emotional connection with its audience by focusing on the lifestyle and identity its brand represents, rather than just the products themselves.

4. Embrace Innovation and Change: While staying true to your brand’s core identity is important, so is the ability to adapt and innovate. Embrace change by exploring new technologies, expanding into new markets, or developing new products and services. Businesses that evolve with the times are better positioned for long-term success.

Take the example of AM Furniture Group: the brand began in 1962 as a small workshop on the outskirts of Porto, Portugal, specializing in handmade classic furniture. Over time, by investing in technology, expanding its workforce, and diversifying its portfolio to include contemporary, cabinetry, and outdoor furniture—as well as branching into new business areas like Contract and Private Label—AM Furniture Group has expanded its reach to over 60 countries worldwide. This serves as a clear example of how embracing change and investing in the future can lead to sustained success.

State-of-the-art panel saws at AM Furniture Group’s facilities

5. Never stop learning: Don’t get stuck in old ways. Be open-minded, curious, and motivated to acquire new skills and knowledge. A commitment to continuous learning will help you improve, adapt, and reach your goals more efficiently.

Achieving business longevity requires hard work and can often feel like the survival of the fittest in today’s demanding and competitive global market. To thrive, it is crucial to stay true to your brand's authenticity, build strong, trust-based relationships with your customers, deeply understand your target audience, and embrace innovation and change. Last but not least, a commitment to continuous learning and investing in what sets your brand apart is key to standing the test of time.

Which brands do you admire that have managed to remain relevant over the years? What do you think are their secrets to lasting success? Share your thoughts with us!