The second reason brands become uncool is that they become intoxicated with their own success.
"So many brands are at the top of their game and then get arrogant and start taking their consumers for granted and people get jack of it and start abandoning them," he said.
Mr McQueen said Sony was a perfect example. The company enjoyed extraordinary success after creating the Walkman and the Discman.
"But because they dominated the marketplace when they introduced their MiniDisc player Sony kept trying to force customers to use their product," he said.
Mr McQueen said Apple and Facebook were in danger of becoming too comfortable with their success.
"When Apple pushed that upgrade through and they made people put Apple Maps on their iPhone they got a kickback," he said.
"People didn't want to be forced to do it."
The third reason brands become uncool, according to Mr McQueen, is that they become addicted to progress and grow too quickly.
Billabong fell victim to this when it branched out of surf wear and started making mainstream clothing.
"As soon as they started neglecting their core market of surfers the idea was that they were selling out," he said.
"Angus Kingsmill, head of Mambo, said this happened to them and he learned that a brand has to choose if you're going to be cool or you're going to be mainstream.
"You can't be both."
Mr McQueen said most company leaders only pay attention to easily quantifiable things like sales figures and profits, but ignore their product's relevance.
So what can a company do if they find that their relevance is slipping?
"Brands need to reconnect with consumers and not fall back on assumptions about what consumers want but actually go ask them," he said.