With branding under exclusive marketing department control, the speed of digital transformation, increasing pressure to deliver results and dramatic shift in customer behaviours & expectations, the future of brands is at risk.
The top-down relationship with customers, talking at them with the thing called advertising and offering functional products & services, which only meet their basic needs, is dead.
Brands need to recognise that the rules of business are dramatically evolving, and they need to embrace them to survive and secure business growth. The rapidly changing relationships with customers are, at the same time, their biggest challenge and the biggest opportunity. Why? Because we are entering ‘people’ era, where relationships between customers and brands are interdependent, and based on shared values, ideas and mutually beneficial interactions. Customers’ demands and expectations have massively increased. That’s why creating just a positive customer experience is not enough anymore.
To top it up, brands need to be creative and drive innovation to stay in the game.
Authenticity, transparency and trust are the holy grail of brands of the future, and the future is now. A clear and engaging mission statement is important, but a brand purpose and its values that are preached by every single person within an organisation have never been more crucial to engage with customers and prospects on an emotional level and build a community of devoted advocates.
Successful brands not only recognise the shift from 4Ps (Product, Price, Place, Promotion) to 4Es (Experience, Engagement, Emotions, Exclusivity) of marketing and integrate it into everything they do, but also enable & encourage collaboration across all departments, empower their employees to take ownership and promote cultural transformation. These brands are the ones that stay ahead of their competition, significantly increase revenue and secure their place in the uncertain future.