Traditionally companies developed products, refined them, and market tested them before release. The focus was consistently inward.
Now, companies are much more likely to look outwards and for good reason. First and foremost, it has become about the brand itself and building a brand that consumers love and desire – the end game being brand loyalty.
On the surface this might not seem a straightforward, logical development. Surely it should be about the product itself?
It has now become necessary to tell a story in order to get consumers to believe and, crucially, invest in whatever your product might - a new smartphone, the latest cold-pressed juicer or a supercar.
One of the reasons for this significant shift is the fact that consumers crave experiences rather than material objects – if you want your product to sell, you need to create memories around your brand. Products need to become sensory, and emotionally engage potential consumers.
Brands should aim to tap into a customer psyche by asking: ‘How does the customer want to feel?’ and ‘What does the consumer want?’
In this social media-driven marketplace consumers have come to expect the world, but crucially you have to decide what the ‘world’ is, at least in your category.
More emotionally-driven categories do have higher expectations related to emotive connections, which tend to escalate more rapidly than those so-called placeholder brands with too-basic values.
It therefore follows that if all you stand for is ‘shampoo’, you have become a product placeholder whose name consumers know, but not for anything in particular and therefore you have no advantage in the marketplace.
While we’re talking emotions, there is an important distinction between emotionally engaging customers and entertaining them. For instance, a brand can produce a wildly expensive short film, which may well entertain but might not emotionally engage – and if this critical level of engagement doesn’t happen, it is unlikely a brand will see related sales and profits.
It’s also important to note the difference between how consumers engage with a car brand versus a soft drink for example. One absolutely cannot employ the same tactics.
Too many brands still do not invest in effectively measuring emotional engagement – if they did they would be able to modify their approach to suit the product they are trying to sell. Although they do know that ‘something’ needs to change, it’s not enough.
Consumer expectations will only continue to grow so brands need to get on board if they want a piece of the - potentially huge - profits.
So what should be the first port of call for brands? To distill down, begin by building a brand through creating a strong identity, pinpoint the brand’s positioning, and decide what the brand will stand for.
Think of it like a ‘personality’. The aim is to create a bond with your customers, to evoke loyalty and trust, allowing customers to live the brand.
Indeed brands must create a desire for their product, treat consumers well and anticipate their needs. But, just as importantly, the story they tell must be a consistent one.
The brand and the brand promise have become key as without them businesses are forced to rely on fleeting factors such as price, trends and events making it near impossible to develop a long-term relationship with the customer.
A brand acts as a promise for consumers – it is what makes a consumer choose one brand over another. By the same token, inciting loyal ‘fans’ to queue up outside a store to get their hands on the latest product release.
Of course, few brands see this kind of obsessive devotion, but you can be sure that they have a branding genius behind it all.
The writer is Head of Account Management at North55.
