Future proofing your brand
In the ever-changing world of business, keeping your brand relevant is like trying to keep up with the latest dance trends on TikTok. Just when you think you’ve mastered the “Renegade,” everyone’s moved on to “Blinding Lights.” To stay ahead, brands need to future-proof themselves, and the best way to do that is by understanding consumer insights. So, let’s dive into how you can keep your brand as fresh as a new meme with some good old-fashioned consumer insights.
Importance of Consumer Research
In today’s fast-paced market, consumer research isn’t just a buzzword; it’s the secret sauce to future-proofing your brand. Take Clorox, for instance – they’ve instituted “Consumer Obsession Days” where everyone, from the CEO to the janitor, takes a day to ponder on making the consumer’s shopping journey smoother. It’s like a company-wide brainstorming session, but with fewer PowerPoint slides and more eureka moments. Because let’s face it, what consumers think about your brand is far more critical than your brand’s self-image. It’s the digital age equivalent of your mom telling you you’re handsome – nice to hear, but it’s what your crush thinks that really matters.
For D2C companies, being close to the consumer is as non-negotiable as a toddler’s nap time. It’s about enriching raw data with human understanding, ensuring you hit all the social, emotional, and functional notes. Imagine trying to do a jigsaw puzzle without the picture on the box – that’s what operating without consumer insights feels like. Bloomberg gets it too; they tweak their products daily to keep pace with the ever-evolving consumer needs, proving that insights are the GPS guiding your brand’s positioning and messaging. And remember, training your team and integrating technology for seamless research and collaboration isn’t just a strategy
Intuition backed by data is what you need.
Bloomberg Terminal a product that is a gem of decade for finace professional doesn’t thave that fancy UI. The reason being there current users are people who have climbed up the career to be fund managers 15-20 years in their career and if Bloomberg had to launch a web based super shinny app these main customer would lack to find even the basic functionality that were at fingertips in their previous terminal.
How do succesful brands drive value?
Brands drive value primarily through salience, which is the quickest route to building fame or recognition. While brute salience can help a brand gain market value, much of that effort can be wasted if it doesn’t trigger meaningful associations. It’s crucial to consider whether virality also translates into affinity and ultimately drives purchases. Essentially, meaningful salience is what creates demand power.
Pricing power, on the other hand, is derived from making meaningful differences. Consumers are unlikely to pay a premium if the brand doesn’t align with their needs and wants. Differentiation doesn’t just mean creating shocking or attention-grabbing communications. Instead, it means that a brand consistently stands for something unique in the consumer’s mind. Brands like Sensodyne and Dove exemplify this by being consistently perceived as different and relevant.
The three most important elements of Customer journey are :
1. Experience:
Think of your brand like a bucket. If it leaks, all your hard work and resources will just drain away. Make sure your bucket is watertight!
2. Activation:
Your product needs to be on the shelf, visible, and ready to be picked by the consumer. It’s like being at a party – you want to be the one everyone notices and invites to dance.
3. Brand Equity:
This is the superstar of the boardroom, even if it doesn’t get enough attention. Brand equity is what makes your brand memorable and distinctive. It’s the magic ingredient that turns your product from just another item on the shelf into a must-have. Without equity, your brand is just another commodity, like generic cereal in a plain box.
Brands with strong equity can trigger memories and associations in consumers’ minds, making them more likely to choose your product. It’s been proven time and again that brands investing in building equity and consumer perceptions bounce back more easily from setbacks, including the COVID-19 slump. So, in short, invest in brand equity – because nobody ever asked for “that unbranded thing over there.”
Create the value for Today, But also for tomorrow.
Future-proofing your brand with consumer insights is like having a GPS for your business journey. It guides you through the twists and turns, helping you avoid dead ends and detours. By understanding and leveraging these insights, you can stay ahead of the curve, delight your customers, and keep your brand dancing to the latest tunes.
