"It doesn't take a seer, or even a branding professional, to declare that consumers will continue to demand value, no matter which direction the economy goes. Consumers have learned--some the hard way--that financial discipline is a must. They will also demand that the values practiced by the companies with which they choose to do business are good and honest and trustworthy. And lest any company thinks it can put one over on anyone, a text, a blog, a YouTube video or a Tweet will quickly prove otherwise.
Consumers will latch onto products and services that offer something relevantly different. Look at what makes a strong brand in any economy and you'll see that the underlying business is robust and the products and services are things people want, use or need to make their lives easier, healthier, safer or more convenient. In today's marketplace, it doesn't take a fortune teller to proclaim that businesses that can't to keep up with changing habits and behaviors will most likely disappear. For example, my guess is that with the continuing evolution of digital on-demand movies and programming, Blockbuster ( BBI - news - people ) may be a brand of the past. So, too, now that news is available and gobbled up as it happens, it's likely that some weekly news magazines will be a thing of the past.
More so, because consumers are more sophisticated in their buying behavior, my belief is that they won't buy into any product that promises a superficial change. They want difference, yes, but they want this difference to represent substantial change. Given both the prudent mindset and the fact that consumers will seek brands that share and uphold their values, I don't see this branding dynamic changing anytime soon, if ever.
I especially love this quote that seems to encapsulate the bridge between consumers and strategy:
"Consumers will look for the four 'goods': Does it taste good? Is it good for my health? Is it good for my wallet? Is it good for the planet?"
What, if anything, would you add to this list?
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2 comments:
I would add: Does it represent me? Everything is about customization. I believe by adding specific features: arrange of colors, designs (computers or cars designed by specific artists), and entertainment (cars equipped with speakers and gadgets "signed by" MTV) every product can be built-in "unique" for each consumer. The future: Globalized brands and "personalized" products...
Cool post. I always read your blog. The information you have provided about brand values is really nice.It is a great articulation of the importance of understanding consumer values in creating strategic advantage. Get the best corporate identity design for your business only from Brand Harvest.
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