HOW TO GROW GREAT BRANDS IN A FAST CHANGING SCENARIO
“The world’s changing”: This is one of the most frequently heard statements in the sphere of communication and, whether we like it or not, it is true. How can brands adapt to these changes? How can a successful business stay on track? Or, how can certain directions be reoriented in such shifting times? I think the answer lies in understanding consumers, since they are modifying their habits, interests, and the aspects that drive their purchase decisions.
Today, consumers are far more complex: a decade ago they referred to a couple of sources to make a decision, now they look for at least 12 of them. In this social, economic, and cultural context, brands are forced to offer extra value to their products for a simple reason: new consumers now have tools to make comparisons with a single click.
There are two other aspects to bear in mind: First, expectations of products are higher, buying decisions are determined by needs but also by the experiences generated by certain products. Second, we live in a society with new structures that have created another audience (the social media savvy), an audience we must analyze so as to articulate the appropriate messages for it.
Thus, the most important thing in a world of technology trends and complex consumers is to be close to them, to their behavior, preferences, and habits. This requires strategies focused on the elements influencing the purchasing path of shoppers, meaning, those who make the final decision at point of sale, either physical or digital. Today there should be no difference between these shoppers, but the industry is reluctant to accept its own natural progress. .
LEVERAGING THE TRENDS
Some of the marketing trends contributing to the evolution of brands are based on: Shopper Marketing, Brand Entertainment, Storytelling, Crowd Sourcing, and Contextual Marketing. However, all of these strategies will be of no use if we fail to connect with audiences and to provide messages that are relevant to them.
And what about E-Commerce? The challenge companies are currently facing is to captivate a larger number of internet users. This channel constitutes a real opportunity, since today only 6% of internet users in Mexico buy or acquire products or services through it.
Today, we must think of acquisition processes in a more cohesive way. Retailers are adapting to consumers’ evolution, so we must devise strategies that follow in their footsteps, that is, we must rely on a strategic partner who identifies multichannel users’ trends, who understands, attracts and retains customers. Then we must diagnose the areas of opportunity in terms of communication so as to connect brands by means of relevant messages delivered through adequate channels. Once consumers have been guided to the point of sale, we must promote purchase decisions, customer service, and experience at POS. All of these will result in value offers and comprehensive experiences.
These trends represent an opportunity to gain new audiences. Once again, the key is getting to know them so that we can enhance the opportunities brands have to communicate with them. But there is no secret recipe. Although certain diagnoses might be similar, not all remedies will work for all of them.
To conclude, we must remember that marketing is addressed to audiences, so that all companies, regardless of their sector, must be attentive to who is it that they are talking to. This will help them be aware of their market, of its needs and how to meet them. People in charge of companies and advertisers must carry out thorough diagnoses so as to create Famously Effective messages – messages that people talk about and help the business move forward.
Grey is one of the ten largest advertising agencies in the world, with offices in over 83 countries. It has one overriding focus: to produce truly great creative work, to produce work that soars, makes us proud and fosters the brand relationship with consumers—work that helps our clients prosper. Grey Worldwide provides highly creative services including brand ideas and strategies, brand planning, creative development and production. Our agency is organized into four geographical units: North America; Europe, Middle East & Africa (EMEA), Asia-Pacific and Latin America..