After attending an NYU event last Friday – “Marketing Now: The New Consumer” – I am left with a positive and resounding affirmation that communication between brands and consumers is evolving in the right direction.
The concept of Marketing With Meaning – introduced by keynote speaker Bob Gilbreath who has a new book by the same title – encapsulated much of the day’s takeaway. Here’s my quick, high level recap.
It’s about experience, not product
Stuff, stuff, stuff and more stuff. People today have enough stuff and (based on some opinions) don’t even care about the new stuff they’re acquiring. Price point and convenience are often much more influential than brand. So product is not necessarily the place to differentiate yourself (although having innovative development teams never hurt anyone!). The point is that brands need to transcend the tangible item that they offer, and create an emotional experience that holds true meaning. Building community that has personality, depth, and sense of connection, will sell more product than just having a cool product.
Meaningful experiences and solutions = Loyalty
Brands that are engaging with consumers by delivering relevant and valuable experiences are enjoying the benefits of loyalty. To create services that address the true needs of consumers, brands must, of course, first listen. I won’t belabor my simple-but-favorite concept here, but: If you don’t hear what your consumers are saying, chances are you’ll offer them a wrong (and less than genuine) solution. Although this approach may not reap as much short-term benefit as others, the idea is that over time your consumers see a deeper value in your brand – far beyond that of the products you offer – and are on your side for the long haul.
No longer the exception
Bringing meaningful and relevant experiences to consumers is no longer the exception – it’s the rule. In an age of transparency – where sustainability reports are frequently requested by “average” consumers, where social impact measurement is a growing area of investment, and where brands are having dialogues with their stakeholders – this is no big surprise. Rightfully so, the public is demanding to see the positive impact your company is making. And if your brand isn’t delivering on a social level, you can feel confident that consumers are asking “what’s wrong with them?”
Image credit: Marc Wathieu