In the past a brand’s reputation and success was built on the quality of its products and its ability to communicate its marketing message to a mass audience. These days its built on its ability to stay relevant to the ever-shifting needs and expectations of its customers. Brands that are slow to innovate and add value will fail.
New products and product categories emerge and disappear over time. The digital revolution has dramatically increased the rate of change. We’re all familiar with the quick demise of brands such as Nokia, Blockbusters and Kodak following the introduction of new products and brands that were more relevant to the needs of consumers.
What let these brands down wasn’t poor customer service, nor bad or faulty products, nor price, but relevance. They failed to respond to changes (that all three brands were aware of) that were happening in the market. They failed to stay relevant to their customers.
1. Be different and innovate
Staying relevant doesn’t mean doing what your competitors are doing. Brands that follow the herd are less likely to engage customers compared to the brands that are setting the trends. Innovation and change are key to staying relevant. According to Accenture 93% of senior executives believe innovation is critical to their business.
This means new products, new product categories and new ways of servicing and supporting customers in the use of those products. It’s about making changes that add value in a way that plays to the strengths and unique value proposition offered by the brand. Rather than trying to keep up with the competition, your brand needs to be more concerned with keeping up with your customers. This means listening to them and putting them at the centre of everything you do.
2. Create personalised experiences for customers
Personalisation is a vital ingredient in the customer experience. It leverages data and digital delivery channels to deliver individualised communications and services to current or prospective customers. As well as helping the brand be more relevant, personalisation is something that customers now expect.
Most customers are willing to trade data with reputable brands to receive personalised service and discounts. According to research from Salesforce, Fifty-seven percent of consumers say they’re willing to share personal data in exchange for personalised offers or discounts. Additionally, consumers will share personal data in exchange for product recommendations that meet their needs (52%) and personalized shopping experiences (53%).
Personalisation is about making product offerings and services relevant to the specific needs of an individual customer. Personalisation can motivate consumers to act. Research from Segment found that 44% of consumers say they will likely become repeat buyers after a personalised shopping experience with a brand.
3. Be consistent
You want your brand to be easily recognisable across all customer touchpoints. The language you use in your communications, the tone of voice, and the level of service you provide all need to be consistent. Brand consistency leads to confidence among consumers that they’ll have a certain experience when they interact with your brand.