Redefining the building blocks for brand growth
Let’s face it, there are headwinds for business growth in the current state of the marketplace - creating an environment where brands aren’t growing. The effectiveness of mass advertising has been dwindling for years. Consumer expectations of a brand are changing constantly, putting more strain on the product and service itself. Kickstarting growth is no easy task for any brand. The traditional advertising based playbook is proving to be ineffective and antiquated. However, there are some companies finding ways to grow. They have built a new playbook with four critical building blocks for growth.
“Companies that are experience-led have 1.6x higher brand awareness, 1.5x higher employee satisfaction, and 1.9x higher average order value. Experience-led businesses also have 1.7x higher customer retention, 1.9x return on spend, and 1.6x higher customer satisfaction rates.”
“Always On” - Go to Market Strategy
This is where conversations are triggered based on context and interactions - not force-fed through mass advertising. This “always on” approach to marketing focuses on retaining and growing relationships, not mere transactions. Mayur Gupta, CMO of Freshly, talks a lot about how marketing strategy is evolving in an always on world. Growth is found in this type of marketing strategy by connecting conversions with consumer preference and context - not simply a blanket communications message.
Omnichannel Commerce
Building off the “Always On” Go to Market Strategy is Omnichannel Commerce. This happens when consumers buy from your brand anywhere while their preferences follow them to that purchase decision. Commerce is shifting from brick and mortar to ecommerce, subscription and even social commerce. The way people buy is becoming more instantaneous than ever before. The moment of insight or moment of truth, coupled with technology, is creating immediate purchase and fulfillment in many industries. Growth can be found by being ready to sell at the moment of purchase decision, with no wasted steps for the consumer.
Holistic Consumer Experience
The pre, during and, most importantly, post dialog your consumer has with your brand is becoming increasingly crucial for all current and future purchase decisions. Not only do these moments of interaction provide an opportunity to fulfill your brand promise, but it also increases the ability to add value to the relationship with your consumer. Growth in the consumer experience is found in many different ways, from retention rates, increased basket size, increased purchase rates and even finding new avenues for revenue creation.
Business Model Transformation
Learning from the other building blocks, we can identify and create new ways to add value to your consumer, thus increasing opportunities to drive revenue. A lot of growth in many industries are being found in the business model itself. From subscription services in FCMG to mobility services in Automotive to shared experiences in hospitality, the business model itself is becoming a driver for growth. Growth here is created by redefining the value proposition for a company, product or industry.
How are you preparing for growth? Let’s chat.