2020 Action Plan - How to become an Experience Brand
We made it (barely) to 2020. It’s as if everything is brand new, but in reality, it’s still the same. Over the last few years, we’ve been witnessing a lot of change and transformation in all industries, along with a slowing growth in many others. Brands are becoming more in the lives of their consumers and companies are gaining a voice on the global stage. Consumers have started to use their wallets to voice their opinions and are continuously looking for the next new thing to get their lives to the next level.
These trends and shifts have caused a lot of companies to become paralyzed from action - constantly learning and searching for what to do next and how to act - only to stall. Companies and brands have to not only have a promise and vision, but also the agility to fulfill that promise and vision through implementation, adaptation and expansion. The business leaders that are doing this correctly have witnessed record-breaking market capitalizations and massive growth rates while retaining and expanding their consumer value. These experience-driven organizations are changing the face of business to come in the next decade. Their secret sauce… They act. The only trend that matters in 2020 is to take action.
Not just action for action’s sake but focused action around the consumer - creating new value throughout the entire experience journey, not just at purchase. This gives brands and companies the insight and permission to continue to find new value.
After all, the consumer experience is quickly becoming the number one driver of purchase decision over price and product.
So, as we get back into the swing of things this year, here are some ways to take action on the growth of your brand.
Take a walk in your customer’s shoes
Start the new year off with a fresh perspective - that of your consumer. There is no better way to find the chores or moments of elation your consumers have when buying a product like yours than to walk in their shoes. Knowing and obsessing about their journey to do business with you is crucial for your brand growth today and tomorrow. Performing a holistic experience audit can give you a firsthand - and secondhand - view of the entirety of your consumer experience. Giving in you direct insight on what to fix, remove, optimize or transform.
Challenge your incentives
Let’s face it - we become what we measure. And too many organizations are measuring the wrong things for this new experience economy. We should be measuring lifetime value over monthly acquisition rates. We should look at consumer value over shareholder. We should be focused on consumer joy over click through rates or web visits. Performing a challenging incentives exercise should be a major part of your Brand Experience Design strategy. Not only can you drive real business results, but also real consumer results - making the biggest impact in the world.
Open your aperture of value
Value in the relationship between brand and consumer goes far beyond a product and service. It leans towards the experience journey that a consumer goes through to find a brand, research it, decide it’s right for them, the purchase process, onboarding, service and support and finally retention and loyalty. There is a tremendous amount of value that can be generated if you think beyond just the purchase. Looking at new business models and commerce strategies, you can find more efficient ways for consumers to go through this process all while finding new value for your offering.
Break something
Has there been something standing in your way in the past? Is there someone that says, “We’ve always done it this way?” It’s time to break through those barriers to see what comes out the other side. When we shed the blockages holding us back, we open opportunities for even more expansion. A great way to do this is through an Innovation Workshop focused solely on breaking through a specific challenge. To quote JC Hall, “The difficult things we do right away - the impossible takes just a little longer.”
Ready to take action this year? Let’s chat.