Remember the days when we adored brands and trusted what they were selling?
A brand name carried weight, a sense of security and familiarity. Back then, companies understood the power of building a brand and nurturing its image with their TGs.
The COVID-19 pandemic triggered a digital marketing tsunami!
There was a surge in digital engagement as consumers, confined to their homes, turned to online platforms for everything from ordering food to summoning healthcare with a click.
This presented a golden opportunity, but it also created a sea of noise. Brands were scrambling for online visibility and performance marketing shifted the paradigm. Targeted ads flooded our feeds, offering an array of alternatives to chip away at brand loyalty. Combining this with today’s toddler level attention span, "out of sight, out of mind" became the mantra.
We began chasing fleeting offers and new brands, slowly losing trust and loyalty over brands we once loved.
Customers became price-driven, easily swayed by shiny new options. Novelty, Bogo, freebies, and last-minute deals invaded the turf. Established Goliaths were succumbing to Davids overnight. Eventually, these new businesses struggled in retaining their customers – a consequence of the very approach they used to acquire them.
But in the face of digital overload, the spotlight shines once again on Brand Building!
Companies are circling back and recognizing that true success lies in building trust and forging long-term relationships with their customers.
A strong brand is more than just a name, it's a relationship. A trusted source within a product category. Many of us still cherish the relationship with brands that we grew up with- MTV, McDonalds, Godrej, Pepsi, Bata, etc. ****Even when they stumble, the foundation of trust allows us to forgive and give them another chance.
Building that trust takes time and effort. New businesses are rediscovering the value of brand building, just like the rebirth of traditional cultural values or the trend of remixed Bollywood classics 😛
The Brand Renaissance signifies a ‘full circle moment’ – a return to the core principles of building strong brands that resonate with their audience. It's a commitment to long-term relationships, not fleeting transactions. Brands are sure to become more than just sellers, they'll be trusted companions on a customer's journey 🫱🏼🫲🏽
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