As 2018 is now coming to a close, one can reflect on the changes that have taken place in marketing and entrepreneurship. The focus is on imaginative marketing with different types of AI, machine learning and emotional driven analytics.
1. Entering into “Emotion Economy.”
Brands view emotion as a critical currency of business.
Historically viewed, consumer insights have indeed been developed by collecting as well as analyzing data to predict what the customer’s next move might be. For successful brands, it is not merely understanding what customers will in fact do, but rather how they also feel and how best one get them to act.
One needs to understand emotion as being attractive in order to ensure that businesses become new opportunities for growth, efficiency, and profitability.
2. Our sharing, or collaborative culture, impacts the world of storytelling. More trust being placed in others whom they know and reputable content, not ads.
Trust is very important. There has been a rampant shift from the “me” to the “we” in recent times, along with of course a sizeable rebalancing of power from the few to the many.
No doubt, the world of storytelling is not immune to these changes and recognizing the power of content that is reputable, authentic, purpose-driven.
3. An era of purposeful business driven by the notion of leaving the world a better place. Empathy is still the NEW BLACK.
Brands are now aiming to connect with customers on a much deeper and more empathic level.
Smart organizations will indeed approach the creation of winning experiences by finding their purpose and then using it as a creative as well as an inspirational theme with which to engage.
Critical things to consider for purposeful experiences:
1. Clearly articulate one’s brand’s purpose. The purpose is not a mission statement or values.
2. Being aware that purpose is not to cause and a cause is not the purpose.
3. Brands must also rather demonstrating empathy by valuing customers as well as demonstrate an understanding of their needs. They must also put managers and employees in customers’ shoes. The purpose is about what a brand is doing for someone else.
4. Make purpose motivational, as it connects with the heart as well as the head.
5. Use emotion-driven storytelling to bring it to life.
4. View attention as one’s customer’s most precious resource.
One is now exposed to a hyper-competitive Emotion Economy where consumers are rather digitally empowered.
To consider when thinking about crafting emotional experiences:
1. Does the experience indeed satisfy a grander purpose?
2. Creating a sense of aspiration that does go beyond the business to the world at large.
5. When creating an experience, lead with the audience first.
5. Do not be afraid. Invest in digital technology, not just digital marketing.
Technology off late has implications for external strategy, but the internal strategy has not been really immune to market forces. Much emphasis can be laid on areas such as loyalty programs; hyper-personalized experiences, emotionally informed interactions etc. are all great places to begin.
In order to make customer loyalty programs work one requires quality data.