Brand New Resolutions MMXXIV

I know, I know. Resolutions are passé. Nonetheless, I had to vent these thoughts that had been bubbling in my mind for the past few days and what better a way than to write a blog post. Since it was that time of the year I just decided to go ahead and put them in the form of an ancient ABVS tradition.

Without much further ado, let us jump right into my proposed Resolutions for Brands in 2024.

 

START | Re-imagining Products (&Solutions)

Enough and more has been written, discussed, and debated about how consumer and customer behaviour has seen a paradigm shift post-pandemic. That said, how many brands have re-thought or re-designed or re-organized their offering on account of this change? Not many one would reckon.

All of us acknowledge that it is a more connected world than it was pre-COVID19. Not because the technology was not available but because the adoption of technology had not happened. The pause in commerce in the 2 years of lockdowns has accelerated adoption journeys and tech roadmaps.

Therefore, in an IoT led world with AI making headlines and some real headway, dumb products without connectivity and with little or no user interaction are setting themselves up for failure if not extinction. Brands and more specifically Product Managers need to look hard at the JOB TO BE DONE and introduce some level of intelligence and interactivity in their offerings. The trap to avoid though is it being a lip-service or a gimmick.

 

STOP | Green-washing

Consumers today are more discerning. Only the brands GENUINELY integrating SUSTAINABLE in their narrative shall be able to or shall we say allowed to reap the rewards. Overtly simple methods of the last century such as using adjectives such as “Natural”, “Organic”, “Traditional” in communication will not work. It’s not just the offering but also the value proposition that needs to be sustained (sustainable).

Yes, there is a consumer who is willing to pay a premium for sustainably produced/sourced/managed products and solutions but that does not mean brands have a birthright to a higher price-point.

All brands sooner or later will need to spell out their vision and sustainability goals. Whether from a compliance perspective or from a consumer preference perspective or a market valuation perspective, brands shall be compelled to share their sustainability dashboards.

 

MORE OF | Data-driven Marketing

The downside of the social era has been that brands have started to confuse conversations with/ feedback from consumers with primary research, analysis, and culling insight. All marketers do understand that the Voice of Consumer is the starting point not the point itself. It is imperative that brands plan for and ensure that a strong understanding of the consumer/user continues to be the basis for creating products or solving problems.

Any understanding of the market that is built on data, reports and research is paramount and should take precedence over anecdotal evidence.

Research aside, consumer immersion is hygiene and brands should mandate this for their team. Every minute spent observing consumers in their setting is invaluable. 

Many of my past colleagues at Nokia have (at that point in time very grudgingly) spent tens if not hundreds of hours in consumer visits. The repository of consumer understanding that the exercises built is something that I am sure all of us bank on till date – it is become the part that has honed our marketing intuition.

 

LESS OF | Follower Mindset

This is a pet-peeve. Also a sign of a lazy marketing organization. If something has worked for Brand A it is not necessary for Brand B to respond with a “Me Too”. Caution here is not to confuse this with being a fast-follower which isa well-accepted strategic approach. 

A follower mindset is by definition reactive. Marketing teams that craft quick communication or value propositions based on market feedback beware. The battle for counter-share and shelf-share shall always force sales teams to demand an equivalent for a competitor’s new launch or variant. It is incumbent on the Marketers in the organisation to alter value for the consumers.

So be it a extra-lathering shaving cream or extra-whitening soap with dirt busters, the response cannot and should not be bigger, better, faster, more alone. 

Points mentioned in the START and MORE OF if adopted should help brands come up with better ideas.

Here’s wishing all fellow marketers a great 2024!