Brand
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Being somewhat
of a futurist and always keen on honing my predicting powers, here's what
I feel would change in the branding world in the next 5-10 years. As the
business environment around us keeps changing, this amateur futurologist
will keep this section updated. Check it out from time to time:
- Creating brands without the mass media
A number of brands will creep
into our consciousness without using the traditional media. No megabucks
spent in mass advertising, these brands will find new ways to reach
their targets. Be it through creating buzz, becoming culture creators,
targeted mailing or interactive advertising.
- Responsible attitude will pay off
Brands that have been built through ethical practices will finally reap
rewards. Companies that have been thought leaders and taken responsible
steps towards protecting the environment and contributed to their community
would be appreciated by the consumers. The actions of an organization
and the image of it's brand will increasingly get intertwined making
it increasingly difficult for brands to stay apolitical.
- Celebrating consumer differences rather
than similarities
Instead of focussing on market segments
with similar interests, brands will try to appeal to individual consumer
differences. The successful brands will more likely have products and
services that target individual tastes rather than least common denominator
needs.
- Reinventing Brand Management
As the definition of what constitutes a brand and it's elements changes,
the brand management function will change and get more fragmented. The
role of managing brands will move out of a specialized department and
get redistributed to employees in other departments including customer
service, corporate communications and operations. Employees of an organization
will pay a greater role in brand-building than ever before. Employers
will hire people that are a close match with their own brand's personality.
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