Conventional thinking says the concept of “brand-building” is led by advertising, marketing, presentation, and point of sale merchandising. Yet we know that consumers have a whole host of expectations that live outside of these four walls. The days of leaving brand perceptions to your marketing department is over.
The definition of brand is evolving in real-time and now relies heavily on customer experience. Delivering an elevated, consistent brand and omni-channel shopping experience across every consumer touch point — from ecommerce and digital marketplaces to wholesale partners, retailers and even social media and influencer strategies — is now the only way to win. Putting all your eggs in one basket or channel won’t produce outcomes of the past.
According to a recent study, since the onset of the pandemic, brands that have prioritized the customer experience have seen significant improvements in customer lifetime value (30% of respondents), customer advocacy (30%), and basket size (23%).
With a maze of darling D2C and emerging brands popping up everywhere, wooing customers with their convenient subscription plans, ease of shopping and lower prices, struggling retailers are figuring out new and innovative ways to drive in-store traffic. Now add the pandemic to the mix and many are scratching their heads.
TL;DR: All the best marketing in the world won’t make up for a terrible customer experience
Remember the Four Ps of marketing? Product, price, place and promotion? Well, that third P of “place” is now a critical piece of the puzzle. Contrary to what the headlines often tell us, brands who understand that brick-and-mortar and e-commerce can actually work in tandem and have a halo effect on one another are the ones who will be ahead of the curve.
If you asked more traditional brands if technology would be a factor in the demise of their stores pre-COVID-19, their answers (we think) would be mixed. Mission-critical technologies like RFID would have likely been considered yet another nice-to-have.
To build a strong brand, organizational silos need to be broken down. It’s everyone’s responsibility, especially at the C-suite. In this new world, CEOs, COOs, CMOs, and even CTOs and CIOs need to be in lockstep.
Modernizing your supply chain may seem overwhelming but it certainly doesn’t have to be. Technologies have been evolving and advancing almost as quickly as your customers’ expectations, giving companies near-perfect visibility into their inventory and building better customer experiences, increasing sales and adapting to changing business needs as they occur. To get more detail into how to improve your supply chain, read this ebook.