How Brands Can Fight Customer Commoditization
Maybe it’s not our products that are getting commoditized. Maybe it’s the customer. Consider this great quote about customer commoditization from the Harvard Business Review:
NEW THINKING
Maybe it’s not our products that are getting commoditized. Maybe it’s the customer. Consider this great quote about customer commoditization from the Harvard Business Review:
Smart brand managers actively manage their brand portfolios for maximum collective and individual brand return. If you’ve recently re-assessed your brand portfolio and identified what appear to be one or a number of under-performers, there are a range of options you can pursue to fix that situation.
Scion, offshoot of Toyota and heir to the fortune, is dead. Sometimes criticized for its ugly appearance: “A car which can easily be mistaken for an abandoned fridge when parked,” it tried hard to be one of the cool kids. But, in the end, it didn’t make enough young friends, it cost its parents too much money, so they killed it.
Some events, like the Olympics, Formula One and the FIFA World Cup, attract huge audiences. If you’re a smaller brand looking to change how you are perceived, is it a responsible action to bet everything you have on being seen there?
Nobel Prize winning research in neuroscience and behavioral economics proves that all humans are irrational, emotional creatures. Both marketers and consumers believe they are in control of their decisions, but research is increasingly proving that assertion wrong. There is something deeper going on at a subconscious emotional level. Marketers that understand this and that harness the power of emotions are today’s true brand builders and are uncovering new opportunities for growth faster than their competitors.