As we look ahead to a new year and a new decade we can be optimistic knowing that we have more wisdom in our possession to navigate the challenges and capitalize on the opportunities that lead to stronger brands.
The start of a new decade provides a unique milestone to pause and reflect on where we’ve been, and more importantly where we are headed. The previous decade has provided us with significant business disruption, remarkable innovation – and a whole lot of distraction. That’s why in 2020, a meta-trend we need to be aware of is a realignment of fundamentals.
Nostalgia can be a powerful ally in building brands. As Dr. Bob Deutsch observed here on Branding Strategy Insider, “As we age our nostalgic yearnings grow, making us more receptive to advertisers and marketers use of what researchers call ‘a longing for positive memories from the past.’ In addition to time’s arrow, this desire for nostalgia is further intensified by society’s present circumstance of receding predictability and opportunity.”
When we ask managers to list the drivers of willingness-to-pay of their customers, their main focus is usually on tangible and intangible aspects of their products or services, such as quality attributes and brand. Obviously, these are important factors, but the willingness-to-pay of a customer can be influenced by a much broader set of drivers.
The inspiration for what I call the ‘brand experience script’ takes the structure of a screenplay. In this I have been inspired by Syd Field, author of The Screenwriter’s Workbook and an authority in Hollywood and beyond. The structure he outlines in his book is present in almost every movie produced all over the world.
