Consumers no longer expect brands to merely market their products, but to provide reliable and accurate information, take a stance on social issues, and make a positive contribution to society and the community. At the same time, people are increasingly concerned about the spread of fake news, which impacts their perception of media channels, social media platforms, and brands.
Perhaps there is no more contentious issue in the luxury market today than what makes a brand “real” luxury? The industry establishment frequently claims that this brand or that one simply doesn’t measure up to their inbred standard, thus negating it as a competitive threat. But all that is changing, as the very definition of “luxury” is undergoing a paradigm shift in the consumer market.
Having a higher purpose connects your mission to your vision, serves collective well-being, and goes beyond just making money. It’s a reason for being that inspires and motivates employees, customers, and all stakeholders to invest in you. A higher purpose provides a competitive advantage and helps you create passionate brand believers. Most importantly, when implemented correctly, a higher purpose connects your incredible work to measurable social and environmental impact.
Whirlpool makes home appliances. A lot of these home appliances are “smart.” This means the appliances can be connected to your in-home WIFI and stream your behaviors and your appliances’ “health” back to Whirlpool. Unfortunately for Whirlpool, it appears that customers are not buying into this “relationship.” Customers have either disabled or not synced the connection. This worries Whirlpool.
Conventional wisdom suggests that true creators come up with novel ideas in sparks of genius. Many people don’t see themselves as artists or creators or doubt their creative abilities because they believe that artists constantly reinvent the wheel.
