The fundamentals of marketing never change. All that changes is the context within which we apply the fundamentals.
Storytelling matters, and no less for inflation than for anything else. Marketers know narrative rules. The essence of marketing is telling the story of a brand, thereby shoring up pricing power. That’s brand equity in a nutshell. Storytelling is also the paradox of this inflationary moment in the marketplace.
Business is about numbers. Marketing is about people. That’s a built-in conflict, and people tend to lose out. Management guru Peter Drucker argued that the essential functions of a business were marketing and innovation. By Drucker’s reckoning, people should always come first. But it never works out like that.