In today’s competitive world there are so many options for a consumer that he is spoilt for choice. Today differentiation between products is very fine and it’s the one with better articulated claims that actually wins the share.
Spends on marketing are increasing relatively in comparison to spends on R&D. This puts more pressure on the consumers in their decision-making process as they are now confused that which product has an edge. Most brands are extremely proactive to make sure one-upmanship w.r.t other brands by constantly updating their communication. Some companies have also taken marketing as their new R&D. Ideally both the functions are part of the same coin as R&D provides brilliant technical solutions and marketers introduce brilliant creative ideas and customer insights into the new-product-development process.
In highly competitive industries, top brass resist making R&D too dominant to dazzle customers with a steady stream of new products and the latest technologies. But this would mean significant investments in NPD and even more investments in the marketing of those products. Therefore role of marketing is extremely important to keep the organization abreast with the market and its future trends. But that being said a brilliant idea or proposal can come from anywhere and R&D also needs to constantly updating their knowledge via any sources to come up with new breakthrough innovations.
But I think what’s missing in this race of gaining market share is the end benefit for the consumer as brands push for market share and equity scores. Select organizations actually deliver products or services that actually resolve a real consumer problem.
But I think for any brand to be successful the first thing they need to do is define why do they exist and more importantly how can they resolve a real consumer problem. Take an example of Uber in 2008, Travis Kalanick and Garrett Camp had trouble hailing a cab. So they came up with a simple idea—tap a button, get a ride.
What they started as an app now has taken the globe by surprise that empires can be built atop a great insightful idea with literally no investment. Uber is now changing the way we travel today across major cities around the world. When you make transportation as reliable as running water, everyone benefits. Especially when it’s snowing outside.
And if the insight is genuine that really resolves a problem incase of Uber of getting a cab during difficult times then there is no better brand ambassador for the brand. Business will follow without you breaking your head about how can I scale my business now.
Hence the mission is extremely important and then later it’s important to wow the consumer at every touch point. It would start with the communication which needs to hit the right chords emotionally and functionally to drive consideration. Post which there has to be a fantastic distribution to make sure availability and a good incentive for the sales channel to promote the brand. Then there has to be a wow offer or hook point at the point of sale to make sure that once the consumer is in to shop he is directed straight to the product and feels that the product has excellent value for money. Take an example of IKEA, t
Next is the packaging which helps breaks clutter on the shelf and just does not look attractive but also functionally differentiates itself. Then comes the product itself that has to wow them the most via its efficacy or performance to make sure repeat purchases. In certain cases like electronics or automobiles after sales also plays an equally important role to push the decision-making.
And today there is more to this, consumer engagement that happens not just during the purchase cycle but post that as well in the form of updates and upgrades on the current product and secondly sharing relevant insightful content which today, is considered to be the biggest thing in Marketing. And one needs to wow the consumer here as well by being able to share the right content at the right time and today in the right medium as well.
I know this is an ideal scenario and most marketers face resource crunch but we should in our capacity try to wow the consumer wherever we can to make it a memorable experience. The more pleasant experience, the better will be the brand pyramid. It takes time a lot of effort and patience to make this happen, and for this the learning or understanding of the consumer should never stop. Complacency is the brands worst enemy and will completely destroy all the goodwill created over time.