| George Achillias
In our world, relevancy for brands means revenues.
We are living in times where our understanding of what is physical or digital as a product or a service gets foggier than ever. Things change, and what really matters, is not how good a product is, or how efficient a service might be, but how it supplements or enhances what really matters to us.
Our times are being driven fast in directions we have never imagined before. Till recently, it was all about how brands create something that might be interesting to the audience out there. Now, it is all about how brands can participate in the creation of value out there. To create value or being relevant is critical.
Massive organisations that failed to understand the importance of relevancy went out of business, lost market share, or got acquired from someone else. And we saw that happening again and again the last 15 years. In today’s world, everybody is talking about something related to digital. Yes, we all know that some years ago, digital was all about likes on Facebook and favs on twitter, but in our days digital is something much more complicated and demanding.
The biggest mistake brands do is that they think their competition is what they believe to be, when in fact their competition is how people see/experience it.
For example, Uber's app changes my expectation of FedEx, we compare Airlines customer service to Amazon's, HSBC's website with Airbnb's, Vodafone services with buzzfeed. Your competition may seem small, or easy to tackle, but consumer’s expectations are set by best in class of all categories. So, smart brands don't benchmark against the people brands expect to, but against what might be the best possible experience for users or customers.
And this because, users create value for other users in a constant seamless way. Value creation happens to address needs and all it needs to flourish is a platform. People, nowadays are widely influenced, from asymmetrical points of interests, new triggers, content, services, reviews, comments. Smart innovative platforms allow brands to deliver value in a pace completely unknown in the past.
People change their minds in seconds and always try to find what is more relevant to them, not how to follow a brand. They are empowered to look for more, to ask for more. People nowadays are not after the best price but after the best value, the most well designed product and the product that makes them buy stuff.
Friction is something that drives everybody crazy. Recently UK statistics that came out showed that people choose banks not based on the bank size, tradition, or gravitas, but rather based on ratings regarding experience at the app store. And this need to look for the best, to discover new services, to question a product or a service when it becomes too complicated, is what makes people explorers.
This drives us to understand for good, that the future of engagement will not only be limited to what people see, experience and get.
Companies ignore industry verticals or segmentations to ensure that they control elements that are key to customers’ successful outcomes. Netflix began producing television shows like Orange Is the New Black or House of Cards to ensure a supply of fresh, popular content. Similarly, Amazon’s experimentation with unmanned drones for parcel delivery is an attempt to take control of the last mile between its warehouses and customers.
In our world, relevancy for brands means revenues. And how fast and how focused this is delivered, is what ensures that an organisation can step up faster towards the direction to learn, adopt and deliver what people expect better than ever.