Download exclusive e-book on brand building in the experience economy
At the turn of the Millenium, the biggest brands in the world included Nokia, Dell, MTV, AOL and Barbie. Today, those that survived can’t squeak into the top 100 after being swatted aside by the likes of Apple, Uber, Spotify and Netflix.
It’s a reminder of how – in a world of endless tech disruption – customers are willing to abandon what they know in favour of businesses which prioritise delivering great user experiences.
There’s no denying in 2019, the experience economy is king.
To help businesses of all sizes succeed in this era of business, the leader in experience management, Qualtrics, has produced a free e-book called Growing Your Brand in the Experience Age.
To download your copy, simply fill out the form at the bottom of the page, hit submit, and click the link on the page you’re directed to.
In the experience economy, companies face a new generation of consumers who have more options to choose from than ever before. New brands are constantly coming to market offering unique products and services to challenges and desires consumers didn’t even know they had.
Such is the impact of this new economy, research by growth strategy consultants Innosight estimates three-quarters of today’s S&P 500 will be replaced in 2027.
Meanwhile, brand reputation – the old-fashioned definition of brand – is increasingly influenced by factors outside marketers’ control, such as product development and employee experience.
Brands are under unprecedented pressure to stand out from the crowd and to innovate at speed and scale.
All of which means a new approach to brand growth is required – one used by recent success stories such as Dollar Shave Club, Deliveroo, WeWork and Peloton.
At the X4 Experience Management Summit in Sydney, Uber’s Sonny Sethi explained why being “customer-obsessed” is fundamental to the brand’s rapid growth.
Uber’s head of research, insights and planning ANZ, said: “We understand the difference between experience and expectations. There’s a lot of customised research, loyalty research and global master brand research.”
During his session, he explained how the brand is increasingly pouring resources into not just safety, but the perception of it. A new emergency SOS button, for instance, can instantly send location and driver numberplate information to the authorities, while it’s possible to share journey progress with a friend or family member.
The business stops at nothing to obtain feedback. Research available to the GM is shared to even the most junior employees; 100 focus groups a year are conducted with drivers; and customers are invited into the office to give their views first-hand.
“It’s data democratisation,” he said.
In order to grow a brand, then, companies must increasingly fulfil a role in people’s lives, make it relevant and deliver on it brilliantly and consistently.
They must also remember four basic principles:
Purpose – Fulfilling a consumer need.
Consistency – Maintaining a high standard.
Differentiation – Invest in campaigns that separate you from the pack.
Resonance – Delivering on purpose.
To download your copy, simply fill out the form below, hit submit, and click the link on the page you’re directed to.