If you think brands aren’t as important as they once were, consider the fact that Apple Watch sales on the first day of its release outstripped Android Wear sales for the whole of 2014.
Brands are more important than ever in our fast-changing world, said Jez Frampton, CEO of Interbrand, speaking at Adobe Summit EMEA (Adobe is CMO.com's parent company).
“I looked at frequency response curves on top headphones, such as SKG, Sennheiser and Bose, and there was not a lot of difference between them. But when you look at intention to purchase, 45 per cent of people intending to buy headphones want to buy Beats and just 3 per cent are planning to buy Bose.”
“Brands are changing too,” he said, describing the four ages that he believes brands have been through. In the Age of Identity, brands were tools to identify and differentiate offerings. In the Age of Value, they improved business decision making. Now, we’re in the Age of Experience: brands become the higher purpose that inspires a connected ecosystem.
“No one wants to feel the bumps in the road between the product, the marketing and the customer service people,” he said. “It all has to be seamless.”
The next stage is the Age of You: “Brands are becoming the consumer’s personal partner. Just as we manage the brand of ourselves in social media, we make conscious decisions about the brands we want to be connected to.”
“Successful brands tap into something very powerful. They understand the real relationship between the consumer and the product. We all want to be cool,” said Frampton.
“Brands are business strategies brought to life. They are powerful assets – weapons even. You need to manage brands properly from the inside – not just put a veneer on your business.”
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