Is brand loyalty outdated?

Today, people care for themselves and their own image in the digital world. That is because media is now accessible to everyone, not just to brands. Gone are the days when brands - being the only ones with access to billboards and newspaper or TV ads fascinated and captured people with their messaging to the extent that they won the "loyalty" of consumers.

I do not find the word loyalty relevant anymore, because the concept of a one-way relationship of allegiance to a particular brand is outdated. Today's digital consumer is an influencer in the web 2.0 world and a creator in the web 3.0 world. So brands should now start building "community" rather than loyalty. It would entail the participation of people in building the brand image, propagating it, creating it, contributing to designing, and even selling or reselling.

There is a great opportunity for brands to actually "outsource" their marketing by identifying and cultivating cheerleaders who can propagate their message. For brands to include community participation, it means that they have to let go of some control while trying to stay true to their brand identity. It is a delicate balance, but essential for their future. Brands in the luxury fashion segment seem to be adopting this much faster than many others - with 3D fashion creators innovating with design variants before it goes to production.

Listen to a discussion with Pratik Kodial, who worked at JCPenney and Bestbuy, and Autumn Nazarian, ex Mindshare as they recollect the success stories of brand loyalty from the past, and present the challenges of staying current in today's competitive landscape.

I believe the future is rosy for brand and community building in the web3 space and will belong to early adopters and strategic thinkers.

Watch the full interview on the Unthink Podcast Episode 3