What really matters in marketing (Part II)

In my last post I talked about the importance of purpose, customer-centricity and digitization. But that’s not all—some vital ingredients for a truly successful marketing recipe are still missing. Let’s have a look at them:

The purpose + brand essence + CD triangle

Nowadays, being present is not enough to be a successful brand anymore. Especially in the banking business a brand is easily exchangeable, as emotions do not play a huge role (as is the case for car brands, for example). What really matters to customers is the purpose and essence of a brand.

Imagine purpose, brand essence and corporate design as three points of a triangle, with the customer in its center. Those three points are closely connected and determine how you, as a brand, affect your customer.

(Social) Responsibility?

In the 21st century, companies have to be socially responsible. We all know that. But what does this really mean? In short: they have to care for the well-being of society and of our environment. Customers seek brands that proactively promote values and beliefs which are aligned with their own. They expect brands to step in and tackle the problems of our world which politics are failing to solve. No matter if it’s CO2 emissions, poverty, education issues, plastic pollution, equal opportunities... you name it.

We, as companies, have to view our customers less as customers, and more as citizens. They want to take responsibility, they want to act as citizens, and companies have to be the enablers for just that. Why is this important for brands? Because: customer loyalty! Customers don’t buy products, they buy the why behind them. They are not loyal to brands, but to whatever a brand stands for. This is the real worth nowadays. And this is why it is crucial that companies take a stand and communicate it properly.

Agile methods

In marketing, adaptability is essential. That’s why I think that agile is no longer “just” for software engineers. It helps brands to stay flexible. Nobody expected 2020 to turn out like this. Some companies made the revenue of their life on one day and the next day they were nosediving into red figures. So, what can we learn from this experience? Even the best strategy requires flexibility and the ability to adapt. Agile thinking is more important than ever. For many companies this pandemic was a (necessary) wake-up call in this regard. Let’s see what they’ll make of it…!

What are your thoughts on this? I’m curious to hear them!