Top 5 Trends That Will Impact Brands In 2020 And Beyond
As brands strive to connect better with their customers and clients, technology is their primary resource for achieving their goal. The digital tech continues to bridge the bridges between companies and their consumers, and this takes place online. And while that plays out, B2B and B2C brands are still pushing to gain more recognition and a higher market share.
Today’s market uniquely views brands as an eclectic blend of utility, technology with a dash of psychology. The result is better recognition making a brand stand out from the crowd. But there is a significant emphasis on the use of technology in building brand awareness. In 2020, five trends will that will see businesses leveraging technology to even the playing field; the five will be:
• Customization will alter expectations
• Service delivery will define brands.
• AI (Artificial Intelligence) and machine learning will impact brand awareness and trust.
• Speed will be an essential element.
• Clear strategies will be necessary for addressing environmental concerns.
1. Customization Will Alter Expectations
Infosys did a survey that suggested 86% of consumers confirmed that customization was an influencing factor in their purchasing decision. Customers have growing expectations for unique service experiences when it comes to product awareness and delivery. As such, customization has taken center stage and is now more accessible to a broader market.
Brands will have to look beyond demographic if they want to capture the interests of today’s highly sophisticated consumers. They must turn to the personalization of their product/service delivery. Brands need to come up with experiential marketing strategies that are based on customer data integration. That way, they will in a better position to know, manage, and leverage customer expectations. A brand that can adjust to the needs of the market will be able to stir its growth effectively, now and in the years to come.
2. Service Deliver Will Define Brands
Brands will strive to commoditize their products, but they all will focus on their service delivery to help them stand out from the crowd. With technology changing how products are developed, the time to market something will have increased. That means competition will be stiff as the different parties invest in improving their design and strategies in a bid to capture a bigger market share.
To avoid this and ensure you are among the top players or leading the pack, you should ensure that there is consistency in your product/service delivery. Your product development should be informed by and at per with production demands, coupled with a focus on customer satisfaction. It is a tactic that may require reviewing and readjusting your expectations, doing staff training, and ensuring everything align with the primary objective of achieving brand success.
3. AI (Artificial Intelligence) And Machine Learning Will Impact Brand Awareness & Trust
A survey by Gartner’s CIO, 3,000 CIOs in 89 countries, claimed that Artificial Intelligence was the most disruptive thing in the way companies and organizations do business and interact with their clients and customers.
Brands such as McDonald’s have recognized the impact AI has and put in measures to include it in their brand strategies. Advancement in AI technology and machine learning are changing how people interact with different appliances, devices, and even wearable tech. Voice-automated gadgets are among the latest technologies that are pushing the envelope in as far as product evolution is concerned. Take the example of Amazon, which released dozens of wearable tech and even stock companies that are advocating for the use of such devices.
But embrace this new way of brand marketing should be done with caution since these innovations could impact consumers negatively as people lose their jobs to the smart machines. Nonetheless, companies and organizations need to leverage machine learning to know more about their customers and clients without flaunting the tech in a manner that irritates their target markets.
For instance, brands can leverage social-listening tools to gather relevant and useful information about their competitors and target audience. Machine learning can include natural language processing tools that will see such devices extract semantic meaning from social media posts. It, therefore, allows them to have a better, faster, and more relevant response to their consumers’ needs.
4. Speed Will Be An Essential Element
Consumers will always expect instant gratification and to be kept up to date; therefore, speed will be a resource that gives brands a competitive edge. Companies and organizations that fail to adopt this face the risk of losing their market share.
How fast your brand anticipates and responds to customers and clients is crucial to its growth and success in a competitive market space. You must be quick and smart in how you do things, and this also applies to how you leverage tech to create unrivaled opportunities that your target audience is willing to embrace.
You will face constant challenges that push you to keep up with the trends mentioned above. Keep in mind that you will have to differentiate between personalization and better service delivery. But even then, keeping up with the changing technology and the expectations of your customers or clients is something that will require a great deal of discipline. It also will require you to leverage the smarter, faster, and more responsive tech.
5. Clear Strategies Will Be Necessary In Addressing Environmental Concerns
With a growing push for environmentally friendly decisions and the increased awareness of climate change, brands are keen on how socially conscious employees, customers, and clients perceive them and their role in promoting a better and cleaner planet.
Recently, there has been a consensus among the Business Roundtable CEOs that companies should demonstrate a commitment to all stakeholders who also include the suppliers, employees, communities, and the environment. Businesses need to come up with sustainability strategies that also demonstrate better stewardship of natural resources.
That is why more and more brands are recognizing the need to hire environmental awareness officers that will champion sustainable thinking in various aspects of operations in the organization. This will include the production, packaging, and delivery of their products. Therefore, your branding must send out a positive and clear message regarding embracing the need to make eco-friendly decisions. It also must live up to that image.
A Few Extra Insights
Hopefully, the information given above will help stir your brand in the right direction in 2020 and beyond. Get in touch with us at vebu if you need help with your branding or desire to learn more about the impact technology has on branding.