By Anchal Jain
1. THE NEW CUSTOMER HAS A STAND! Do you? Yes, lifestyle brands can no longer stay on the fence of political, social and environmental positions. And only true positions will be rewarded.
2. SUSTAINABILITY IS VERY MUCH IN, HEDONISM IS NOT GOING ANYWHERE! And the two will make up. Hedonist desires are very much justified as any other, they will also become more thoughtful, not necessarily any subdued.
3. COMPETITION IS DEAD, COLLABORATION IS BORN. In the marketplace going forward, the winning brands will be the ones that talk to customers together instead of competing for them.
4. LUXURY BRANDS WILL FINALLY TAKE THE DIGITAL PLUNGE WHOLEHEARTEDLY, and enjoy it too! New tools will be imagined, designed, brought to the market faster than we blink and lead fresh innovations in digital customer experience. PIES will be the new standard (Personal, Intelligent & Immersive, Emotional, Seductive)
5. OMNI BRANDS as we said already will be the winners in tomorrow’s world as they could be physical or digital, products or services, all at the same time. New revenue models will emerge to support these omni brands!
6. SOCIAL IS NOT MEDIA. It is the new cafe, the new bar, the new club, the new gaming room, even the new store. Fresh additions like integrated video chats, augmented reality, haptic feedback etc will bring new opportunities and headaches for brand marketers.
7. CASH DISTANCING. Unless cash finds transparent, credible ways to disinfect itself each time it exchanges hands, it will become collector’s items only! Currency and coins will be seen as the sure chain of infection carriers that people with any digital option will be wary of. Multi support for digital transactions even for petty amounts will be necessary for every store front.
8. B2B 2BB AGAIN. Yes, B2B relationships will have “TO BE BUILT” again with trust and confidence to be regained afresh with end to end value chain transparency and risk mitigation. And guess what? It may have to be done remotely while building or searching for new B2B relationship tools that erstwhile did not exist! New integrated technology tools that support sales, digital sampling and approvals, order taking, communication and live order status. Trade Fairs will make way for digital trade dating and social tools to support brand or product discovery and relationship building.
Disclaimer: The views expressed in this article are Val-More’s views only. Anchal is neither an economist nor an astrologer. However, besides having an ability to connect future dots, he is an eternal optimist always looking at the positives in human behavior in any difficult moment to come out stronger. Special mention of Manoj Kumar and Geetanjali Rastogi from the Val-More partner team for their contribution and challenges.
If you would like the full PDF, please contact our founding partner and author of this article at anchal@val-more.com