Space For All Our Stuff
Consumers in this future use a spectrum of venues and social media to voice their wants and define spaces that need new brands. The fastest and most innovative companies respond to this crowd expression with tailored products. This amplifies a trend that began in the early 2010s, in which companies used social media to test and promote new products and marketing (such as Oreo’s Twitter account or H&M’s previews of new fashions).
What’s driving this forecast…
- Consumers set the terms. Consumers increasingly set the terms of consumer–brand interactions.
- Crowdfunded development. Consumers have a growing number of avenues to fund the products and services they want to see developed.
- Consumers as co-branders. Consumers are effectively becoming partners with marketers in the life of a brand.
- Opt-in marketing. Consumers are choosing which marketing messages they want to receive.
- Brand as friend. Social media provides platforms on which consumers can engage with brands as they do with other social media friends.
What this means for companies…
- Engage consumers early and often. Traditional research and development will be augmented where possible with consumer engagement throughout the lifecycle of brand design and development.
- Storytelling. Each brand might have a “story” that evolves with the consumers who help define it. Marketing can share the continuing story of the brand.
- Beyond data analytics. Data analytics can help reveal where consumers are asking for brands/products in non-traditional venues—helping to detect consumer “wish-lists” in all their forms.
- Brand evolution. Expect brands to change and be refined as consumers provide feedback on an ongoing basis.
- Micro brands. Competition may come from lots of small entrants that can efficiently use social media and digital manufacturing to develop and produce new brand ideas.
For more on the future of brands and branding, see our report The Future of Brands 2030.