Seasons and preferences may change, but so long as you are selling a product, service – or even a lifestyle, you should know that consumer sovereignty always prevails. In today’s world, brands are finding it increasingly challenging to capture the attention of consumers, much less their hearts. These increasingly affluent and discerning consumers have an ever widening array of options to choose from, yet there can only be a handful of brands they can realistically endorse or trust. How can a brand get into a consumer’s good books?
Positioning a brand around two main areas: Operational excellence and product leadership would definitely boost sales in the short run, yet their effect on the sustainability of a business in the long run is questionable. Consumers no longer want brands that merely sell them products and services; they want brands that truely understand them and address their needs. The key to sustain such a business lies with building intimacy with consumers by cultivating the fundamental value of trust. We call it « Collective intimacy ». Collective intimacy as a business philosophy aims to smooth the relationship between brands and consumers and create repeat orders. To achieve it brands must make every customer feel unique and trusting.
At this point, many business owners could say: « Wait a minute, I potentially have 2 billion consumers globally and everyone wants to feel unique? » Well, yes.
The benefit of collective intimacy is obvious. This unique relationship between a brand and a customer, multiplied by the number of consumers, has become the ultimate source of competitive advantage for brands that compete in a technology-enabled, socially-connected world where most purchasing acts take place as fast as snapping your finger.
Co-creation is a great way to develop mutually beneficial relationships between brands and consumers. Engaging in consumer co-creation establishes an ecosystem that encourages interaction. Through these interactions, businesses are able to gain valuable insights, of which can be applied to various aspects of the business- be it for product development, marketing or communication strategies. By co-creating value, not only do businesses reduce inefficiencies, consumers also develop a sense of ownership and feel much connected upon realising that their opinions were taken into great consideration. By using co-creation to build collective intimacy, brands can build a genuine consumer-centric business model with the best outcome being brands trusting consumers to design their products and consumers trusting brands to listen to what they need. The end result: a deep bond, based on trust that induces strong brand preference and help your brand stand tall amid the clutter and the distractions. Consumers would not need to think twice about your brand, as you will be deeply embedded in their life. Not to forget that the window period before your consumer makes a purchase is getting shorter and shorter…