A perfect storm called “Relevance” is brewing. From Accenture to the Harvard Business Review to Prophet, all are exhorting businesses to pivot their focus to “brand relevance”. Prophet, one of the thought leader on the subject, defines the concept with buzzwords such as: obsessed, ruthless, distinctive and pervasive. Rightly so, striving as they are, to be and stay “relevant” themselves. An Accenture table cleverly outlines the progression of Marketing towards brand relevance.
But why “relevance”?
After publishing the New York Times bestseller, The Third Industrial Revolution in 2011, Jeremy Rifkin in his twenty second book, posited in 2014, that:
“While economists have always welcomed a reduction in marginal cost, they never anticipated the possibility of a technological revolution that might bring marginal costs to near zero, making goods and services priceless, nearly free, and abundant, and no longer subject to market forces”.
Whether this will ever come true remains to be seen, for now: brand options for consumers abound, their levels of information and expectations are continuously rising and shifting, the reputation of any brand virtually hangs on a simple tweet, technological advances are further lowering barriers every year, and competition is “ruthless” as a result.
What looks to be a perfect storm brewing— which is likely to change how many businesses operate, for those willing to survive— was best summarized by Under Armour CEO, Kevin Plank.
“Brands that do not evolve and offer the consumer something more than a product will be hard-pressed to compete.” — Kevin Plank, Under Armour CEO
The brand relevance index
The 2018 Prophet Brand Relevance Index provides one of those illustrations of a concept that makes you raise your head from your screen, pause, node and ponder. This year, Prophet surveyed 15,000 customers across 257 brands to determine the most relevant brands in the United States.
Among the 5 main insights from the index, outlined by Prophet’s Chief Growth Officer Scott Davis in the video below, the second caught my attention in particular, as it should for anyone in the business of analytics and who is dreaming up, or wondering about, the value of new ways to upgrade the experience of the customers they serve:
Seeking inspiration from brands
Trading data for experiences: If you are a data junkie like me, how is that for an incentive to upgrade or initiate better experiences for customers?
Searching for inclusion and purpose
Social platforms are still struggling
Desiring to play and be entertained
Take a look a the 2-minute video below, it has some interesting nuggets. Follow this link for the full Brand Relevance Index report.