"If you work in marketing, you might want to look away now. The brutal truth is... the vast majority of people don't care about your brand. In fact, 81% of the brands sold across Europe could disappear overnight and consumers wouldn't be concerned... They probably wouldn't even notice. Various dynamics are at play here. Firstly, abundance. With up to 30,000 new products being launched every year, we're all spoilt for choice. With so much variety on offer, very few brands feel truly indispensable."
"Secondly, unbrands. We're increasingly exposed to no name brands from the likes of Amazon, Aldi and Lidl. When these perform well, it undercuts the perceived value of traditional brands. Finally, loss of trust. It doesn't take many rotten apples to spoil the brand barrel and there have been lots of examples recently of world-famous brands apparently acting in bad faith. These are all significant, but there's one factor that's even more important."
A large share of consumers are indifferent to most brands, with 81% of European brands described as easily replaceable. Product abundance, private-label 'unbrands' and eroding trust all reduce perceived brand indispensability. Consumer expectations have risen faster than brands' ability to meet them, creating an expectation gap that demands attention. People now want clarity of purpose from brands, honest and timely transparency, active contribution that goes beyond basic product utility, and a sense of permanence or always-on engagement from brands throughout the year.
Read at The Drum
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