Apple, Google, Microsoft, Amazon, Facebook- What’s common in these companies other than that they are all ubercool and global technology companies? They continue to rule the Forbes World’s most valuable brands with a brand value in billion dollars. What makes them so unique and favourable? They have evolved over the years from just a technology company to a brand that gets consumed daily and genuinely connects well with consumers.
Brand building is all about creating desired value to consumers. It encompasses identifying the right audience, engaging them at a personalised level and delivering an experience that guarantees brand intimacy. Brands are now built on every single interaction between a customer/ consumer and a business, both in-person and online.
Brand building has evolved over the years as companies have been making sure that they understand the customers choices and align the brand purpose with their aspirations. The engagement with customers has always been through content – whether it’s through interactive plays in the Shakespearean days or through television ads and hoards in the pre digital era, or through remarketing in today’s day. But the final sealing of the deal always happens through experience delivered at the right time and at the right place – the proverbial eating of the pudding.
Technology impacting brand building
Today, Technology is the buzz word for brand marketers. It’s part of every brand conversation, lately it leads brand conversations and drives brand strategy and brand amplification. Keeping up with tech trends can be an intimidating investment to make. But if your brand isn’t on pace with technological progress, you run the risk of becoming obsolete or irrelevant for your customers.
AI isn’t arriving- it’s arrived
AI is rewriting the rules of brand building with access to data and personalisation. AI is such a rapidly evolving technology that it can sometimes be difficult to envisage the practical applications it can have today. Some of the world’s most successful brands have already been using AI for several years and are reaping the rewards in terms of profits, brand reputation, and visibility. And unlike the past, it’s available to all brands – big and small with a significant impact on brand building.
1. Understanding customers and their micro preferences. not just what they like generally but picking on the mood in real time. what they like during the day, evening in a particular city while they are going to office etc. Connecting with an audience today is all about embracing and managing data effectively, especially the first-party data collected in these natural, digital relationships. And catching customers in the right mood is key to identifying with them.
BMW is truly embracing AI and using it at the heart of its manufacturing processes. The automotive OEM uses Big Data to power its design and engineering processes, sales, and customer support. Predictive analytics are used to create the car designs of tomorrow, and the company has already built an AI-enhanced sports car that learns about its driver to automatically adjust systems and the cabin experience to suit each individual.
2. Presenting content based on live engagement and identity+mood cohorts. Netflix, YouTube recommends preferred content based on what you and others have liked in the past but also reacts to the current mood. Gives options based on what your current mood is drifting to. Always trying to be your personal mood secretary. Who wouldn’t want that?
Amazon also uses artificial intelligence to drive dynamic pricing – reducing prices to elicit more sales when needed, and increasing prices when demand is high. The algorithm enables optimal sales and revenue automatically.
3. The final deal is experience… This is what needs a substantial amount of investment… Keeping a great Network that is always connected and high speed.. so that you can deliver top quality content and make the best customer service connections.
As well as delivering a more personalized customer experience, Starbucks uses their data from 90 million transactions every week to inform business decisions such as where to open new stores, and which products they should offer.
There is no denying that AI is gaining prominence in nearly every aspect of branding – in some form or another. Thankfully, AI will only help brands stay relevant to their customers. The catch is knowing how to leverage it to its full potential and, manage and evolve the brand in real time.