It’s a “Post-Advertising” Marketing World — Here’s How to Navigate It

1. Know that brands are no longer built by advertising. In the past, the stronghold of advertising on the relatively limited channels of content available to the public could be used to convince consumers to do just about anything. In contrast, brands today are built on something much different (and more difficult to manipulate): the way that each customer experiences that brand. Nearly half of consumers will walk away from a brand that delivers a bad experience for them. Conversely, 67 percent of consumers will continue to purchase from a brand that has delivered a good experience regardless of price.

2. Pay attention to your values. By 2030 (just 10 years from now), millennials will be five times richer than they are today — more than $68 trillion of Baby Boomer wealth is in the process of being transferred to this younger generation. It’s a generation that cares — deeply — about ethical values, and that considers human impact when weighing which products to consume. Whipple notes that 62 percent of all consumers are attracted to brands based on their ethical values. Therefore, whether or not you pay attention to your values, your customers will certainly be doing so.

3. Diversify your agency mix. Working with only an ad agency is not going to provide brands with enough insights or capabilities to ultimately compel their growth. Instead, Whipple suggests that the “sweet spot” of creating positive consumer experiences (and thus long-term brand viability) comes from utilizing a blend of marketing partners: creative agencies, traditional consultants and technology providers. The intersection of expertise among these groups will provide the strategic guidance and execution firepower to ensure that all consumers — and particularly those with a growing share of purchasing power — will connect positively with a brand.