In the past, competition hinged on functional advantages (price, product, promotion, distribution). However, that’s changing. #MeToo, the cost-of-living crisis, The Greta Effect. What started as localized, one-off events, have turned into global forces that have profoundly affected the trade-offs consumers are willing to make. Expectations, simply, are much higher, and for brands to win in this environment, they need to learn to give, as much as they seek to get.
Our hypothesis is that we’re on the cusp of a new phase in business. In the Relationship Economy, customers will seek out brands that feel invested in them. And for businesses, brand-customer relationships will become the most important source of competitive advantage.
Therein lies the opportunity. Brands that use their influence to help people thrive, will win. This takes insight, lateral thinking and bravery.