Wednesday, 3 August 2016

Is Lovemarks Really The Future Of Modern Marketing?

A business revolution is changing all the rules of the marketplace. Power is shifting from manufacturers and retailers directly to consumers, freshly enabled with information, choice, and connectivity. And some marketing experts have stated that price, service, quality, and design advantages are no longer enough to win.

One of those experts that believe in these changes is Kevin Roberts, CEO of the advertising agency Saatchi & Saatchi. Roberts reasoned that business is now all about creating a “movement” of people with shared values.
Roberts nurtures the concept of “lovemarks – the future beyond brands” where he aims to make his client’s brands adored. Lovemarks is a marketing concept that is intended to replace the idea of brands. The idea was first widely publicized in his book of the same name.

According to him, "people can choose to block you, ignore you, scorn you, embrace you or applaud you. Brand managers no longer own ‘their brand’. Brands are owned by the people who love them.”

"‘Marketing is dead’ – though not advertising, far from it. Marketing was something that was done to consumers by marketing departments, imposed on viewers through perfect media distribution systems. The Web and social blew all that up, and delivered control from marketers to consumers.

"The guiding principle of modern marketing is to create ‘lovemarks’: Highly-evolved brands that are dedicated to engaging emotionally, rather than the table stakes of rational benefits and attributes. The role of the CMO today is to wrangle with all the data stuff – it’s essential but it’s a one-hour, early morning activity – then for the rest of the day be completely focused on ideas, inspiration, emotion, creativity and connections.

"Advertising, however, is truly alive in this vibrant, unreal, crazy and astounding world. Advertising is one of the most pliable terms around. Think of communications in the broadest possible sense, with 500 options for activation. Brands need to broadcast, and lovemarks need to engage and sustain; both need to strategically invest in relationships with people, and tactically shift product.

Commenting on how the concept of brand change in light of the new customer-led, digital-first era, the CEO said lovemarks are the future beyond brands. "This is the change. Reason leads to conclusions; emotion leads to action. Operationally, this requires you to have a mobile-first approach and layer out from the smartphone. Video is paramount thanks to the compelling combination of sight, sound and motion. People have three questions of any communication a brand puts in front of them: Do I want to see it again? Do I want to share it? And do I want to improve it, tinker with it, retool it? Don’t think storytelling, practice story sharing", reasoned.

A famous IBM study of more than 1500 global CEOs showed that creativity was the most crucial factor for future success, more so than rigour, management discipline, integrity or even vision. Creative leadership is the key ingredient for disrupting your business because it inspires a creative culture, creative people and creative ideas that ignite growth.

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