Studying the impact of innovation on business and society

The Drum: How to build brand relevance in the connected economy

by Simon Swan, The Drum (Excerpt)

The challenge of retaining brand relevancy and how organisations are adapting their organisational structures have been called into question by some leading industry journals. […]

The move from the industrial revolution to globalisation 3.0 has been a wake-up call to those brands needing and wanting to adapt to this new era – the era of the customer. Brian Solis, principal analyst at Altimeter Group, stated that “over 40% of the companies that were at the top of the Fortune 500 in 2000 were no longer there in 2010”

The barrier to enter markets has been eradicated, largely thanks to the explosion in technology providing routes for individuals to connect, build business models and begin to challenge age-old markets ripe for disruption.

It’s also seen a shift in the power moving from brands to consumers and the acceleration of the decline in brand loyalty. Thanks to technology, consumers are switching allegiances to different brands simply by appraising brand relevancy, ethics, customer service and offering that added value and personalised service. […]

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