The future of marketing, according to Sir Stuart Rose, Executive Chairman, Marks & Spencer
Leave a Comment » | 4,820 views | 1 Comment » |
Whilst customers say they prefer to buy from trusted brands, they are now taking ownership of that trust by benchmarking their perceptions and choices against many sources rather than choosing to believe brand marketing per se. Most importantly, trust has shifted away from media and celebrity endorsement, and more towards family, friends, and other consumers. Vox populi or ‘village opinion’ has been given a voice online and is an influential new format to be included in the communications mix.
Whilst in the short term this can seem uncomfortable – as it offers less control and less consideration time – it will ultimately increase openness and honesty, which customers respond to. Brands will need to demonstrate consistently that they deliver what they promise – be that on ethics, sustainability or quality – and will need to be prepared to defend it openly.
Posted: June 7th, 2010 | Author: will.armstrong | Filed under: Leadership Central, future of marketing | Tags: future of marketing, leadership, Sir Stuart Rose | 1 Comment »
Brands need to create, keep and monitor their promise to customers. The promise should comprise three elements: rational/functional, emotional/psychological and ethical/political. Depending on the brand, its market sector and the social context, the the brand’s centre of gravity may vary. But it’s usual for a successful brand promise to have these three components and M&S is a good example.