Marketing organizations no longer get to define their identities. These meanings to a large extent are crowdsourced. Consumers share in the process of co-creation as they put their own spin on the company’s messages, and in many cases literally create the messages themselves regardless of what the company desires.
We buy a huge range of products because of a drive to enhance the extended self. Athletic wear merchandisers get this, but companies in other verticals may not. Brands that link the consumer to key elements of the self, whether these are schools, favorite musical artists, old neighborhoods, or coveted identities like “successful executive” or “glam girl” have a competitive advantage over others that don’t connect to the extended self-concept.
Products and services link to our feelings and behaviors. But just how tight are these linkages, and how important are they to marketers? The answers are 1. Really tight and 2. Really important.
A luxury brand is a complex platform that conveys messages about quality, lineage, status, and taste. It often encompasses a set of visual icons, such as a distinctive logo, monograms, patterns and images. A good example is Bottega Veneta, whose leather goods display no visible symbols or logo, but are instead recognized by the weaved leather pattern of their products.
Market disruptions happen when a brand refuses to play by the category rules. Netflix destroyed the video rental business. Uber threatens to do the same to the taxi industry. Books that are available in online form redefine how we acquire knowledge.
