Google, Microsoft, Apple, Facebook, Amazon – apart from being global tech companies, what other trade that makes these companies stand tall? With a brand value in billions of dollars, they continue to rule the Forbes World’s most valuable brands. What makes them so unique and favorable? Over the years, they have evolved from just a tech company to a brand that connects well with consumers.
Brand building in the digital era
Brand building is the process of creating the desired value for consumers. The brand-building strategies encompass identifying the right audience, connecting with them at a personalised level, and delivering an experience that ensures brand intimacy. Nowadays, every single interaction between business and customers directly impacts the brands.
Over the years, we can see an evolution in brand building as companies have aligned their purpose with customer choices. Content plays a crucial role in customer engagement, whether through interactive plays or hoardings and TV commercials in the pre-digital era or through remarketing in the current era. But the final sealing always happens with experience delivered at the right time and the right place.
Impact of technology on brand building
In the marketing world, technology is a buzzword. It is a part of every brand conversation, and helps drive brand strategies and amplification. Keeping up with the latest tech trends can be an intimidating investment to make. But if the brand does not keep pace with technology, it can run the risk of becoming irrelevant to customers.
AI has arrived – Hello AI
AI is redefining the rules of brand building with access to personalization and data. AI is such an evolving technology that sometimes it can be difficult to predict the practical applications of it.
Many successful brands worldwide have been using AI for several years, and are reaping the benefits in terms of brand reputation, visibility, and profits. AI is now accessible to all brands – big and small, with a significant impact on brand building.
Content recommendation depending on live engagement and identity/mood cohorts. YouTube, Netflix, and other OTT platforms recommend preferred content according to your previous choices. They also provide suggestions, based on what your current mood is wandering to. Always ready to assist you like a personal secretary. Who wouldn’t want that?
Amazon uses AI to drive dynamic pricing, sets prices high or low depending on demand. This algorithm enables optimal sales and revenue automatically.
Storytelling builds trust for brands. In recent years, the focus has fundamentally shifted toward storytelling, as it leaves a huge impression on customers. Mass data analysis by AI makes it easier for marketers to understand what interests customers more to improve user experience.
Knowing customers and their micro preferences. AI helps brands understand what customers generally like, along with what they like in real-time. Nowadays, connecting with customers is all about embracing and handling data effectively. The trick lies in engaging with customers when they are in the right mood.
BMW has integrated the AI at the heart of its manufacturing process. Using Big Data in automotive OEM gives power to its design and engineering processes, sales, and customer support. The company uses predictive analytics to create the car designs of tomorrow.
Experience is the ultimate king. This is something that needs substantial investment to maintain a network that is personalized, connected, and runs at high-speed to deliver top-quality content and make the best customer service connections.
Starbucks utilizes its data from 90 million transactions every week to make business decisions, such as which products they should offer, where to open new stores, etc.
Brand evolution has improved with digital advertising. Nowadays, people do not have time to consume all the content as there is a lot out there. Naturally, companies are focusing on doing “smart” targeted advertising. AI-based delivery systems autonomously place the right ads in front of the right customers by using complex learning algorithms and big data.
Over the years, AI has gained prominence in nearly every aspect of branding. AI can only help brands stay relevant to their customers; however, the catch is understanding how to leverage it to its full potential to evolve the brand in real time.