Episode 13: In conversation with Sven-Olov Daunfeldt, Head of Research at Institute of Retail Economics. Soundtrack Your Brand’s Groundbreaking In-Store Music Research: Brand-fit background music increases sales, affects customer
So now going forward in the world of this pandemic pandemics that we have, how should the brands involved emotional brand strategy and customer experience in the new now? And how will you with Limpid Sparks knock down the barriers to once and for all open up about the importance of emotional based strategy in their work?
So it’s such a great question. And it’s exactly what I’ve been talking about, for the last several months, the new now, I mean, the new now is, I define the new now, as you know, understanding what’s going on at this moment, and adapting accordingly, because the short term future is not very predictable. And for brands, what that means is, people’s emotional states of mind, this is where we started the conversation, people’s emotional states of mind, people’s needs have changed, they’ve changed quite significantly, and maybe they’ll go backwards, maybe they’ll keep going forward. I read a statistic recently that was published, saying that something like 73% of people have tried a new brand, for some reason. And 33, or 5% of them have decided not to go back, and they’re gonna stick with the new brand that they’ve tried. So for a lot of brands, there’s this illusion of brand loyalty that existed. And in fact, it wasn’t really brand loyalty, which is, you know, is a conscious based allegiance and desire to stick with something. It’s actually more of a habit, which is a subconscious, instinctive reaction to a repeated pattern of behavior. And what brand leaders need to understand is that they shouldn’t confuse habits with loyalty. And when the world changes, and people’s needs change, the cycle of the habit breaks down, and customers conflate if you’re not adapting and keeping up with their needs. So the advice that I’ve been writing about and talking about and sharing with my clients over the last several months in which I’ll continue to do for the foreseeable future, is you need to understand what makes people tick and adapt accordingly.