The barriers to entry of starting a new business are lower than ever, with innovative tools available for nearly all aspects of brand building.
Drag-and-drop website builders allow you to create a professional e-shop all by yourself, while AI models can showcase your products with a minimal budget.
With this, however, comes a fundamental issue: the marketplace is increasingly oversaturated and businesses have to compete awfully hard for any attention.
Just selling a product is no longer enough - consumers are now expecting experiences along the way.
The travel industry is one of the most prominent examples of this shift from transactional to experiential.
The focus is on creating an experience that is pleasant from start to finish, not just selling a ticket for the final destination.
In flights, for instance, customers are promised an easy booking and check-in process, timely boarding, friendly staff, delicious snacks, entertainment onboard, as well the ability to purchase add-on services like car rentals or insurance all in one place.
What used to be a matter of paying a premium is today offered as a standard by many, even budget-friendly startups.
Similarly, accommodation platforms like Spotahome are providing an all-encompassing customer experience, from start to finish.
Both landlords and tenants are verified for security and receive guarantees in case of any cancellations (e.g. a hotel room if the owner cancels your stay last minute).
Not just that, customers are offered an agent who speaks their native tongue and is able to assist with paperwork or other moving-related doubts.
So, they’re not only selling rentals - these platforms sell convenience, safety and, most importantly, peace of mind.
Building belonging through communities
Community building has been a major trend in marketing over the past year, especially in the beauty and fashion industries.
Instead of simply putting products on the shelves and hoping to stand out through packaging, brands are creating a tribe around their apparel.
They want customers who are deeply engaged with what they do, selling a sense of belonging to something larger.
A brilliant example of brand community building is Gymshark, a UK-based fitness apparel company that seemed to have exploded overnight.
This success is largely attributed to its community centered around supporting and inspiring each other.
Gymshark has a blog, where customers can find fitness tips and tutorials (e.g. weightlifting for beginners), pop-up events, endorsement from well-known athletes and a strong focus on UGC (User Generated Content).
The result?
Nearly 8 million followers just on Instagram, who share passion for the brand’s ethos.
A community-driven approach builds customer loyalty that traditional marketing strategies would not be possible to achieve.
Brands utilize their social media to foster genuine connections, placing a spotlight on real customers with real stories.
There is also a clearly defined set of values that consumers are buying into.
Therefore, the act of purchasing an item becomes an entry ticket to a community of like-minded individuals.
A new era of consumption
We have officially entered the era of lifestyle economy, where the experience you create dictates the success of your business.
Similar products or services can be purchased anywhere, however, trust, community and purpose are much more difficult to replace.
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