In
the constantly changing business scenario, gone are the days when companies craved
to have brand recall for their products by utilizing the mantra of "4Ps "(price,
product, promotion and place) to sell anything, from chocolates to luxury cars.
With increasing difficulty in differentiating the products especially services
from its competitors, companies are realizing the need to unearth a new ground
to compete on which the emergence of the emotional economy has largely stemmed
from this need. The competitive battleground has transformed to a pinnacle where
emotional bonding has come to be the prime differentiator between companies and
its products.
In
today's changing socioeconomic scenario, an emotional association has to be produced
between the product and the customer, and many companies are resolved to strike
all crucial emotional notes with the customers. Some examples are: Tata: Trust,
Airtel: Connectivity, and Google: Reliability.
However,
this marketing trend is also being propelled in part by a shift in consumers'
expectations. Forward-thinking companies are endeavoring to go that extra mile
and engage the public. The marketing strategies should be designed in a way that
products and services are being positioned in terms of shared values and mirroring
the consumers' attitudes or lifestyle preferences, which make the consumer fall
in love with the company. The most powerful names in the world todaylike Sony,
Nike, and Starbuckshave an incredibly emotional component attached to the brand
that rests on trust and competence, and show that the best experiences in life
will elicit very strong emotional reactions. |
