Still more from the Trendwatching.Com briefing on the Expectation Economy.
One thing that struck me whilst I was reading the briefing report from the Trendwatching.Com's briefing on the Expectation Economy was the need - or the ideal scenario - of watching other industries that go beyond your own category.
How true.
I have had clients in the past who were just concerned about their own "direct competitors". A client in the Philippines was so keen on watching what others are doing - and have even issued a blanket order to "match any and every ad placement that come up with".
That client is now struggling to keep its pole-position in the category.
Why? Because they were so myopic about the needs of their target users. They thought that their competition was only those manufacturers that created almost the same product as they did. What slipped their mind was "You're not just offering a product - you are offering an experience!"
And this was what one of its competitors - which I co-managed back then - did: The Marketing Communications Team - which included us form the agency side - collaborated and brainstormed outside our category. We looked at everything and anything that coincided with what we wanted to be: Something that is more than a commodity, something that wants to build connections (not just loyalty - but real, deep connections - and this was way before "engagement" became a buzzword). Something that will be looked at with respect by our target users.
We scouted for "competitors" in fashion, in music, in record labels, in singers, in DJs, in radio stations, in hangout places, in every industry that at first glance is not competitive to our brand.
And from there, we started to craft "experiences that delivered against benchmarks created against our expanded competitive sphere".
Where were we playing originally? We were a non-alcoholic beverage.
Where did we end up positioning the brand and its campaigns? A brand that is a catalyst for things that go beyond thirst-quenching. We were music, sports, fashion, places, lounges, parks.
Our competition spent hundreds of millions of pesos in advertising how thirst-quenching they were.
We spent less than 1/3 of what they spent doing something else - something that our end-users wanted and expected to experience - not just from a beverage brand, but from a brand that seeks to deeply connect and be a strong component of their lives.
