August 22, 2014 | Written by: THINK Leaders
Categorized: Marketing | New Thinking
The power to describe groups used to belong to institutions. Governments and corporations segmented us by age, gender and income. These demographics underpinned mass marketing, mass production and mass consumption. Social media now gives people the power to describe and form their own groups. Most powerfully, people associate with each other based on shared values, shared interests and shared ambitions.
In this era of psychographic self-segmentation, corporate strategies must negotiate the intersection of the corporation’s values and purpose and those of its constituents. Brands achieve authenticity only when their activities are both transparent to everyone and demonstrate the underlying shared purpose and belief.
Successful brands are learning how to collaborate with employees, customers and communities to define and evolve their shared beliefs. For corporations, this collaboration is an opportunity to grow business by expanding brand permission.
Kellogg School of Management
“One of the few really sustainable sources of competitive advantage is brand and reputation. And that is fundamentally based on trust…We’re no longer saying, ‘We’re selling you insurance.’ We now say, ‘We’re selling you peace of mind.’ Well, peace of mind is a pretty high standard.”
“Our responsibility goes beyond merely providing a financial function…now more than ever, relationships between customers and brands are based on learning and sharing.”
The Livestrong Foundation
“Livestrong leaders all over the world communicate with one another and with their own communities daily using social tools. This gives us bigger reach and impact without the infrastructure.”
“If we fail, we fail. But let’s fail trying to change the world.”