I’ve been pondering the future of marketing in 2024, and one thing that stands out is the importance of relationships. Specifically, the relationships between brands and their audiences. The concept of customer relationships has been around for over 25 years, with terms like CRM (customer relationship management) coming into play. But it’s time to redefine what it means for a brand to have a relationship with its customers, or as I prefer to call them, “audiences.”
In my view, all relationships are similar in that they provide a sense of shelter and value, even if they differ in nature. I have strong shelters with my friends, family, and co-workers. And I also value the relationships I have with my accountant, teacher, mentor, and even the places where I receive my packages or my favorite actors and bands. In each case, there is a mutual exchange of value.
All brands should understand and embrace this concept. Back in 2010-2015, customer relationship management became a hot topic with the rise of social media. The focus was on creating relationships with customers through social media engagement. However, some people mocked the idea, saying things like, “No one wants a better relationship with their butter provider.” While that may be true, it doesn’t diminish the importance of establishing stronger relationships with your audiences.
This thinking led to the rise of content marketing as a strategic function in business. If your brand’s product doesn’t naturally lend itself to a strong relationship bond with your audience, you can still create experiences that do. For example, if you sell power supplies, the bond you provide may be weak. But if you help customers become better electrical engineers, there is potential for a strong bond.
One remarkable example is Amazon Prime Video. On the surface, it may appear unprofitable, but it serves as a marketing tool to entice more people to become Prime members. By offering great movies and TV shows, Amazon develops a valuable and ongoing relationship with its audience.
As we approach 2024, it is crucial for marketers to build stronger bonds and relationships with their audiences. Some key trends that emphasize this necessity include the rise of generative AI, the value of enlightened content, the importance of trust in digital content, and the emphasis on personal communication.
Successful marketers will focus on owned media and leverage every channel to establish longer and stronger relationships with potential and existing customers. Marketing is no longer just about selling a product; it is about lengthening the time and strengthening the bond between the brand and its audiences.
Remember, you and your audience live in the shelter of each other. By developing better and more meaningful relationships, you can keep them with you for the long haul, regardless of the industry you’re in. So, embrace the power of storytelling and tell your brand’s story well.
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