Each part of 2021 will be a distinctive marketplace with a discrete set of opportunities. Brands must plan accordingly.
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There’s an old saying that change is the only constant in business. If the coronavirus pandemic has taught us anything, it is to remind us of the enduring truth of this adage and of the fundamental imperative for companies to keep learning. Companies master change only by keeping up and adapting as conditions evolve. Today’s knowledge won’t help with tomorrow’s challenges. Only organizations that put a premium on learning will survive, much less thrive. Yet learning is given short shrift by most companies.
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In the context of coronavirus, here are ten ways businesses and brands can adjust to make the difference between success and failure in 2021.
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The consumer journey continues to evolve as consumers create—and demand—a more flexible and episodic relationship with the marketplace. Whereas traditional engagement was based on consistency and sustained interaction, engagement now comes in torrents that stop as quickly as they start. The shift to this new nature of relationship, what we call Torrential Engagement, is driven by two key elements: time and intensity.
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The modern digital age exposes consumers to unprecedented levels of information, with much of it coming from brands and businesses. In 1980, 25 years before the advent of the smartphone, Americans were exposed to the equivalent of 10 gigabytes of data per day. 28 years later, in 2008, the human hard drive processed 34 gigs of daily data. Today, Americans absorb roughly 74 gigabytes of information every single day, the equivalent of nine DVDs worth of data. If this trend continues, we’ll soon need to find ways to consume more than 24 hours of media every 24 hours.
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Branding Strategy Insider helps marketing oriented leaders and professionals build strong brands. We focus on sharing thought provoking expertise that promotes an elevated conversation on brand strategy and brand management and fosters community among marketers. BSI is a service of The Blake Project, a leading brand consultancy based in the United States, serving marketers around the world.
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