Do brands still hold sway over consumers? According to new research, executives worldwide are worried that the marketing power of the brand is declining.
A survey conducted by KPMG and industry network The Consumer Goods Forum in April 2017 found that nearly four in 10 consumer products executives think brand loyalty will see a decline among consumers over the next two years.
But that’s not the only disruption they face. One-third saw consumers’ increasing preference for shopping and buying online as a problem, while three in 10 were worried about a growing expectation for immediate service.
Nearly the same figure, 29%, named an increased demand for personalization as an expected source of disruption in the coming years.
Surprisingly, consumers’ concern for social and environmental matters was also cited by 27% of respondents.
So how do executives plan on responding to these mounting challenges?
For some, customization was the key. More than one-third (35%) of respondents said creating a more personalized customer experience would draw new customers. In addition, 26% expected personalized marketing materials to draw new patrons.