Recent Decision Lab webinar highlighted pivotal trends and metrics that are crucial for brands striving to excel this year as they navigate the evolving consumer landscape and technological advancements.
In a dynamic marketplace marked by evolving consumer behaviour and technological advancements, insights serve as invaluable compass points for brands charting their course towards success in 2024. Decision Lab recently hosted a compelling webinar entitled “The Next Generation of Brand Tracking”, shedding light on three pivotal trends and metrics essential for brands aiming to excel in 2024.
First of all, is Practicality over Purposes. According to Decision Lab, navigating the landscape in 2024, marketers will confront a dual imperative: achieving maximum impact with constrained budgets while staying closely aligned with business objectives. The pathway to success involves showcasing Return on Investment (ROI), harmonizing brand and performance strategies, and leveraging advanced tools for meticulous tracking of customer journeys and outcomes.
Secondly, AI’s Ascendancy in Personalization is on the rise. According to PwC, a staggering 81 per cent of Chief Marketing Officers (CMOs) anticipate integrating GenAI into new business models within the next 18 months. AI is increasingly vital for customer loyalty and enhancing experiences, with 92 per cent of businesses using AI-driven personalization for growth, according to Twilio Segment, a customer data platform.
And finally, the third trend is Building a Robust Employer Brand. Data from EuroCham BCI Q4 2023 highlights a significant challenge: half of European firms in Vietnam struggle to secure skilled workers, with concerns about local talent on the rise. Establishing a compelling employer brand is paramount and can help attract top-tier talent while emphasizing employee satisfaction and engagement to enhance brand perception and cultivate staff as brand advocates.
From a brand’s perspective, Mr Michael Lin, General Manager of Pizza Hut Vietnam, noted that in analyzing the current landscape, it is evident that the economy and consumer confidence will require some time to rebound. Optimistically, Pizza Hut foresees a potential recovery, likely in the second half of 2024.
“I don’t know about other industries, but at least this is what we planned for,” he said. “I think that is why, in the past year, when it was difficult, we spent quite a bit of time reflecting on how we could actually compete better over the upcoming years when we have been transitioning from lockdown to post-Covid and then to a post-Covid economic downturn. What we learned is that, in order to survive, we really need to talk about value.”
This is not merely about offering discounts or being budget-friendly. It’s about delivering a brand experience that resonates with customers at a price point they perceive as worthwhile. This underscores Pizza Hut’s belief that exceptional customer experiences drive brand loyalty, a sentiment echoed by Decision Lab’s emphasis on customer centricity.
“And, of course, as a pizza player in the sector, we also need to learn how to actually deliver great value for customers,” Mr Lin went on, highlighting the fact that despite limitations in disposable incomes, “we can make people feel that spending at a restaurant, eating at a restaurant, will be worthwhile, and when they have money to spend, they will think about us.”
In the consumer finance sector, according to Ms Trang Le, Director of Marketing & Communications at financial services provider F88, for the sector as a whole and for F88 in particular, 2024 presents a series of challenges. Throughout 2023, the landscape of consumer finance underwent noticeable transformations. The shift reflects the uncertainty prevailing in the economy and the need for recalibration following the robust growth experienced in 2022. In relation to these unfavourable business conditions, most finance companies have adopted a more cautious approach to maintain their operations and manage risks. F88 finds itself in a similar situation.
“However, from our perspective, I believe this opens up more opportunities to be agile and adaptable in the market for F88,” Ms Trang noted. Thus, in 2024, F88 plans to focus on gaining deeper insights from both existing and potential customers and staying committed to delivering precisely what they require, viewing this as the most effective method to engage them.
To achieve this, Ms. Trang went on to say that F88 has numerous strategies in place, focusing on product diversification to meet the needs of diverse customer segments. Additionally, it is actively implementing digital transformation initiatives aimed at enhancing the overall customer experience across various touchpoints.
For his part, Mr. Thue Quist Thomasen, CEO of Decision Lab, noted that “one of the interesting myths we often encounter is the idea that a brand only succeeds if it has been meticulously built, like Apple or Coca-Cola, for instance.”
Everyone, he went on, aims to emulate and align themselves with such iconic brands. “However, when we scrutinize data from sources like YouGov BrandIndex, where we’ve amassed over six years of data, we can delve into the various components of a brand that truly impact its success,” he explained.
In a year when many CEOs and CFOs are prioritizing sales over branding, he went on, it’s crucial to focus on setting objectives that align with your brand’s goals. Whether it’s building trust, fostering consumer connections, or driving repeat purchases, there are numerous elements to consider. Attention needs to be directed towards objectives that will propel your brand forward and make a tangible impact on your business objectives.
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The original article is by Linh Tong on VnEconomy: "Webinar offers key insights for brands to build winning strategies in 2024."