As the New Year 2022 dawns on us, brand marketers start thinking of new solutions and new resolutions.
A new year changes many things. A year does not change many things. Actually and factually, nothing changes from 31 December to 1 January in the New Year. But perceptually, many changes occur in the New Year.
The year 2022 will be a brand-new year for brands and marketers. While there will be continuity on the actual and factual front, on the perceptual front, there will be many, many changes.
Personal and Professional Resolutions
Just like on the personal front, many solutions and resolutions are formed for the New Year 2022, similarly, on the professional, marketing, and brand front, a number of solutions and resolutions will be planned.
- On the personal front, resolutions are made to become slim and healthier.
- Solutions are found to become richer and happier.
- Similarly, brand marketing professionals are working out solutions in the year 2022 to:
- Make the budget slimmer.
- Make the brand wider in consumer acceptance.
Increase revenue, market share, and profit.
The Analytical Approach
Before finalizing their solutions and resolutions, brand marketers engage in several exercises:
- Analysis
- Inspection
- Introspection
- Enquiry
- Understanding
- Review
These exercises help brand marketers develop effective strategies for the new year.
The Seven ‘C’s to be Crossed
I believe that there are seven ‘C’s to be crossed before solutions and resolutions can be finalized for the new year for brand marketers.
The first C is the Consumer
Understanding the consumer and their changing needs is of paramount importance. The needs of consumers don’t remain static—they are dynamic. Keeping track and understanding the changing needs of the consumer is the starting point of any solution or resolution for the New Year for brand marketers.
The second C is Change
While consumers’ needs may be changing, the environment too is evolving. From physical to digital to phygital, transformation is happening at breakneck speed.
- Deliveries have shifted from one hour to half an hour to just 10 minutes.
- Changes are happening not only in needs but also in speed.
Whether it is technological advancements, regulatory changes, or climate factors, all environmental changes will determine new solutions and resolutions.
The third C is Cost
The year 2021 brought major changes in the cost of goods, especially due to energy prices and rising raw material costs. Companies and brands had to:
- Restructure pricing
- Adjust margin structures
- Revise forecasts
—not once, but multiple times.
Addressing increasing costs must be carefully thought through.
Solutions and resolutions for 2022 will need to be based on a well-planned approach to cost management.
The fourth C is Competition
Competition is no longer straightforward. Today’s marketplace is both highly aggressive and dynamic.
- There is direct competition and indirect competition.
- There is old competition and new competition.
- Before forming solutions and resolutions, it is critical to study and understand competitive behavior.
- Market trends are evolving rapidly, making competition an essential factor in brand strategy.
The fifth C is Control
While many strategies may be formed and ideas generated, execution and implementation are critical to achieving success.
- Monitoring and controlling implementation is a daunting task.
- Brands that perform well are those that maintain strong control.
- Brand marketers who succeed will be those who ensure that execution does not go out of control.
The sixth C is Creativity
Whether in communication, strategy, structure, or systems, creative thinking plays a vital role in brand success.
- Creativity is essential in the development and execution of a brand marketing strategy.
- To cut through the clutter and make a mark in the minds and hearts of consumers, brands must leverage creative solutions.
- Creativity will drive the solutions and resolutions necessary for differentiation and long-term success.
The seventh C is Channel
Many people overlook the channel, which comprises distributors, retailers, and franchisees, much to their peril.
- The channel is an extremely important component for achieving success in brand marketing.
- It must be treated with respect and require regular interaction on an ongoing basis.
- Solutions and resolutions cannot be designed only for the company or consumers.
- They must also be devised and revised regularly for the channel to ensure sustained success.
A New Year, A New Brand Marketing Strategy
As we step into 2022, I humbly suggest that you consider formulating your solutions and resolutions using my model of the seven ‘C’s.
Happy New Brand Marketing Year!
This article was first published in Business India magazine in the December 27, 2021 to January 9, 2022 issue.
Share My Article With Others
About The Author
Jagdeep Kapoor
Founder, Chairman & Director of Samsika® and Samsika® Academy
Visiting Professor of Marketing Management and Brand Management at JBIMS and SP Jain School of Global Management. Author of 14 books and textbooks on the art and science of Marketing Strategy and Brand Management in the Indian context.
Related Articles
Brands that send closing-down signals risk losing everything.
Brands grow in strength, with retail presence, in specific towns.
Just as Raj Kapoor created a legacy, marketers can build brand families that sustain over time.