Editor’s note: Christopher Baldwin is a European marketing coordinator at social media SaaS company Bazaarvoice, London. This is an edited version of a post that originally appeared here under the title, “Inflation and authenticity. What do they mean for the marketplace?”
News that U.K. inflation has fallen to its lowest level in decades recently hit headlines and was warmly welcomed. Reported figures show that prices in January of this year were only 0.3 percent higher than the same time, last year. The trend is not restricted to the U.K. either, economies as far-flung as China and Japan are also feeling similar movements in.
As wage growth outstrips inflation, competition is about to become fierce – forget Black Friday, forget January sales, forget Christmas advertising – brands are not only preparing to battle, they are preparing to go to war. After all, consumers may have more money but what they spend it on is up for grabs. As marketers, we must find a way to stay ahead of the competition.
There are many weapons available in a brand’s arsenal to do this but one of the most valuable is authenticity.
Today, the market may not be confined to a town center or cobbled street but consumer demand for connectivity with genuine companies is at an all-time high. All you have to do is think about your own experience. When was the last time you had great customer service? How about a direct response over social media? Maybe a brand over-delivered? All of these customer experiences celebrate authenticity. Being transparent and opening your brand to the marketplace conversation is bold but now is the time to try it.
The proliferation of social media and technology has also brought businesses crashing back down to street-level. Companies can no longer hide or silence the voice of the marketplace. Conversation has been truly reincarnated and is largely uncontrollable. It is authentic and powerful.
Brands and retailers who embrace this shift and are prepared to change the way they think and operate will be well-equipped to reap the rewards. And let’s be honest, they’ll probably sleep a little easier too, knowing their company is on the pursuit of authenticity both operationally and commercially.
One thing we can be certain of is that authenticity isn’t a goalpost or finish line, it can’t be found in a marketing brief or a PR boilerplate. It’s a journey, one for the whole company to embark on.
So, where do we start?
Remember the customer? No, I don’t mean your marketable universe. No, I’m not talking about prospective generated revenue or total potential sales. I mean your customer. Whether you sell shoe laces or business intelligence software, you need to remember that at the end of every e-mail, phone call and transaction is a human being. There’s a word for the realization that everyone around you – the person standing on the train, the girl who served you your morning coffee, your customer – is living a life as vivid and complex as your own. It’s called sonder . Build it into everything you do and you’re already on your path to becoming authentic. Why? Because you’re finally looking beyond the numbers.
From your social media strategy to your Web site, what you put out there says a lot about your company and what you value. Make sure you’re putting out the right message. How would you read your own messaging – as the customer and not as the executive VP of marketing? Internal communications are often undervalued for their role in authenticity. What your employees read, see, hear and experience shapes their outward work. In the same way children learn from their parents and guardians, employees learn to behave like their superiors. If you remember that every other department or function is also a customer to you and work with their benefit in mind, you’ll soon see the difference, internally and externally.
Now, for the tough stuff: operations. I know it doesn’t sound thrilling but I promise that it’s extremely important. People always forget about the operational implications of authenticity but that’s what leads to inconsistency. If you’re going to start looking at your customer differently and change your tone of voice, then you need to take a look at your infrastructure too. So many companies forget this piece of the puzzle and it causes headaches for everyone. One example: you’re going to talk on social media more openly and honestly. To do it properly, you’ll need the capacity from PR to man the decks. In turn, PR needs to be in touch with engineers for technical questions, which will also need a process for ensuring consistency. That was an easy example. Now, imagine re-writing your entire customer journey and things get way more complicated. The more heads you bring to the table from the beginning, the better equipped you’ll be.
There is no definitive route to authenticity – I know, that’s what they all say. But start off with the above points and everything else will begin to fall into place. Authenticity is a mindset and a new way of thinking about business. It won’t happen overnight and it won’t happen easily but it’s worth it.
One thing that is certain: now is the time to strike. If you don’t, then you can be sure that the competition will.