What Builds Brand Growth?
No. 27: What can five of the top-growing brands teach us about customer experience?
Stat: 25%
According to a report from Morning Consult on 2021’s Fastest Growing Brands, five of the 20 fastest growing brands across generations are from the fields of cryptocurrency, fintechs, and digital payments.
They are (in no particular order): Coinbase (I am a user), Afterpay, Cash App (I am a user), Chime, and Bitcoin (I own Bitcoin). As I read this report, I began to wonder why this industry has vaulted so high so quickly.
I believe there are two reasons and both are important to understand.
The pandemic has forced us to become more digital in every aspect of our lives. This has meant an increased usage of online banking, digital payments, and things like Cash App and Robinhood. I also think people are naturally curious about technology and fintechs fit that bill.
More importantly, these apps are super (I mean really!) easy to use. There is no need for canceled checks, small deposits, and other annoying tasks that hinder the user of other similar apps. All these require is a download, some personal identification details, and you’re off and running. Ultimately, they follow the mantra of Apple of making it easy to do the tasks you download the app for.
We can all take something from these five companies.
Tweetle-Dee
(tweet of the week)
Chris Bro tweeted this GIF at one of my comments from the #TwitterSmarter chat this week and I had to share it. I loved FRIENDS back in the day and Chandler was always my favorite. But why this Tweet?
So, what was this all about? I sent this when sharing why it I believe it is vitally important for brands not to ignore comments online; good and bad.
It is about to be 2022 and I am more amazed than I was at the start of 2021 and still more amazed than I was back when I worked at Vaynermedia when it was Standard Operating Procedure to respond to everyone. Don’t be that company that ignores customers.
Marketing Tip of the Week
See this come to life on TikTok.
Something to Consider
In marketing school, we were taught to focus on the four Ps of marketing. And while those are nice (and, important) to focus on, they aren’t the only things. After nearly 20 years in the field, I have come to see there are two ultimate functions of marketing in modern business: Sales and Brand.
Let me do a quick definition to set the context:
Sales Marketing: These are tactics and strategies tied directly to driving to a singular purchase.
Brand Marketing: These are tactics and strategies designed to build long-term brand value and connection that pays off time and time again, but not today.
A business needs both to meet goals. I am not arguing that. I am, however, arguing that too many organizations get unbalanced in focusing on the sales end of the pendulum and not on the brand.
When a business is always standing there with it’s hand out, saying “Look at the shiny thing I have just for you!” constantly, there is no opportunity for that same brand to develop relationships, affinity, and good-will.