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One real-world example of the shift from Brand Age to Product Age is the change in consumer behavior in the hotel industry. In the Brand Age, a traveler to New York would go to the Ritz because that's the brand she knows. In the Product Age, a Google search reveals that the Ritz is overpriced, and instead, she finds a boutique hotel based on crowdsourced recommendations. Another example is the shift in advertising spending. When advertising spending returns, it will flow only to Product age firms like Google and Facebook and not traditional media. Predictions put Google and Facebook's combined share of the digital ad market at 61% in 2021.
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What will the world of business look like after the coronavirus pandemic? The pandemic will accelerate every trend by a decade and redefine entire ind...
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From World War two till the rise of Google, the formula for shareholder value was to create compelling brand associations for mass-produced products. Branding injected emotion into inanimate products resulting in consumers willing to pay irrational margins. In 2020, the Brand Age gave way to the Product Age. In the Brand Age, a traveler to New York would go to the Ritz because that's the brand she knows. In the Product Age, a Google search reveals that the Ritz is overpriced, and instead, she finds a boutique hotel based on crowdsourced recommendations. The losers in this transition are the media companies and advertising firms. When advertising spending returns, it will flow only to Product age firms like Google and Facebook and not traditional media. Predictions put Google and Facebook's combined share of the digital ad market at 61% in 2021.
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