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The Brand Age was characterized by the creation of compelling brand associations for mass-produced products, injecting emotion into inanimate products and leading consumers to pay irrational margins. A key example is a traveler choosing the Ritz in New York because of brand recognition. However, the Product Age, which began in 2020, has seen a shift in consumer behavior. Now, consumers are more likely to conduct a Google search to find the best value for their money, such as a boutique hotel based on crowdsourced recommendations. This transition has negatively impacted media companies and advertising firms, with advertising spending now flowing primarily to Product Age firms like Google and Facebook.
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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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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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