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The Product Age presents several opportunities for businesses. Firstly, it allows businesses to focus on the quality and value of their products rather than relying on brand reputation. This can lead to increased customer satisfaction and loyalty. Secondly, it opens up opportunities for smaller, boutique businesses that may not have the brand recognition of larger companies but offer superior products. Thirdly, it shifts the power to consumers, who can now make informed decisions based on product reviews and recommendations. Lastly, it presents a significant opportunity for digital advertising platforms like Google and Facebook, which are predicted to hold a combined share of 61% of the digital ad market in 2021.
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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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