This approach helps brand nurture long-lasting relationships with customers.
Brands must try to create an ecosystem by focusing on customer and market responses around their core areas to stand out. Brand ecosystems allow brands competitive advantage by excelling at personalisation, delivering long-term loyalty and receiving higher returns on ad spend than other brands.
This piece says that a brand ecosystem has different parameters than the traditional brand-building. Companies need to adopt an approach that focusses on improved quality, convenience, speed and relevance over costs.
While few brands have provided a brand extension and others, have increased their reach through related products and services. Brand ecosystems can create “more numerous and more powerful synapses” to help develop stronger connections with the customers.
[3 minute read]