Has access to online information and social media weakened the traditional bonds consumers have with legacy retailers or brands? What advice would you have for legacy brands adapting for the digital age while maximizing their nostalgic connections?
Interactive Edge’s CEO, Zel Bianco comments, featured on RetailWire’s Braintrust :
What happened is that many of these brands/CPG companies were too greedy. They thought their multi-billion dollar brands “were too big to fail” and they remained greedy. They did not see the newer competitors coming or they did not care until it was too late. Now they are desperately trying to change their tune but are finding that younger consumers are seeing through their attempts to fit in or be more empathetic, etc. What can they do? They are finding that the only way to not be left behind is to buy the smaller upstarts as we have seen with Gillette and many other categories. It’s the nature of the business and it will, in my humble opinion, start to balance out over the next five to 10 years, but big CPG be aware – your lunch will be eaten unless you wake up and see that the consumer of today doesn’t care that your brand has been number one for the last 150 years.
Read the entire article from RetailWire: