How to stand out in a crowded marketplace

Competition for brand recognition has never been more fierce. Digital-native newcomers are using tech-savvy, direct-to-consumer approaches to enjoy unprecedented ease of entry. They’re weaving compelling, socially conscious brand stories on social media. And traditional retailers are struggling to differentiate themselves not only from the digital entrants but from their peers, in an oversaturated landscape.

An inability to connect with customers is a big part of the problem for companies that find themselves lost in the undifferentiated middle. In a PwC consumer survey, 73 percent of respondents said customer experience was an important determinant in their purchasing decisions. In fact, the survey revealed that consumers are willing to pay as much as a 16 percent premium for a superior experience, and they are more likely to stay loyal to the brand that offers it. Another global consumer survey conducted by PwC suggested that companies should go so far as to develop a company success metric based on experience. But even companies that realize this and center their strategy on consumers can’t set it and forget it. They must be able to adapt as people’s tastes and priorities change.

To implement a successful customer-centric brand strategy, companies need a foundation of operational excellence. They should be exceptional on practical points, such as product offering or omnichannel experience, so they have a basis from which they can reinvigorate and maintain customer engagement.

Transforming your strategy and operations