Brands seek to win back consumers through cross-industry pollination
Implications - As individuals' interests change, brands extend their reach into adjacent markets to show consumers that they can grow together. Offering consumers a chance to see recognizable brands in contiguous industries increases visibility and brand devotion. Moving towards a point where brands focus more on awareness than engagement, sees a shift in marketing tactics that strive to regain indifferent consumers.
Workshop Question - What adjacent industry could your brand explore, as a way to re-engage with past consumers?
1. Brand Cross-categorization - Brands are extending their reach into adjacent markets to show consumers that they can grow together.
2. Experience-oriented Marketing - Airbnb is marketing experiences, instead of just a room, in an attempt to appeal to an experience-oriented Millennial market.
3. Cannabis Branding - Netflix's venture into legal medical cannabis is indicative of brands' recognition of the opportunity in this ever-growing industry.
1. Hospitality - Businesses within the hospitality industry can look towards experience-oriented marketing to appeal to the Millennial market.
2. Entertainment - The entertainment industry can consider cross-categorization to extend their reach into adjacent markets.
3. Cannabis - The cannabis industry has opportunities to partner with non-traditional brands and expand their audience through unique branding and marketing tactics.