Scott Galloway is one of the most influential commentators on business and media. Every year he offers up some predictions for what 2017 holds in store for both brands and consumers. What makes his predictions slightly different is he also backs them up with great statistics and facts, not merely hunches.
We’ve included the full video below, but thought it was also worth giving you our twopenneth on his insights. Here are our major takeouts:
Instagram is the new Facebook. Which is pretty handy for Facebook as it owns it too. Apparently 92% of all brand engagement on social media is now on Instagram – brands be aware.
In fact, such is their dominance that if you don’t work for Google or Facebook and you’re in digital media, then you’re actually in a declining business like magazines and newspapers.
Meanwhile, Amazon is on the verge of becoming the world’s first trillion dollar company. Not only is it beating Apple at its own game in ‘voice search’ with Alexa outperforming Siri, it will also change the retail store experience with checkout-less Amazon Go stores, the rather buzzy term of ‘zero-click shopping’ and own brand products – Amazon Elements baby wipes are already the third biggest selling behind Huggies and Pampers!
Controversially, Galloway also announced that he believes we’re at the end of the brand era, with voice search signalling a more generic method of shopping and searching. The good news is he also mentions that brands and companies that see greater success will be those that make the product, the story behind it and buying experience more unique and interesting for consumers.
A big part of that is about having a strong purpose and idea of self that leads to a unique product and service that people will buy into. Something we believe passionately about at Cravens.
More generic consumables and commodities may suffer, but strong brands that offer something extra should thrive not decline.
Well if Amazon lets them anyway.