What is a digital brand platform?
A digital brand platform enables consumers to generate value from the brand for themselves and the company through digitally-powered connections. The goal is to increase loyalty so that shoppers come back and make repeat purchases. Each interaction on the platform generates new information that benefits all parties.
A digital brand platform can include:
Connected products or services: Smart products that gather data and modify their own behavior accordingly
Peer communities: Users benefitting from direct exchange on the platform
Interactive services: Engages users and personalizes the experience—greater interactivity among connected services leads to greater benefits for users
What are the advantages of the brand platform?
The most important aspect of a brand platform is its network effect: the more connections it offers, the more those connections are used, the more data is generated and the greater the value to consumers and for CPG companies. With greater data sharing, consumers notice that the brand begins to understand them. In turn, CPGs gather data from which they gain insight, which sparks innovation and hence improves the platform. As a result, brand platforms can create customer loyalty and make today’s fluid consumers less restless.
How can CPGs get started?
Many Consumer Packaged Goods companies already have the basics: data acquisition and engagement. With the digital brand platform, more sophisticated analysis about the consumer can be performed and as a result, brands can create the experiences that engage them.