- Companies need a story that consumers can connect with.
- A company’s story needs to be scalable.
- The consumer connection needs to exist beyond the transaction.
Harvard Business School recently brought together a group of executives from the beverage industry to share their thoughts on what modern companies need to do to build a brand. It became clear that success requires recognizing that today’s customers are trying to buy an experience rather than a product. In fact, while most companies focus their innovation efforts on building a better product, research has shown that the biggest opportunities lie in innovating around the customer experience and the profit model. After speaking with the executives in attendance, Associate Principal Dave Farber shares three lessons on how companies can build a brand experience that translates into sustained share of wallet:
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