Given how fast the consumer landscape is moving, and how quickly brands leaders of today can be out of touch tomorrow, it's clear brands must change how they operate to remain relevant.
That's the view of Steve Lesnard, who has spent the last 21 years with Nike, culminating in his role of global vice-president/general manager of running. Lesnard recently left the fitness brand to become a consultant, but shared his vast consumer insights and the steps he believes are critical to building lasting brands at this year's ADMA Data Day .
Here are his five critical steps.
1. Have a clear mission
When brands have a very clear understanding of who they are trying to serve and the value they are trying to create for consumers, it creates a north star in a company, Lesnard said.
“The companies that are strongest are the ones that constantly review their actions against their mission and adjust their mission depending on consumer landscape changes,” he said.
“Focus on what it is you want to be famous for. What do you want your customers to talk about and promote?"
"While it was controversial, it was weighed with Nike’s mission to bring inspiration and innovation to every athlete in the world, so when they came to make that stance they knew exactly what they were doing and it was a risk they were prepared to take, because it fit the mission," he said. "And it was very successful.”
2. Be consumer obsessed
According to Lesnard, consumer–centric organisations create a culture of innovation, a culture of competitiveness, and they challenge organisations to move forward.
“I’ve never seen as much change as I have for the last few years, which is powered by technology and the consumer,” he commented.
“The consumer is in charge. If a consumer has an incredible experience with a brand, they expect every company to then provide the same. They expect brands to know them.
"When it comes to the younger consumer, they also expect brands to solve problems for them, understand their pain points, and understand how to add value to their lives.
“This then drives a relentless focus on innovation, brands have to inspire the consumer and break through so they remember who you are and what you stand for. Brand must be clear on how your consumer likes to consume your communication."
Of course, data is liquid gold in terms of delivering consumer insight. "Data provides information to truly help cement, define, and identify the opportunities to engage with your consumers. It’s about knowing them better so you can serve them better, and it leads to the holy grail of personalisation at scale,” Lesnard said.
3. Obsess over the consumer journey
Similarly, it's vital to understand the pain points and the opportunities customers have in their journeys, so you can add value and surprise and delight them.
“When something works well, you want to share it with your friends. Brands can make a true difference,” Lesnard said.
4. The power of big ideas
Innovation is equally vital, and for Lesnard, that means following those big ideas. "It’s got to be distinctive, you’ve got to make it your own and different from the competition," he said. "It’s then got to be nuclear, and by that I mean you have to empower your community to take it and make it their own. Make it nuclear and it can inspire a whole generation.”
5. Focus on your members
Finally, Lesnard said to focus on what he calls ‘super users’.
“They are your most valued customers. They provide the highest ROI, are the most loyal, give the most feedback, and are your strongest ambassadors, so understanding who they are and how to serve them should always be foremost on your mind," he said.
“They provide the foundation you can build on, so listen to them, they will call you out. But they are also the first ones willing to try new things for you, and to give you feedback."
Finding them means moving away from just selling to service, as well as from transactions to lifetime value.
"And move from initiatives to consumer journeys. The most powerful launches are informed by the consumer journey and this leads to personalisation at scale, where you provide the right info at right time to optimise,” Lesnard added.
In the third and final episode of our 3-part CMO50 video series exploring modern marketing and why it’s become a matter of trust, we’re delighted to be joined by Telstra’s former CMO and now digital services and sales executive, Jeremy Nicholas, and Adobe VP Marketing Asia-Pacific and Japan, Duncan Egan.
Flash back to the classic film, Willy Wonka and the Chocolate Factory. Television-obsessed Mike insists on becoming the first person to be ‘sent by Wonkavision’, dematerialising on one end, pixel by pixel, and materialising in another space. His cinematic dreams are realised thanks to rash decisions as he is shrunken down to fit the digital universe, followed by a trip to the taffy puller to return to normal size.
Why is it there is no shortage of leadership development materials, yet outstanding leadership is so rare? Despite having access to so many leadership principles, tools, systems and processes, why is it so hard to develop and improve as a leader?
As a nation united by sport, brands are beginning to learn money alone won’t talk without aligned values and action. If recent events with major leagues and their players have shown us anything, it’s the next generation of athletes are standing by what they believe in – and they won’t let their values be superseded by money.
What are Chris Riddell's qualifications to talk about technology? What are the awards that Chris Riddell has won? I cannot seem to find ...
Tareq
Digital disruption isn’t disruption anymore: Why it’s time to refocus your business
Enterprisetalk
Mark
CMO's top 10 martech stories for the week - 9 June
Great e-commerce article!
Vadim Frost
CMO’s State of CX Leadership 2022 report finds the CX striving to align to business outcomes
Are you searching something related to Lottery and Lottery App then Agnito Technologies can be a help for you Agnito comes out as a true ...
jackson13
The Lottery Office CEO details journey into next-gen cross-channel campaign orchestration
Thorough testing and quality assurance are required for a bug-free Lottery Platform. I'm looking forward to dependability.
Ella Hall
The Lottery Office CEO details journey into next-gen cross-channel campaign orchestration