People are changed only by pain and love

The global pandemic has caused another global economic crisis, as well as affected the business performance of a large number of companies, and consequently the related advertising budgets. Some companies have profited from the crisis, and others were forced to change their marketing strategies. Both situations are linked to consumer behavior and preferences. Of course, as always, some changes will catch on, and other will eventually be forgotten.

Consumers want sustainable brands

In a recent interview for the Jutarnji list, futurologist Gerd Leonhard said the following: “People are changed only by pain or love, whether we are talking about individuals, companies, or governments. When you experience a crisis, you say to yourself: I’m done. I’m starting something completely different.” Marketing guru Philip Kotler also agrees with this position, warning that the current form of capitalism no longer fits into the future, and calling for “enlightened consumerism”, also known as “post-capitalism”, i.e. sustainable or conscious capitalism, where the social aspect merges with free market principles, which constitutes another important element in changing consumer expectations and their value system.

Changes cannot be stopped

On the other hand, when we look at Interbrand’s list of the world’s most valuable brands, it is clear there have been no significant changes in the last two years. Tech companies are still leading the way, namely along with some companies from the food/beverage and the entertainment industry, and two car brands. In the near future, however, there will be a significant shift in the value and marketing approach of consumer-oriented brands. Those who adapt to the changes in consumer habits and expectations, as well as newly-created companies following new principles and addressing the needs of consumers exactly how, when and where they want it, will end up profiting the most. The companies Booking.com, TikTok, Uber, Wolt, Glovo, About You, Tesla and Rimac automobili are great examples of this.