Emotion Economy: Key to The Relationship Between Brands and Consumers

In recent years, companies that have managed to position themselves in a prominent way and in a different way to their consumers, used to use emotions as a claim and as a differential element.

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In recent years, companies that have managed to position themselves in a prominent way and in a different way to their consumers, used to use emotions as a claim and as a differential element. They had understood that consumers had changed and that emotions were important. They had managed to use them to their advantage.

But in the next year emotions will be neither a differential element nor a question that plays in favor of companies, but a kind of element already integrated in how things should be done.

In the list of elements that will mark the agenda in marketing for 2019, in an analysis in Forbes, they already make it clear that next year will be a year of emotional economy. Emotions have been in recent years one of those issues that were increasing and that were increasingly present in what companies have to do and what they have to manage.

Consumers have begun to value the emotional bond they have with companies, but also subjective elements and subjective characteristics that fall within that niche and not so much in the field of rationality. Therefore, emotions have become decisive but also an asset for companies.

Emotions, brand assets

And, therefore, companies have already entered the economy of emotions, which in English is known as ’emotion economy’. It is no longer about them having to understand emotions or using them, but rather that they have to understand that they are an asset in terms of business. Emotions, as they point out in the analysis, have become a critical currency in business.

This implies many changes and also many adjustments in the strategy. For example, the data on how consumers are can no longer be analyzed based only on the tangible and can not be limited to the basic issues. Numbers are important, but not only do they work and matter. Brands have to understand what their consumers are doing, but also why, how and how they feel in all that process.

Emotions have to be understood and they have to be shared and brands have no choice but to do so. There is no alternative, because they are no longer an addition or an element to understand to stand out. They are already one more piece of how business is done.

“And this has an impact that goes beyond and that touches the company and its strategy to many more levels.”

Impact at more levels

From the outset, it has changed how companies should be and how they should act. In the list of the crucial elements for the marketing strategy in 2019 published by Forbes is, for example, empathy, which has become the decisive element and what brands and companies have to be able to show.

As they point out, empathy has become “the new black.” It is what has to enter the bottom of the closet of all companies, because it is what works in a field where emotion has become a common factor and at the basic level of the relationship between consumers and companies. Companies will have to strive to be empathetic and to make consumers perceive them as such.

But of course this state of affairs will also impact more levels in what brands and companies do and how they present themselves. The marketing strategy will have to start from the emotions in many more branches and in many more activities. For example, this normalization of emotions and their importance modifies storytelling and changes not only the stories that are told, but also the way in which they are told.

It’s just a sample. From social networks to the packaging of products, all will end up touched by the growing importance of the emotional.