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Chapter summary
The brand manifesto
At Medinge, Sweden, brand experts gathered and formulated ‘The brand manifesto’, a document that outlined what brands should be doing—especially in light of how some businesses had been abusing brands and the way that they are managed.
The reality is, brands are in trouble. They were designed to act as a shorthand for sometimes complex ideas and to build trust among buyers. They still do the former but increasingly, trust is failing.
The manifesto sought to put things right by outlining eight functions for brands in the 21st century.
They have become more important than brand managers realized. Coupled with the author’s research into Generation Y, future consumers will be even more demanding. With a greater ability to detect deception in the media, Generation Y is going to be far harder to convince.
Based on his earlier paper summarizing the brand manifesto, Yan's chapter goes in depth into today's young consumers and businesses run by young entrepreneurs. If companies fail to mobilize now, they will suffer dramatically as today's youth becomes tomorrow's largest and most important demographic.
Rad more in the full book