Elastic brands add real value to new categories. To stretch into growth, innovative, elastic brands do five things differently. Leveraging tech advances, data analytics, and automation is one of five tenets of success for elastic brands. 

Elastic brands must adapt to market changes, anticipate customer needs, personalise experiences, provide efficient service, and offer dynamic pricing through the power of tech, automation, and analytics. Having a clear picture of where and why your brand can stretch requires understanding what your current consumers think about you and the space you’re looking to enter. This is where data and analytics can set you up for success.  

Circana research shows more than 50% of retailer- and manufacturer-defined categories don’t reflect the way consumers shop today. Consumers seek better solutions, yet many brands ignore people’s desire for specific attributes (like hydration or energy), product benefits (like higher levels of performance or nutrition), and their willingness to go beyond traditional category definitions to solve their needs. 

Tech advances help brands pivot to suit market nuances and create meaningful value

Brands take this further by using technologies such as IoT that blend the physical and digital world, predicative analytics based on large amounts of data, and natural language processing to engage in consumer conversations can thrive in the competitive retail market. Everything from real-time consumer behavioural tracking to smart product testing and optimising pricing strategies and product placement are evolving through smarter data and tech. 

One of the world’s most successful examples of brand stretching is the Apple iPhone, which turned the computer company into one worth trillions. This is largely because it read the market, knew its customers, and leveraged smart technology to reinvent the mobile phone. Similarly, Dyson moved into advanced hair care from its focus on vacuums by powering its existing technology and engineering expertise in airflow and motor design to drive efficiency in hair drying and styling for busy people. 

The right tech supports real-time risk management and enhances the supply chain

Elastic brands also use tech, analytics, and automation to enhance their supply chain. These solutions can help reduce complex tasks from hours or days to minutes and enhance operational efficiencies, while making real-time insights readily accessible. For example, blockchain technology has the potential to reduce risk and increase visibility and trust across complex supply chain ecosystems.  

AI also supports businesses with real-time, dynamic data to better maintain processes and yield consistent and high-quality customer experiences. It can reshape innovation by accelerating processes, generating new ideas, and improving and automating workflows, ultimately driving efficiency and unlocking new possibilities.  

Circana’s comprehensive strategies drive growth and loyalty by delivering real-time analytics that measure and accelerate demand to stretch your brand to success. 

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