One way of thinking about consumer centricity or consumer centric marketing is that it is all about understanding, meeting and (hopefully) exceeding consumer expectations. Product authenticity and quality are the most fundamental of consumer expectations which is why counterfeiting is so damaging to brands and consumer centric marketing strategies.
Counterfeiting can seem like an insoluble problem – many brands have suffered for decades. And the problem seems to be worsening: I read recently that OECD and EUIPO estimates indicate that the international trade in counterfeit and pirated products could have amounted to as much as $509 billion in 2016, estimated to be 3.3% of world trade – up from $461 billion in 2013, representing 2.5% of world trade. (Illicit trade: trends in trade in counterfeit and pirated goods - 2019).
There is a tendency for this knotty and seemingly intractable issue to be categorized and compartmentalized as purely an IP infringement problem or an issue for law enforcement. But for brand owners, should counterfeiting be thought of as purely an IP issue or is it really a threat to brands, which are the fundamental bond between a corporation and its consumers? Maybe it's time to change how brand owners look at counterfeiting and to consider whether a change in internal ownership can bring new perspectives and a long term solution, or at least a trajectory reversal.
What if the guardian of the crown jewels of any consumer-oriented corporation, the Chief Marketing Officer, were to be responsible for leading the fight against counterfeiting and, critically, for taking resource allocation decisions? After all, the CMO is probably the person who is most invested in devising an integrated and holistic long term solution for a problem which threatens to undermine the enormous creativity, hard work and investment that go into building successful brands. Undoubtedly, other experts would be required to contribute to strategy development and execution but the CMO may just be the best person to “think like an owner” and lead those experts to long term success for the benefit of consumers, governments and brand owners alike.
Comments