Market, Target, Technology Insights for Brands
Edelman Korea, part of the world's largest global communications firm Edelman, highlighted three key waves for 2021 at the virtual Edelman Digital Korea Showcase 2020 on Sept. 9. At the same event, Edelman Korea showcased findings from its Edelman Trust Barometer Special Report: Brand Trust in 2020.
The 6th annual Edelman Digital Korea Showcase 2020 was held under the theme of ‘Brand Reimagined in an Uncertain Era.’ Christine Park, EVP (Head of Brand & Digital) of Edelman Digital Korea and Brand Development and Operation Lead for Edelman Asia Pacific, introduced the three waves shaped by the evolution of technology and diversification of audience interest: Deconstructed, Unscaled, and the Third Space. Taken from the fourth edition of the trend report EDK Trends Watch, Edelman Korea also introduced 10 keywords falling under the three major waves.
Three Major Waves for Brands in 2021 – Deconstructed, Unscaled, and the Third Space
#Deconstructed
Edelman Korea defines the current movement towards the breaking down of integrated values as the ‘Uncertain Era’ and the first wave of the market and brands in creating new value as ‘Deconstructed. ’More brands are redesigning the consumer journey and creating their own value with breaking up the boundary of offline and online.Three keywords fall under this first wave: ▲Boundaryless ▲Agile Transformation ▲Sustainable Growth.
#Unscaled
Businesses are shifting away from an ‘economy of scale’ driven by technological advancements. ‘Small but strong companies’ are disrupting the market through low-cost open platforms and open source business models. Edelman Korea characterizes this wave as ‘Unscaled.’ Four trends keywords fall under this second wave: ▲Thumbs Up for Ecommerce ▲Post-Influencer Age: Newborn Influencer ▲ Zero Party Data ▲Home Economy.
#The Third Space
Sociologist Ray Oldenburg introduced the concept of ‘third places’ to refer to community spaces where people can gather and foster creative interactions. The meaning of ‘third places’ can be extended to represent a virtual ‘third space’ in which most people are connected through a screen. Edelman Korea outlines the last wave as ‘Third space’ and lists three trends under the third wave: ▲Games: The New Playground ▲Blurred Lines: Immersive Experience ▲Real Humans: Connect Beyond the Screen.
“Today, we live in greater uncertainty than ever before. Consumer behavior is rapidly changing around the world, not just for business but in all aspects of our daily lives. We aim to help brands prepare for the opportunities that lie ahead by diving into the three major waves - Deconstructed, Unscaled, and the Third Space - and ten trends to shape the Uncertain Era,” said Christine Park.
Brand Trust in 2020 – People Want Brands to Take Action for Personal and Societal Reasons
The Edelman Digital Korea Showcase 2020 unveiled S. Korea findings from the Edelman Trust Barometer Special Report: Brand Trust in 2020 for the first time. The survey of 22,000+ respondents was conducted May 27-June 5 in 11 markets and reflects the global pandemic and societal outcry over racial injustice.
The study revealed that the majority of respondents want brands to take action, solve problems, and advocate for change. Korean respondents said it was important for brands to solve both personal (86%) and societal problems (83%) to earn and keep their trust. They also pointed out that brands should be a positive force in shaping our culture (57%), as well as a visionary for society (60%).
“Trust has become a game changer for brands because it addresses people’s fears about personal safety, most notably vulnerability on health, financial stability, and privacy,” said Richard Edelman, CEO of Edelman. “The long-held practice of standing aside during controversies and crises is no longer an option for brands.”
The full report can be found on the Edelman Korea website.
Integrating digital and consumer practices in 2016, Edelman Digital Korea actively manages global communications for major companies, including ‘Samsung Electronics,’ ‘Hanwha,’ ‘GS Caltex,’ ‘SK Telecom,’ and the campaigns of various corporations, such as‘HP,’ ‘Almond Board of California,’ ‘Sunkist,’ ‘Ritter Sport,’ and ‘HiPP.’