By Park Hyong-ki
Brands need to reinvent themselves constantly as the business environment and lifestyle trends change rapidly in the digital age, according to a marketing specialist.
Companies, schools and households should train up the ability to see what's coming in the future, and build and reinvent their brands before the moment of truth arrives.
"It is like foreseeing when the big wave will come. Brands and even individuals should prepare to ride that wave by constantly asking questions how I could position myself in the future," Kim Chung-koo, professor of marketing at Sungkyunkwan University Business School, said in an interview with The Korea Times at his office in Seoul.
"We are in a war, and the winner would be those who can foretell the future and build that future with their brands."
Kim is also the president of the Academy of Asian Business (AAB), which holds an academic conference where college students, professors and businesspeople around the world share their knowledge in marketing. He is the author of "Prepare Your Wing," a business book about brands and marketing. The AAB hosted its conference last weekend.
Apple, Amazon, Google, Zara and Nike are some of the brands that became successful as they were able to "build the future" of phones, online book selling, online searches, fast fashion and sports shoes, he noted.
"They did not follow other brands. They built them by connecting the dots and looking into the future mostly from their garages," Kim said.
Above all, they were able to "see further by standing on the shoulders of giants," he said, quoting Isaac Newton, a 17th century scientist and theologian.
By studying the lives, works and history of past and modern renowned figures such as Newton, Galileo Galilei and Shakespeare, people can gain foresight ― sort of like seeing the forest for the trees, he added.
"You don't need to study only business to see the future for your brand. Just look at Steve Jobs. He wasn't an engineer or a musician, but loved listening to songs of Bob Dylan and did calligraphy," Kim said.
"Also, seeing further does not mean only looking at the Fourth Industrial Revolution, and what we can do with artificial intelligence. We tend to do that here in herds. This could lead us to miss out on other opportunities."
Of course, timing is important when it comes to creating and recreating successful brands. They would also need "luck" even if companies foresaw the wave perfectly, he added.
Through training one can minimize the risk of losing time and luck.
The AAB seeks to be an academic platform to help future brand and marketing experts to "stand on the shoulders of giants and look beyond to build the future."
Kim launched the academic forum about 10 years ago. It began by focusing on inviting local students to share their knowledge. Four years ago, the AAB expanded to invite students from around the world to discuss the future of marketing and brands.
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| Kim Chung-koo, president of Academy of Asian Business |
Companies, schools and households should train up the ability to see what's coming in the future, and build and reinvent their brands before the moment of truth arrives.
"It is like foreseeing when the big wave will come. Brands and even individuals should prepare to ride that wave by constantly asking questions how I could position myself in the future," Kim Chung-koo, professor of marketing at Sungkyunkwan University Business School, said in an interview with The Korea Times at his office in Seoul.
"We are in a war, and the winner would be those who can foretell the future and build that future with their brands."
Kim is also the president of the Academy of Asian Business (AAB), which holds an academic conference where college students, professors and businesspeople around the world share their knowledge in marketing. He is the author of "Prepare Your Wing," a business book about brands and marketing. The AAB hosted its conference last weekend.
Apple, Amazon, Google, Zara and Nike are some of the brands that became successful as they were able to "build the future" of phones, online book selling, online searches, fast fashion and sports shoes, he noted.
"They did not follow other brands. They built them by connecting the dots and looking into the future mostly from their garages," Kim said.
Above all, they were able to "see further by standing on the shoulders of giants," he said, quoting Isaac Newton, a 17th century scientist and theologian.
By studying the lives, works and history of past and modern renowned figures such as Newton, Galileo Galilei and Shakespeare, people can gain foresight ― sort of like seeing the forest for the trees, he added.
"You don't need to study only business to see the future for your brand. Just look at Steve Jobs. He wasn't an engineer or a musician, but loved listening to songs of Bob Dylan and did calligraphy," Kim said.
"Also, seeing further does not mean only looking at the Fourth Industrial Revolution, and what we can do with artificial intelligence. We tend to do that here in herds. This could lead us to miss out on other opportunities."
Of course, timing is important when it comes to creating and recreating successful brands. They would also need "luck" even if companies foresaw the wave perfectly, he added.
Through training one can minimize the risk of losing time and luck.
The AAB seeks to be an academic platform to help future brand and marketing experts to "stand on the shoulders of giants and look beyond to build the future."
Kim launched the academic forum about 10 years ago. It began by focusing on inviting local students to share their knowledge. Four years ago, the AAB expanded to invite students from around the world to discuss the future of marketing and brands.
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