The challenging psychological state of consumers today presents a significant challenge for brands. It is crucial for brands, especially those that have been market leaders with higher prices, to demonstrate their relevance in people's lives.
Over the last few years most brands have focused on gradually improving "more" (faster, more mega pixels, bigger, cheaper) of their current offering, and this is mistakenly considered innovation. Gradual improvements run the risk of not being perceived by the consumer or of rendering the brand itself irrelevant.
In the current condition, the customer may realize that he does not need so much that "more" that the brands used to offer, but rather something different or really important.
Many leading and recognized brands maintain preference in their markets despite the uncertainty; because they managed to understand what makes them relevant to their consumers and/or reinvented themselves.
Here are some questions we should ask ourselves to find out if we are on the right track
1) Can my value proposition evolve to other worlds? Many companies focus on leveraging their core skills, values and ambitions to continue competing in the same market, but it turns out that the consumer is changing rapidly and wants to evolve, so they need strong, trusted brands to show them the way, which is if you have strong foundations that are relevant in new or other categories.
EX.-Amazon: logistical strength, attraction of talent with very specific characteristics, ability to inspire society through solutions that had not been thought of before.

2) Are you listening to the customer and your employees? Being obsessed with knowing the most intimate expectations, desires and needs of consumers and making them tangible through products, solutions or stories, is fundamental to inspire the consumer.
Customer knowledge is usually in the hands of the employees who deal with them on a daily basis, that's where the next disruptive innovations in the category are going to be, in fact it is quite possible that they are being implemented empirically without management knowing it.
Brands that Inspire become relevant, so much so that people prefer to consume less but still buy the same brand.