A successful brand is made when its creators know how to react to a negative comment from a customer online and avoid disaster, said Bernd Beetz, CEO of global beauty company Coty.
"This notion that we go out and we listen to the consumer who tells you what your brand should be is a disaster", said Beetz to a packed room.
A company, he explained, needs to know what the brand stands for, what it means, and the customer will appreciate the authenticity. Companies that connect with their customers online and through social media need to learn to extract the useful information form each negative review.
"Today, you need to impact the consumer’s life in a positive way. For some its a picture, a video, a game. For a brand there are different ways to do that and you can only achieve it if you have the right corporate culture", said Beetz.
Sharing the stage with Beetz were Diesel cretor Renzo Rosso and social media entrepreneur and blogger Sasha Wilkins, who moderated the discussion.
The power of celebrity has played a key role in the success of Diesel clothing, said Rosso.
"Celebrities are on the news, on the media, all the time", he said.
"People don’t care if the government hass done something nice, they care if Lady Gaga has a new boyfriend".