Branding In A New Economy
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The document discusses the importance of brands, especially in a down economy. It emphasizes that brands should be thought of as networks rather than linear systems, with both companies and consumers contributing to the brand experience. It recommends that companies focus on building emotional connections with consumers by better understanding them, engaging them in product development and marketing, and telling stories that create emotional responses. Companies should leverage current economic uncertainty as an opportunity to think differently and partner with consumers rather than rely on traditional top-down approaches.
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Branding In A New Economy
- 1. The Importance of Brand in a Down Economy Creating Emotional Attachment to Gain Market Share and Dont Be Afraid of the Consumer
- 2. Todays Objective Our goal today is for you to think about YOUR COMPANYS NAME HERE Difference. As the CEO/President of your company, do you know if your brand story being told consistently at all levels of the organization. What well do today is talk about brand and why it matters and how it has changed. Well talk about how your brand is delivered and why perception of your brand is constantly changing.
- 3. Review Session: Why is a Brand Important?
- 4. Review: Why a Brand? We understand your customers trust you. You have a personal relationship with them, but they also have a relationship with you as a brand . We are here today to talk about your brand. If a company wants to grow, especially in a down economy, they must pay attention and manage their brand and then they must give their consumers a say in the brand. If you dont articulate your brand, the competition will.
- 5. Review: What is a Brand? It is not just the name, symbol, design or mark associated with a brand. It is the experience a consumer has with a brand that enhances the value of the product or service beyond its functional purpose. It identifies a promise. A strong brand is a trustworthy, relevant, distinctive promise. It is more than a trade mark. It is a trust mark of great value.
- 6. Review: Benefits of a Brand Awareness - People need to be aware of it. Benefit It fills a customers want or need. Performance - The brand never lets you down. It will provide superior delivery of your wants and needs. Emotional Linkage - A relationship between the brand and the customer that will make the customer feel the purchase has value.
- 7. Review -- Branding is the Key to Decision Making Customers believe your product to be an important answer to their needs, and if its something the competition doesnt have, customers will buy it - or at least consider it seriously. Therefore, the job of branding and marketing the brand is to provide important, believable uniqueness and communicate it effectively.
- 8. Review: Branding is the Key to Decision Making You choose not to buy brands the same as you decide to buy brands. Therefore, all purchasing decisions are based on the brand. Consider the decisions you make relative to athletic shoes, groceries, cars, electronics, wireless carriers, etc. Brands are not just important in consumer goods, they are more important in the B2B. People who buy custom manufactured products, electrical components or signage are also consumers they think and react like consumers
- 9. Review: Branding is the Key to Decision Making People buy brands, not products. A product has specifications. A brand has personality . A product is used. A brand is experienced . A product says a lot about the manufacturer. A brand says a lot about the customer. A product has a price to it. A brand has value . The fact is that customers pay more for trusted brands.
- 10. What is Your Companys Current Brand?
- 11. A company leader should be able to articulate their brand. Every team member should also be able to do this. Think about the words that describe your companys difference. Then, go deeper describing what these words mean to YOUR company. People Service Products Flexible Innovative Easy to work with Reliable Trusted Relationships Your Differentiation
- 12. What Your Brand Means for You Be aware of the promises your company is making to its customers and the community. Take pride in the reputation and trust you have created with customers. Believe that you are truly different from your competitors. Live up to the promises you make to customers, vendors and competition. Think differently!
- 13. How to Think Differently
- 14. Think about how your brand is delivered: Most branding concepts are derived from advertising approaches. The problem is that most concepts of modern advertising were developed decades ago: a stimulus (advertising) leads to a response (consumer remembers the brand) this evolves into brand equity (future purchase consideration) And all of this is under the control of the brand owner. This makes all communication outbound, all messaging is linear, and we believe the results can be measured. Its the marketing Field of Dreams -- Send the message out and they will respond! Linear vs. Network Thinking
- 15. Today, we realize that the world is not a linear system (one thing leads to another and is repeatable). We know the world is a network and you should think of your brand this way, too. According to Martin Lindstrom author of Brand Sense , brand is a network of sensory experiences including visual, audio, touch and feel, smell that combine to create a brand experience. This is true for B2C and well as B2B. Brand today, is not a linear brand promise developed and delivered through impersonal, outbound mass media. Brands must be thought of as a combination of the marketer and the consumer both adding something and both taking something away from the exchange. Linear vs. Network Thinking
- 16. So what does this mean for you? You probably have said we ran an ad and it didnt work. Traditional advertising is not the answer anymore Brands are dynamic because they are networks they continually evolve and change and adapt. Both the brand owner and the consumer are in play to define the brand Linear vs. Network Thinking
- 17. What do you do? Understand that the consumer is in the power seat Understand how value is created for, by and between you and your consumer Ask your consumers engage them at every turn and listen to what they say Think of your customers as partners in your marketing efforts Understand how each of you impact the brand and the buying decision Think about how you control and change the Brand Network Who in your organization is in charge of your Brand Network? Use a marketing mix to optimize your Brand Network Engage your consumer on the emotional level the level of the senses and emotions Linear vs. Network Thinking
- 18. Creating an Emotional Connection
- 19. In todays economy it is difficult to convince a consumer to buy. You need to get them on the emotional level the level of the senses and emotions. Corporations must build stronger connections and relationships which recognize the consumer as a partner. An emotional connection will overcome a price objection Emotional connections help consumers connect subliminally with companies and their products Think about Axe It is not positioned as a better body spray, it is positioned as the brand that helps young men get an edge on the dating game Emotional Brand Connections
- 20. How do you do this? Listen carefully to people in order connect with them Get to really know a good customer what is their spouses name? What are the childrens names? (CRM) If your customer is a Baby Boomer, why do you have a GenXer in your marketing materials? Are you trying to be all things to all peopls? Think about the sensory experience a customer has when the encounter you. Both B2B and B2C companies create a sensory experience. If you are B2B, utilize some of the conventions in retail companys. What does your facility look like? What music is playing? What are the colors? What are your employees wearing? What are they saying? What does your facility smell like? Is it hot or cold? Emotional Brand Connections
- 21. How do you do this? Think about creating a dialogue with your customers, not just communication Exploit how your product or service can save your customers time Time now has more perceived value than money. Think about the nostalgic value of your product or service and exploit it Retro is cool, history is comforting. Cause Marketing stand for something Emotional Brand Connections
- 22. What Should You Do? Review how much consumer input is going into your product development, packaging, marketing messaging, pricing. Think about your consumer experiences. Are they linear or do they have high involvement? Are your messages outbound only, focused on what you want to say not what the customer wants to hear? Are you using user generated (community-based) marketing vehicles: Linkedin Facebook Twitter YouTube Are you allowing customers to make pricing and content decisions? Think about eBay, Priceline and Wikipedia The Beginning
- 23. What Should You Do? Are you doing any market research lots of inexpensive ways for small and midsized businesses to do research: Survey Monkey Webinars be the thought leader Build your database, gather intelligence, generate leads Website email blasts Blogs Events Update your website. Does your site come up in searches and does it offer: Customer interaction/ Voice of the Customer On-line community/on-line promotions Customer survey Third Party Endorsement/Testimonials The Beginning
- 24. What Should You Do? Determine your company story our brains are hard-wired to respond to stories Stories make good marketing tools because they create an emotional connection with an audience Stories are memorable. Think about proverbs He who laughs last, laughs best Statistics are hard to relate to, stories are not Stories communicate emotions. Our so-called rational behaviors are strongly influenced by our emotions Bike Helmets are not for safety they are to protect mothers from their fear of their children getting hurt. Concentrate on the users of your products, not the products you make and sell The Beginning
- 25. What this does NOT mean: According to J. Walker Smith, president of Yankeovich MONITOR, a marketing consultancy: Companies should not let the consumer control their marketing, product development, pricing, etc. Consumers want to participate they dont want to manufacture, distribute or sell our brands. Consumers dont want to control marketing, they want to control their experiences with brands. Consumers want to manage their engagement, they dont want us to create the rules of engagement. (Scion, Mini Cooper, Build a Bear) The Beginning
- 26. What Should You Do? Use the uncertain economy to think differently and act differently about your brand Opportunity cannot always be found through research and analysis. Instead use this economy to create opportunity for your products and services by making decisions in conjunction with your customers. Dont look to the typical top-down framework to make business decisions (not just marketing decisions) Seek partnerships, leverage flexibility Transform uncertain situations into new products and new markets Forget the spray and pray approach todays climate calls for more targeted and more personal marketing Dont let the relationship with your customers be staticlearn more about them The Beginning
- 27. Adversity doesnt build character, it reveals it. -- Anonymous
- 28. Insanity is doing the same things over and over and expecting different results. -- Albert Einstein
- 29. Marketing mix modeling is a really good metric in the short term. Brand equity is a good metric in the long term. Tony Palmer, CMO Kimberly-Clark
- 30. There are no great marketing ideas with out great customer insights that no one else has. -- Sarah Puls VP of Brand Management, ITW Food Equipment Group