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21st Century Brand Marketing – Tracy Stokes, Principal Analyst, Forrester Research #digital12

As part of our coverage from Digital Day 2012,
Tracy Stokes, Principal Analyst at Forrester Research, Inc presented a session in which she outlined how firms can take a fresh approach to their brands. Marketers, take note on how to brand your company in the 21st Century in this session entitled “21st Century Brand Marketing”.

  • Consumers media landscape is changing
  • New “media” are mass media
  • Consumers embrace multiple media choices
  • In the US, adults spend 12 hours/week online
  • Online media consumption has reached critical mass across mainstream media
  • Multitasking divides consumers attention
  • Participation on social sites is growing rapidly

TV will go digital in the next 3-5 years

  • What does this mean for marketers?
  • Welcome to the age of the customer
  • Sources of competitive advantage change over time

Where consumers are taking brands?

  • The pillars of brand equity are crumbling
    • Credibility
    • Leadership
    • Uniqueness
    • Relevance

Credibility

  • Brand pride (drives referral, word of mouth)

Leadership

  • Societal contributions drives pricing power

Uniqueness

  • Special experiences drives pricing power
  • Special experiences are more likely to pay a premium

Relevance

  • Creating indispensable value drives preference
  • Brands have a steeper hill to climb

How to Guide your brand in the 21st century? Marketers must chart a new course for brands

Brand North Star

  • All brands are guided by this
  • You must pinpoint your brands North Star
    • Examples: Oreo – celebrating childhood
    • Mercedes – status, the best
  • Your brands North Star must be:
    • Honest
    • Strategic
    • Inspirational
    • Concise

Brand Map

  • Throw out your old brand map
  • Update your brand experience map
  • Actions – define how your brand interacts with the world
  • Products – align and augment with actions

Brand Compass – Navigation

  • Forrester’s Brand Compass
  • Trusted – transparent and accountable (ex. Patagonia)
  • Remarkable – disrupt the market (ex. Secret-empowering women to be fearless)
  • Unmistakable – ex. IBM, smart planet campaign
  • Essential – ex. Tesco, virtual grocery store

In Summary:

  • Define North Star – in 7 words or less
  • Brand Map
    • Action
    • Product
    • Messages
  • Brand Compass

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