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