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The New Brand Normal

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Information about The New Brand Normal
Business & Mgmt

Published on March 5, 2014

Author: ProphetBrandStrategy

Source: slideshare.net

Description

Every year, FORTUNE and BusinessWeek publish influential research on high performing companies. All of these companies have demonstrated superior business performance and have established powerful brands in the market.They’re strong, relevant brands. These are brands that resonate deeply with consumers, drive insight to impact and are admired for quality products, services and leaders. Marketing excellence is the norm at these companies. Marketing is a respected function, with leaders that drive the marketing agenda. Their teams maintain strong business acumen, and they have a deep understanding of market forces and strategic knowledge. Most importantly, their leadership teams get it. True cross-functional collaboration and integration exists throughout the corporation, and the management teams are de-siloed. These leaders are customer experience zealots: They demand consistency of experience across all touchpoints, they understand moments of truth, and they ensure that their employees understand their roles in bringing their brand promise to life. Read through for 5 Principles for Creating a Strong Brand.
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THE NEW BRAND NORMAL: IT'S NOT SO NEW AND IT'S ANYTHING BUT NORMAL SCOTT DAVIS CHIEF GROWTH OFFICER Proprietary and confidential. Do not distribute. Proprietary and confidential Do not distribute

Hot off the presses; rankings of corporate brands Every year, FORTUNE and BusinessWeek publish influential research on high performing companies: FORTUNE‟s Most Admired Companies BusinessWeek‟s The Best Global Brands Proprietary and confidential. Do not distribute.

Many companies have made both lists… Proprietary and confidential. Do not distribute.

…so what do these companies have in common? All of these companies have demonstrated superior business performance and have established powerful brands in the market STRONG, RELEVANT BRANDS MARKETING EXCELLENCE IS THE NORM  Able to develop strong brands that resonate with consumers  Admired as driving insight to impact  Admired for quality products and services and leaders  Marketing is a respected function, with leaders that drive the marketing agenda  Maintain strong business acumen  Have a deep understanding of market forces and strategic knowledge LEADERSHIP TEAMS THAT GET IT  Think about brand building and the bottom-line – brand and demand  True cross-functional collaboration and integration  De-siloed management teams CUSTOMER EXPERIENCE ZEALOTS  Consistency of experience across all touchpoints  Employees understand their roles in bringing their brand promise to life  Understand moments of truth Proprietary and confidential. Do not distribute.

Another way to measure In 2013, Fast Company did its annual ranking of the “World’s Most Innovative Companies” Proprietary and confidential. Do not distribute.

Only a handful of companies made these three lists… Proprietary and confidential. Do not distribute.

…but what do these companies have in common? These companies have shifted and understand the power of their brands, both internally and externally, and have…  Leaders who continue to reinvent the business and the brand  Constantly think what is next – new offerings, experiences, business models  Fail fast mentality – constant test & learn mode  Design thinking as a pervasive part of the company culture  Executive-level commitment to diversity in thinking – internally and externally  Culture that emphasizes the customer’s relationship with the brand  Measurement and reward systems that align with building strong brands Proprietary and confidential. Do not distribute.

A fourth way to measure To start 2014, FORTUNE did its annual ranking of the “100 Best Companies to Work For” Proprietary and confidential. Do not distribute.

We are left with only a few leading brands Proprietary and confidential. Do not distribute.

Finally, a fifth way to measure To end 2013, Brand Index measured the 25 most talked about brands of the year Proprietary and confidential. Do not distribute.

Even fewer companies made all five lists Amazon and Google get it. They thrive around a shared purpose aimed at delivering end-to-end brand and business experience for both BTB and BTC Proprietary and confidential. Do not distribute.

Most of the brands just mentioned continue to outperform the market Top 10 brands according to Interbrand’s 2011 ranking; stock information from Google 8 out of 10 top brands beat the S&P index S&P 500 Proprietary and confidential. Do not distribute.

Most of these brands get to experience benefits others cannot Proprietary and confidential. Do not distribute.

Some more so than others Toyota Camry Lexus ES 2.5L Hybrid 2.5L Hybrid 200hp 200hp Georgetown, KY Georgetown, KY 43/39mpg 40/39mpg $26,500 $39,500 Source: http://www.toyota.com/camry/?srchid=sem|google|Camry|Car_Camry|Car_Camry_Base|Existing|Camry_MLP#!/panels2, http://www.lexus.com/models/ES/specs/ Proprietary and confidential. Do not distribute.

Some more so than others Toyota Camry Lexus ES 2.5L Hybrid 2.5L Hybrid 200hp 200hp Georgetown, KY Georgetown, KY 43/39mpg 40/39mpg $26,500 $39,500 Source: http://www.toyota.com/camry/?srchid=sem|google|Camry|Car_Camry|Car_Camry_Base|Existing|Camry_MLP#!/panels2, http://www.lexus.com/models/ES/specs/ Proprietary and confidential. Do not distribute.

But it isn‟t as easy it used to be when we all lived in a push world Brands are more difficult to build, understand and control… Source: LUMA Partners LLC

…which leads to chaos, confusion and trust issues CONFUSION Only 24% of consumers trust the ads they see CHAOS Over 50% of those surveyed said they thought marketing and advertising were out of control 94% trust word of mouth Even when exposed to a brand message 10+ times online, only 26% of consumers could recall it Consumers believe that 70% of brands could disappear without them taking notice Source: Fast Company, Hubspot, Nielsen, Emarketer, Havas Media, Prophet 40% of B2C and B2B marketers believe that they will have less control of their brand in 3 years 90% of marketing investments are in traditional mediums, but only 1 in 5 are getting the results they want Proprietary and confidential. Do not distribute.

Marketers are overwhelmed by the vehicles, choices and expertise areas they need to build Story over campaign Analytics „connects the dots‟ Marketing Agility Experience matters Device integration Knowledgesourcing communities Power of social media E-commerce Richer dynamic media Smarter web Digital personal assistants Short-form content Mobile maturity Marketing automation Digital identity mgmt, privacy, and security Brand partnerships Location-based services & nearfield comms Hypertargeting Multiple devices Deck Title Wearable devices Proprietary and confidential. Do not distribute. not distribute. 17 Proprietary and confidential. Do

And they know that Millennials are changing the game… Talk value matters more than ever, especially among millennials who live in a video-on-demand-on-the-device-oftheir-choice world. Average times per week that a consumer mentions specific brands in conversations with friends, family and co-workers Percentage of consumers who consider buying the brand, product or service recommended by a brand advocate Percentage of Facebook and Twitter followers, respectively, who are more likely to recommend brands after becoming a follower Proprietary and confidential. Do not distribute.

…and the role of community and peer influence is here forever WHAT MAKES YOU AWARE? WHAT MAKES YOU BUY? Awareness Driver Purchase Driver Advertising (TV, print, online ads) Most Friends and family who volunteered their opinion Observing people use product/brand Research conducted online Friends & family from whom you sought out opinions Information at store or on-shelf Company's website Promotion/sponsorship from the company Sales material by company that came to you Product reviews by experts, peers Research conducted offline Sales material by company that you sought out Salesperson at point of sale Direct mail with special offer from company News media Email/text message with special offer from company Telemarketing with special offer from company Least Friends & family from whom you sought out opinions Most Friends & family who volunteered their opinion Research conducted online Promotion/sponsorship from the company Product reviews by experts, peers Company's website Information at store or on-shelf Research conducted offline Observing people use product/brand Advertising by the company Sales material by company that you sought out Sales material by company that came to you Direct mail with special offer from company Salesperson at point of sale News media Email/text message with special offer from company Telemarketing with special offer from company Least Source: Jack Morton : The Year of Experience Brands Proprietary and confidential. Do not distribute.

InI knowNetworked Era, an this really anyof touchpointsor 50 the this is confusing, but is explosion different than 20 is years ago? now the norm Word of Mouth Influencers/ Ambassadors Friends & Family Wiki Blogs Online Community Call Center Books Steve Jobs Apple Website PR Online Training Spons orship Downloads Advertising Account Mgmt RSS Gift Certific ates TV Adverti sing Print Social Networks (Facebook) RSS Billbo ards Worldwide Developers Conf. Endo rsem ent Bill Me Later Prom otion Events Starbucks Partnership Nike Tours Email Apple Expo MacWorld Expo Product Feature Design AS/ Warranty Independent Resource Providers Extension Social Software (ebay/ Amazon) Workshops Apple Store Purchase Experience Authorized Reseller CGM Merchandise Sales Rep Genius Bar Display Customer Service Billing Statement CGM Reviews Proprietary and confidential. Do not distribute.

However, is confusing, but is this really any different than 20 or of I know this a time tested approach can make sense 50 years touchpoints these ago? Word of Mouth Influencers/ Ambassadors Friends & Family Wiki Blogs Online Community Call Center Online Training Books Steve Jobs Social Networks (Facebook) Apple Website PR Spons orship Downloads Advertising Account Mgmt RSS Gift Certific ates Advocacy Worldwide Developers Conf. TV Adverti sing RSS Billbo ards Print Awareness Endo rsem ent Bill Me Later Prom otion Events Starbucks Partnership Nike Tours Email Apple Expo MacWorld Expo Product Feature Design AS/ Warranty Extension Trial/Usage Independent Resource Providers Social Software (ebay/ Amazon) Workshops Apple Store Purchase Experience Authorized Reseller CGM Merchandise Sales Rep Influencers Genius Bar Display Customer Service Billing Statement CGM Reviews Proprietary and confidential. Do not distribute.

Strong brands get customers to do things others don‟t • 60% of customers prefer to buy new products from a brand they know well • 25% of customers state price does not matter if they are buying a brand they are loyal to • Brands with high advocacy get 264% more earned media impressions than average brands • Millennials and Gen We influence a lot Proprietary and confidential. Do not distribute.

Strong brands get customers to say… Proprietary and confidential. Do not distribute.

We all know it takes a significant investment to build a strong brand… Proprietary and confidential. Do not distribute.

…but that investment can evaporate if not managed well Proprietary and confidential. Do not distribute.

PATH TO BECOMING A GREAT BRAND: IT‟S REALLY NOT SO NEW OR NORMAL Proprietary and confidential. Do not distribute.

There are five tenets for building strong brands Relentlessly Drive Brand Relevance Be Clear on Your Purpose Become Famous for Something Create Seamless Experiences Arm Your Communities Proprietary and confidential. Do not distribute.

Be clear on your purpose Know what you want to accomplish. Align business and brand strategy. Understand your target segment and where the gaps are. Build a brand that will disproportionately win with those segments Proprietary and confidential. Do not distribute.

Become famous for something Get talked about, make your brand fascinating and disruptive relative to those around it. Keep banging the drum. Earn your media and use your culture to your advantage Proprietary and confidential. Do not distribute.

Arm your communities Leverage employees and loyal customers as allies— Millennials can make or break you. Give them a reason to love you and influence others to do the same Proprietary and confidential. Do not distribute.

Create seamless experiences Give customers what they want through any channel, in ways that make them remember on- vs. offbrand behaviors. Leverage a consistent identity to build and maintain brand loyalty Proprietary and confidential. Do not distribute.

Relentlessly drive brand relevance Think bigger than incremental improvements to constant innovation to stay relevant. Leverage the brand to reach new segments, new emotions and greater partnerships Proprietary and confidential. Do not distribute.

Link Proprietary and confidential. Do not distribute.

We have seen all of these work well together Relentlessly Drive Brand Relevance Be clear on your Purpose Become Famous for Something Create Seamless Experiences Arm Your Communities Proprietary and confidential. Do not distribute.

Staples was seen as undifferentiated and faced competitive threats “SEA OF SAMENESS” OFFICE SUPPLY WAREHOUSE Price Focused Frequent Sales Wide Selection Massed displays Proprietary and confidential. Do not distribute.

A new purpose was found DEMANDERS RELATIONSHIP DRIVEN ENTHUSIASTS EFFICIENCY SEEKERS Segmentation applied across key targets: from small business and power users EASE OF DOING BUSINESS more important than lowest price HASSLE-FREE buying experience MAXIMIZE EFFICIENCY in terms of time/effort Proprietary and confidential. Do not distribute.

Became famous for being “easy” ―That was easy‖ campaign brought the brand positioning to life by making problems go away with the push of a button After the campaign store sales rose 5% and customer satisfaction increased dramatically Brand awareness spread even to out of category purchasers with the ―easy button‖ which generated $7.5M in sales Proprietary and confidential. Do not distribute.

Turned communities into brand ambassadors Created a new service approach for floor staff: Engage, Ask, Show, Always Yes Changed way leadership communicated internally – from technically correct to better focused, including the brand voice (wit and polish) Store managers spent ~20% less time in the back office reallocated that time to be on the floor helping colleagues and customers Proprietary and confidential. Do not distribute.

Developed a “hassle-free” experience “PRODUCTIVITY EXPERT” New Solutions Free Delivery Loyalty Programs Interactive Displays Education Mobile Ordering Online order and in-store pick-up Office product buyers needed an expert to help them navigate a vast array of category choices Proprietary and confidential. Do not distribute.

Continues to differentiate a relevant brand Staples became the #1 office supply retailer, surpassing OfficeMax and Office Depot Store sales growth outpaced the leading competitor by 10-15% over a seven year period Staples continues to profit and refocus on online retail, while competitors continue to sink and consolidate Source: WSJ, Thompson Reuters, The Boston Globe Proprietary and confidential. Do not distribute.

We have seen all of these work well together Relentlessly Drive Brand Relevance Find your Purpose Become Famous for Something Create Seamless Experiences Arm Your Communities Proprietary and confidential. Do not distribute.

Scott Davis Chief Growth Officer sdavis@prophet.com @scottdavisshift (312) 878-4934 Prophet prophet.com

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