Canadian Ad Insider

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

[adrotate banner=”6″]