The most common understanding of brand value is a percentage
of financial value assigned to the brand’s name. It is an educated guess based
on how much more a customer will pay to be associated with the brand.
Let’s move past the educated guess part and toward the trust
factor associated with the brand.
Nike, BMW, Pampers, and Southwest Airlines all covet their
brand value because it represents a repeatable and trusted experience associated
with the brand. In essence, it’s the brand’s reputation.
Segmentation reporting by device can refine bidding strategy and increase conversion rates.
Understanding marketing’s contribution to revenue generation has two sides. Traditional brand value and awareness measurement require research, focus groups, and surveys to understand the customer’s emotional connection with the brand and their acceptance or rejection of the brand’s promise.
One provides tactical insight, the other the emotional glue
Big data is the buzzword of the day. The techno savvy number crunchers are heralding big data as an “end all, be all” for tracking RIO and determining which marketing initiatives to fund. I’m in agreement that big data, when properly interpreted, can provide customer insight as to the purchasing habits and the media channel that culminated the sale. No argument – this is valid tactical information and should be considered when planning marketing initiatives.
Integrating social media with your overall brand strategy can create an emotional connection with your brand.
“How Social Media Is Changing Brand Building,” published by Forrester Research, identifies three strategic roles that social media should play in brand building. Author Tracy Stokes correctly identifies that social media in and by itself cannot build brands but must be integrated with overall brand strategy and complement paid and owned media.
In the digital ecosystem, brand engagement is achieved by continuing the conversation.
I recently attended a seminar put on by the Digital Knowledge Centre in conjunction with the American Association of Advertising Agencies. The topic for the full day event was integrated digital brand strategy. An excerpt:
First aviation marketers should fully grasp the explosion of media channels and how that is impacting the distribution of content. In the modern media landscape brand engagement happens in three categories — bought, owned, and earned media.
The primal appeal of social media is the connectedness of like-minded people
In recent years, the emergence of different social media technologies has spurred a revolution in the aviation marketing. Today’s market necessitates that aviation manufacturers utilize these tools as an integral component to help build brand value.
“The Social Economy: Unlocking Value and Productivity through Social Technologies,” published by McKinsey & Company, presents a forward view on how social technologies impact value creation for manufacturing and service companies.