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.
Most B-to-B marketers are faced with the dilemma of more marketing channels than resources.
We are living in the age where there is a marketing channel
or marketing platform for almost every aspect of B-to-B marketing. From
outbound channels for customer acquisition to platform channels for managing
the marketing process. It seems there is
a provider at every turn offering the latest marketing technology with promises
that their technology will wholeheartedly produce the marketing results you are
looking for.
Smaller manufacturing firms are still viewing marketing as an expense rather than an investment.
Why do manufacturing firms treat marketing as an
afterthought?
Currently, I’m in prospecting mode for new business. Saying good bye to Dallas and hello to Denver has required me to rev-up my prospecting skills and make business contacts in a new region. One of the realities I’m seeing is the lack of urgency or thought that manufacturing firms display toward their own brand.
Let me explain. There are fewer big dog companies in Colorado than there are in Texas. This is due to several factors, including cost of living, strain on natural resources, availability of affordable housing, etc. For comparison, the population of Dallas and Fort Worth is greater than the entire state of Colorado. Most of the business activity in state is spread out along the front range. Some market segments such as healthcare and recreation display some pretty savvy branding chops. However, many of the smaller manufacturing firms are still viewing marketing as an expense rather than an investment.
Large numbers of followers are not an indication of an effective social media strategy
In a recent study, Americans were asked why they used social media. 40% indicated that their reason was to find more information about a company or organization. In addition, 26% of Baby Boomers, 31% of Gen-Xer’s and 43% of Millennials indicated that social media has some influence on their purchasing decisions.
Life After Advertising 2.0 