The invention of Brand equity was loosely defined in the 90s as intangible value that companies and products held in the mind of a prototypical“consumer”. Brand equity was driven by a comprehensive brand strategy or brand identity. Brand marketing enthusiasts featured the difference between a company’s asset book value and its stock price as one representation of brand equity. They also pointed to price premiums commanded by market leaders as another representation of brand equity. The priority for brand development during this time was placed on developing a brand identity through differentiation messaging first, and form (billboards, magazines, sponsorships, etc.) second.
Brand equity proved as difficult to measure as it was to define. The introduction of the internet and e-commerce within the consumer value change has further complicated the process of creating a “brand”identity and driving brand equity.
I believe the last 10 years has seen a priority shift in marketing efforts from“brand identity content” to “brand identity context”. In today’s “branding” arms race, how a a company messages is perhaps more important than what a company messages.
Engaging customers through Twitter, blogs, forums, chat rooms, instant messaging, physical to virtual product promotions, Second Life, user affiliate communities, rating systems like yelp, mobile applications, Youtube, technology partners/vendor promotions, etc. all inform the connected customer about your company, your products, and how you relate to your customer.
In the early days of internet marketing, the following maxim held true: If you can’t search for it, it doesn’t exist. While this is still true in today’s marketing world, it is highly likely that if you maintain a top competitor position within a mass market niche, your name WILL come back in a search result. It also highly likley that you name WILL come back via a communication context you have not leveraged, containing content you did not create!
Companies need to choose how they engage their customers and stakeholders through internet carefully. A company’s messaging and listening capabilities informs the world about its brand just as much as its logos and other marketing materials. Marketing leaders are recognizing this shift. They recognize the internet IS NOT a “paved cow path” replacing magazine and billboard placements. They recognize the need to proceed with caution when engaging customers on the internet because the internet is an interactive medium and captures a reference-able digital product history forever. Building a marketing presence on the internet is no longer about placing an ad, but rather, building a relationship.
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I can’t tell if this is a sales video or “dirty talk” for electricians!
