Building Brand Value With Digital Media
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A talk from Lewis Silkin's Brand Academy 2013, where Marcus Taylor discussed the opportunities for brands to grow brand value using digital / online media.
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Building Brand Value With Digital Media
- 1. Building Brand Value With Digital Media
- 2. Why do we care about building “brand value”?
- 3. “Brand Building” “Branding” = “Improving our reputation” “Build Brand Equity” “Brand Enhancement”
- 4. Your reputation precedes you If it’s positive, much of your work is done for you.
- 5. Why build brand value using digital media?
- 6. It’s where the eyeballs are
- 7. It’s where conversations & buying decisions are taking place.
- 8. If we don’t our competitors will
- 9. Long Term Colleagues Friends & Family Professional Intimate Brands One Night Stands Short Term Credit: Mat Clayton
- 10. Those we trust the most... are recommending (through likes, , tweets, and other social signals)… Long Term Friends & Family Professional Intimate Brands …Those we trust the least Short Term Credit: Mat Clayton
- 11. How do we do it effectively? “If one cannot increase the supply of a resource, one must Increase its yield” – Peter Drucker
- 12. The Lower Your Marketing Budget, the Smarter Your Digital Strategy Must Be. Lower budgets can be a blessing in disguise. They force you to think about 1:many (viral) marketing, opposed to The easier 1:1 marketing options.
- 13. Quality x Quantity Red Bull own a media company with 135 staff producing branded content. Their official video content has been viewed over 700,000,000 times.
- 14. Create conversions around the brand, not necessarily about the brand.
- 15. Emerging opportunities & innovation Mobile advertising is Currently ~1/3rd of the cost of desktop advertising. Huge opportunity for cost Effective content distribution.
- 16. Buzz + Advocacy Most brands are great at building buzz online, but struggle with advocacy
- 17. What are you doing to ensure your brand is getting involved in conversations around your products / services – and is it enough?
- 18. Thank you
Editor's Notes
- Hi guys, my name’s Marcus Taylor and I’m going to be focusing on how we can build brand value with digital media.
- So first off, whydo we care about building brand value?
- The marketing community uses a lot of buzzwords around brand equity, brand enhancement, and brand building, and for me I like to remind myself that when you boil these terms down to their fundamental, they essentially just mean improving our reputation. Improving our reputaiton as brands.
- Our reputation as people and as brands is important because our reputations precede us. If our reputation is positive then much of our work, particularly in selling, is done for us. When you walk into the Apple Store you don’t need to be convinced that you’re buying a high quality mobile device or laptop. Apple’s reputation tells you that, making it easier for Apple to sell their devices. So there’s a tangible value in brand’s improving their reputation.
- So why build brand value online using digital media? I think there are a number of reasons…
- First of all it’s where the eyeballs are. Facebook claims to have 1 billion active users, and the number of people going online and time spent online has increased year on year for the past decade.
- But perhaps more importantly, it’s where the conversations are taking place. More specifically, it’s where buying decisions are made. Last week I was looking for headphones and I used Google to find reviews of different pairs of headphones, which guided my buying decision. Even when I’m not actively looking for opinions on products and services I’m seeing Kevin Gibbons in my Twitter feed saying that Amazon AWS webservers are unreliable, and other people on Facebook discussing whether or not Econsultancy is a good place to list job vacancies. So even without being proactive, we’re constantly absorbing ideas that shape our buying decisions, and it’s important for brands to ensure that they’re positively present in these conversations.
- I’ve worked with quite a number of brands both large and small over the past 4-5 years, and quite often it does also come down to ‘if we don’t our competitors will’. There’s this defensive element of ‘if our competitors build their brand value using digital and we don’t, then that has a knock-on effect on our brand value’.
- For me, one of the most exciting opportunities for building brand value online is this idea that we can improve trustworthiness of our brands by being recommended and affiliated with the people we trust the most – our friends and family.
- So, with virtually every major brand using digital media in one way or another, the question is not should we use this, but how can we use this opportunity more effectively than everyone else. I want to talk through a few key strategies for being effective that I like to think about when crafting a digital marketing campaign around building brand value.
- The first thing is to understand the difference between 1:1 and 1:many marketing. Because of the prevalence of online sharing, there’s a huge opportunity now for brands to create content for the purpose of their audience sharing it among their friends. This is 1:many marketing. 1:1 is the old way of marketing where you pay £1,000 for 10,000 impressions. This is a great example by Coca Cola, where they’ve sponsored a very basic Facebook post for probably a few thousand pounds which appears in the news feeds of their fans. But because 1,500 people like the image, 608 share it, and 1,900 comment on it, it then has a second wave of visibility in many of their friends news feeds.