A brand is an easily corrosive metal that needs to be kinetically burnished, buffed, shined and oiled each day to remain relevant and competitive. A brand is judged by its combined elements: products, services, support, infrastructure, and supply-chain advantages. As any C-level exec likes to say, “When we boost our brand’s short-and long-term value through competitive dominance and market demand, we will boost our overall earnings.” As any sports or music legend might say: “I am only as good as my last game, my last performance, my last opportunity to build my lifetime brand value in this business.”
Global and local retailers and manufacturers have weathered our battered global economy by downsizing human capital, improving supply-based economics, enhancing operations and reining in costs. It’s now time to focus on increasing revenues and profit, market share and brand value. The greater your brand value, the easier it is to generate profits. Achieving high brand equity is imperative, but it isn’t easy to do. Palliating mammoth advertising and messaging from a consumers perspective, outside of ad blocking is also mind numbing, mind irritating especially if targeted and received erroneously.
For consumers and CMOs there is a mind-numbing-ocean of content and advertising free-flowing through broadcast mediums, websites, social clouds, email, magazines, radio, direct mail, etc. Targeting the right, most profitable environment for building your brand value has never been more difficult, more demanding, more confusing. On top of having to choose the right medium, you’re also faced with replete, changing buying habits of baby boomers, the expansion of key ethnic populations and consumers’ unrealistic expectations in product enhancements, product pricing.
All of this hyper-messaging, along with an explosion of product and brand choice, the onslaught of new private label products and an insane amount of referenced content causes brand loyalty to rapidly erode. Of course the righteous and relevant purpose of these dauntless and fastidious brand reveals, brand messaging is to increase the emotional capital of your brand, your product and intended services. The closer you are to your intended target the closer your brand is to realizing profitable results from a consumers emotional capital.
Consumers today experience an average of 250 times more advertising messages each day than they did 30 years ago. CMOs and their team members are drowning in ever-growing workloads, changing statistics and course corrections in their attempts to gain brand advantage. The pressure is on for manufacturers and retailers to build, maintain and grow a profitable reservoir of knowledge ambient and aggregated to their CRM and SCRM data pools. Knowledge to ensure effective targeting, measurement and returns to fuel brand profit, competitive brand elasticity.
There is a very effective strategy available to CMOs to combat these challenges. First, CMOs need to mold a sturdy metric-based consumer information database that’s coupled with smart algorithms. By aggregating relevant data, CMO’s can plan and execute brand strategies using statistical reporting techniques. Second, collecting consumer data through CRM dashboards will attract, convert and retain the targeted demographics that realize profitable ROIs. By targeting the most relevant advertising mediums and distribution channels these steps will create profit pools of market potential. In essence, the CMO title within our digital economy stands for “Chief Metric Officer.”
Here are core principals to help you build a profitable brand:
- Deep “heat-map” data collection on targeted consumer information/demographics as relevant to market size, geographic density, household income, age, costs of engagements, estimates of consumption, loyalty grading, lifestyles and attitudes.
- Capture and analyze data to predict future market trends and the changes in market and consumer disciplines, demands and behavior.
- Smart money is calculated money. Follow the money through market research, consumer segmentation, analytics and probable impact across relevant market and consumer landscapes. Smart research calculates and foretells profitable opportunity.
- Identifying the future economic potential of particular market segments is critical for brand success. This auger allows for product penetration, boosts smart brand awareness where there may be a void.
- Insights, insights and more insights. Insights determine and guide which segments to target at what time, with what product and at which price point. Insights boost your brand.
- Do the math. Statistical and analytical modeling is needed to quantify and determine the relationship between product, brand and purchasing behavior. In life, like in business, as in building your brand it doesn’t really matter who you hang out with. What matters is how you found them, where and how your brand will be most effective, accepted and demanded with them: where you will gain your most advantaged brand acceleration, market growth, profitable returns. And, how you intend to hang with them profitably.
The days of a CMO relying on career experience and pure intuition are long gone. Today, brand building lives and breathes through scientific data, social market segmentation and exactly where you core-down-and-heavy-up your brands pecuniary bets.