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Digital Media – Brand Equity Perspective Brand equity: A set of brand assets and liabilities linked to a brand name and symbol, which add to or subtract from the value provided by a product or service David Aaker Brand Equity Awareness Loyalty Quality Advertising WOM Community Association Transparency Responsive “Cares” Digital Marketing Overview 2014 Earlier Consumer Decision journey The Funnel Marketers have long used the famous unnel metaphor to think about touch points: Consumers would start at the wide end of the funnel with many brands in mind and narrow them down to a final choice.
Consumers started with a large number of potential brands in mind and After purchase, their relationship with the brand typically focused on the use of the product or service itself. Source: Branding in the Digital Age: You’re Spending Your Money in All the Wrong Places.
Fundamental changes in purchase Consider & Buy: Marketers often overemphasize the “consider” and “buy’ stages of the journey, allocating more resources to uilding awareness Evaluate & Advocate: Marketing investments that help consumers navigate the evaluation process and then spread positive word of mouth about the brands they choose Bond: If consumers’ bond with a brand is strong enough, they repurchase it without cycling through the earlier decisionjourney stages.
Helps in building brand community Impact on Purchase Funnel Global 51 % of brand word of mouth on internet is due to TV advertising 1 – 19% of word of mouth is due to PR, events and brand news 24% decline in confidence on TV advertising2 18% increase in trust on Word of Mouth since 2007 for purchase India 77% Of internet users refer to online reviews before purchase3 – Second most trusted source after friends and family 21 % decline in confidence on TV advertising for purchase 2 Brand advocacy is an important driver of brand consideration and choice in the age of social web Data2decision research 2013 http://www. arc. com/LatestNews/News/ TV _advertising_is_vital_to_word_of_mouth . news? ID=31155 Nielsen Trust in advertising (2012) http://WW”. nielsen. com/us/en/reports/201 2/global-trust- n-advertising-and-brand-messages. html 3 Nielsen India Release (April, 2012) http://www. fi. nielsen. com/site/documents/ NielsenTrustinAdvertisingGlobalReportApri12012. df 1 Brand Sales Consumers spend more time on digital media Influencers, Engage with loyalists Direct sales channel Reduce lead costs Feedback Instant feedback Reduce online negative word of mouth Research Better understand consumption patterns, brand perceptions in social context Brand Community Build digital brand asset for brands such as Digital Media is now an important part of the ommunication mix How should I run a digital campaign?
Brand Engagement Touch Point Since consumer spend more time on digital, it becomes an important touch-point Brand Recall Aid brand recall Sharing Brand activity is visible through social nature of digital media Engagement requires Research – Right understanding of audience Targeting – Effective targeting through media planning tools Execution – Creative that integrates desired brand positioning with target audience understanding Digital Campaign Stage 1 Setting Objectives Metrics Brand Awareness Sa les
Share of Voice Sentiment Growth in Stage 2 Conceptualize Stage 3 Execute Factors 1. Brand personality 2. Integration with overall communication 3. Understanding Target Audience 1. Decide Platforms 2. Media Buying 3. Engagement tools 4. Optimizing media (CTR, CPM, CPC) Stage 4 Measure 1. Use of analytics 2. ROI – sales, membership, Key success factors Aligned with brand Why digital campaigns go wrong? Key factors Integrated Target Audience Not aligned with the overall brand positioning Not integrated With other communication such as TV, Print, Radio etc.
Lack of understanding of the igital habits of the target audience Which platforms are more important for a campaign? platforms Important question to ask? Is the platform aligned with my objectives? Does it help build a brand community? Is it helping create a digital asset? Source: Mahesh Murthy – Rol in social marketing: some metrics. By Mahesh Murthy of Pinstorm Common Mistake Chasing Facebook Fans! Typically less than 5% of your updates are shown to your fans You need a sponsored story to reach your own fans Every time you need to engage with Fans, you need to spend more!
Is Facebook page a digital asset for a brand? Why did this happen? Facebook is a Social Networking platform With more ads and brand updates, user loose interest, which harms Facebook as a platform Facebook stock price was declining To boost revenues, stock price, brands were asked to pay more to reach their own fans Facebook has launched new ad formats – In feeds, and video! Pepsi vs. Coke during IPL 2013 IPL 2013 season Pepsi’s share of voice was back to the same level after investing heavily in IPL Source: Pepsi vs. Coke study – Drizzlin Media
How important is the creative aspect? Red Bull Stratos The Consequence Interbrand’s top 100 brands 2012 – Most of them have not spent too much on Media Buying! Strong digital campaigns should be a part of the overall Integrated Marketing Communication Example: Dove Real Beauty Dove’s real beauty story is almost 9 years old, which began with market research in 2004 that indicated that only 4% of women in the world consider themselves beautiful. Dove’s campaign received more than 60 million visits 4% of women in the world consider themselves Is there any other way of engagement?