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Home > Iterative Marketing Podcast > Why Brand Matters


	Podcast:		Iterative Marketing Podcast
	Episode:		Why Brand Matters
	Category:		Business
	Duration:		00:28:49
	Publish Date:		2017-05-19 11:14:39
	Description:		Show Notes Today s episode is all about discovering the impact of brand on your organization s bottom line. While many companies want to focus their investment on Do-state marketing, it s actually less expensive to invest in brand and build affinity earlier in the customer journey. What Do We Mean By Brand? (3:45 – 5:34) Brand: the level of awareness and emotion toward an organization; also, how your audience perceives your organization A strong brand is comprised of three things: The target audience is aware of the brand The target audience has a strong emotional feeling toward that brand The target audience thinks and feels consistently about the brand Resources: Podcast Episode 2: Defining Your Brand Podcast Episode 11: Using Brand Vectors To Measure & Align Your Brand Podcast Episode 12: Bringing Your Brand To Life Benefits of Having a Strong Brand (5:35 – 13:15) Humans make decisions based on emotions A strong brand can short-circuit decision making and keep an organization from competing on price alone Brand investment means investing in a relationship with an audience not yet ready to buy Being along for the customer journey positions your brand as a known entity that is sought after at the point of sale This plays on the law of reciprocity in Robert Cialdini s book Influence Close rates, cart abandonment, time-to-close are all metrics that reflect the influence of brand Charity Break – Red Rover – (13:16 – 14:19) Brand Investment is Less Expensive In The Long Run (14:20 – 17:39) Investing in brand is less expensive than investing in Do-state tactics The cost of reaching a Do-state audience is expensive because everyone else is bidding on that same audience Investing in an audience s interest builds affinity earlier in the customer journey When we do not compete on point-of-intent, we can buy our audience at a lower rate Investing in Brand Limits Downside Risk (17:40 – 21:31) Brand is like an insurance policy for when there is an over-reliance on a Do-state tactic Ex: A company s margins covered their AdWords costs until Google changed its search algorithm and its deluge of traffic turned into a trickle. If you build up a strong brand, your audience will seek you out by name when they are ready to buy, even if an algorithm changes or SEO breaks Ask yourself: is your brand strong enough to withstand a new competitor coming to market, or an algorithm change? How To Incorporate More Brand Into Marketing Efforts (21:33 – 25:35) Personas and segmentation – focus your brand investment on a targeted audience segment rather than trying to target everybody, or boil the ocean. Customer journey – understand your audience s motivations to build awareness beyond your brand s features and benefits Brand definition – develop a personality for your audience to fall in love with, or the emotion you want to create in your audience. Summary (25:36 – 27:53) We hope you want to join us on our journey. Find us on IterativeMarketing.net, the hub for the methodology and community. Email us at podcast@iterativemarketing.net, follow us on twitter at @iter8ive or join The Iterative Marketing Community LinkedIn group. The Iterative Marketing Podcast is a production of Brilliant Metrics, a consultancy helping brands and agencies rid the world of marketing waste. Producer: Heather Ohlman Transcription: Emily Bechtel Music: SeaStock Audio Onward and upward! The post Why Brand Matters appeared first on Iterative Marketing.
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