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In 2010, McKinsey & Company conducted an exhaustive consumer research study to examine how consumers make purchase decisions. The study included 20,000 consumers across three continents and five industries. It resulted in the widely-publicized Consumer Decision Journey (CDJ) model that disrupted the traditional notion of purchase decisions happening in a linear process, especially in these days of the Internet. McKinsey then discovered that a similar phenomenon had taken place the B2B world. Many B2B brands are failing to engage buyers at critical points in the buying cycle. We couldn't be happier with McKinsey's efforts to evangelize the importance of delivering a consistent experience for both buyers and customers as they interact with a company. That's because we view branding as more than Vision and Mission statements, taglines or the logo found on a business card. Brands are positive associations of value in the mind of buyers, over and above price and product functionality, that motivate them to engage with, buy and recommend a product or service. Research studies have shown that strong brands enjoy profitability advantages over their competition and sell for higher multiples in M&A transactions. Measurements such as the Net Promoter Scores (NPS) represent one indicator of the strength of a brand, however more advanced brand health measurements are available. McKinsey's notion of focusing on buyer and customer journeys is powerful during the Brand Adoption and Brand Integration steps to ensure the brand experience aligns with the brand promise. The result being that customers become promoters to spend more and refer more. We challenge you to ask yourself: We welcome your comments. Connect with SoCal BMA
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Data Use in Branding
What opportunities does Big Data offer marketers to build and manage strong, enduring brands?
We apply five steps to develop a winning brand strategy:
Big data offers marketers unique opportunities to measure brand health in addition to statistical data analysis for developing brand strategy.
Ryan Rieches & Alan Brew
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We challenge you to ask yourself:
We welcome your comments.
Connect with SoCal BMA