Brand building should be one of the first things you do when marketing a company. Consumers purchase from companies they know and trust. Think about this, you’re in a different country and you want coffee. There are two brands to choose from, Starbucks or Coffee Bean Coffee. Which would you choose? What factors of each brand would influence your decision? I would say that the main deciding factor is that the company has built a relationship with you. You personally trust the company, and you have built customer loyalty. That in turn means consumers are more likely to purchase from a brand that they know. According to Hector Hernandez, CDO of McCann World group, he states that un branded stream of revenue, return of investment (ROI) is on average -255%, which is the reality of an un branded item. Which makes sense, because most startups aren’t known by consumers, so how likely are consumers to purchase from a brand they aren’t familiar with. On the other hand, Hector Hernandez later explains during his presentation at the Digital Branding Analytics Miami 2019 Conference (#DBAmiami), that if your brand is well known and well branded, you can receive an extremely higher ROI of 1049%.This all boils down to properly branding your company or product to make sure you build customer trust, and loyalty.
Tag: digital branding analytics conference
In today’s society we have been groomed that making a mistake is unacceptable or the end of the world. As a marketing leader if we made a mistake, it can result in loss of creditability, loss of profit, and even loss of job. The issue around making a mistake can result in stagnation in which there is no forward mobility due fear of making a mistake. We need to break free of this mentality. During the Digital Branding Analytics Miami 2019 Conference (#DBAmiami) Joni Fernandez Marmo, a Professor at Florida International University stated, “be courageous, be bold, take risk, it’s okay to be afraid, the key is to face that fear and just go for it.” I would take this concept a step further and say before you take action on an issue think about the worst possible result. If you can live with that worst-case scenario, then go for it. This is a great mindset to have when you as a marketer, want to try something new but worried about consequences. Inventions such the ink-jet printer, potato chips, post it notes, and even Coca Cola were all created by mistake, and they have been proved to be influential to society. We need to break away from the concept that we are perfect, were humans, with flaws, and in perfections. That’s what makes us unique in this world, we need to take chances, and we need to make mistakes in order to improve.