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One of the biggest disconnects between marketing and senior management is metrics. Marketers focus on intermediate brand-equity measures; senior management focuses on revenue growth. Last year I watched this disconnect play out in the boardroom of a large financial services corporation. While the CMO talked about the importance of creating an iconic marketing campaign, the sales director focused on what generated the most sales. Which do you think had more credibility with the CEO? Marketers need to identify how the intermediate brand-equity measures lead to positive behavioral outcomes if they are to be taken seriously.
Above all, marketers need to build bridges to the rest of the organization. Everything a brand does impacts how a customer thinks, feels and acts. If marketing is limited to the domain of “advertising,” it will never be effective. Marketing’s job should be to help build, reinforce and enhance meaningfully different experiences that resonate with customers and drive their predisposition to buy the brand and pay a premium for it.
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The three main ideas discussed by Forbes regarding how to create value and equity to your brand are very interesting. I agree with all three stages and particularly enjoyed the idea that "marketers need to build bridges to the rest of the organization" in order to connect with the market and be successful
This article highlights the importance of brand equity, and how everything a brand does influences the customers perception. In order to do this marketers must build bridges with the rest of the organisation.
This article was interesting because they identify 3 important factors to increase brand equity. The first is to identify your brand's difference in the market place. This is greatly important as there is a lot of clutter products and brands need differentiation to become memorable and distinctive which will then increase their brand equity. The second point made in the article is to focus on positive brand experiences. If they ensure the customer's have a positive experience the will develop a positive view towards the brand and increase the brand equity. The final point is about communicating the overall profit from the marketing as if they are not gaining profit from what they are are promoting, then the business will fail.