marketing

Feels & Fields in brand building

information attention

In Scarcity Thinking in Marketing, I’d written about how, in an era of ‘infinite’ consumption choices, attention is arguably the most precious commodity for a brand. Also, as Faris pointed out in his excellent post, it is a zero sum game, and we’re approaching “peak attention”. We’re also well on our way to manipulating (read fracking)  it. State of the art marketing technology (say, programmatic) can sift through a consumer’s data from multiple sources, and use interest, intent and a bunch of other contexts to deliver an ad at the precise point when he/she can act favourably.

Very few brands, however, are close to this level though. Having the data is in itself a huge step, converting that to actionable insights is even huger! Data can be true, but not necessarily accurate. (read) Also, arguably marketing tech is still a wild west with snake oil salesmen. But more importantly, even if we assume that all the brands will finally get there, it then becomes a ‘square one’ driven by who can pay the most. In that respect, I do not see this as a sustainable advantage. Arguably again, at that point in time, new tech might come up with a potential of first mover advantage, but the way I’ve seen the digital marketing narrative evolve, it is probably an optimisation play than anything else. e.g. In the early days of Facebook marketing, much was made about storytelling and organic Likes, but look where we are now! Similarly, something radically different like VR is now being talked of as paradigm shifting storytelling opportunity, but until proven otherwise, I’ll be cynical.  More

Scarcity thinking in marketing

A brand could be defined as a perception in the mind of a consumer, based on his/her/others’ experiences. These experiences could be either of the product/service itself, or its marketing communication. Earlier, in a post in a different context, I had alluded to the framework of choice during consumption. To elaborate, what are the factors that influence a customer’s decision to buy/not buy? The basic 4Ps of the marketing mix cover a lot of ground in this regard. But it does not really acknowledge (even when it is extended to 7Ps) the one thing that is increasingly becoming the most scarce commodity – time.

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The transience of consumption & marketing

Rajesh wrote a very interesting post recently on ownership, and how it would impact brand/marketing/purchase. My own view of ownership has undergone a massive change in the last couple of years, thanks to a combination of factors like increasing life spans, the changing nature of jobs, and the rise of on-demand services. Add to that extreme income disparity, economic flux, and technological advances that have the potential to create obsolescence faster than ever before, and I’m reasonably sure the concept of ownership is up for a revamp.

Rajesh brings up two factors that caused previous generations to value ownership – financial success (trophies) and asset building. If I have to analyse my own motivations in the past, both of these would find a place. If I dig deeper, I also see a couple of others. One would be lack of access on demand. (eg. music/movie CDs, books, even say, photographs) You can see how streaming and cloud storage have changed this. The other subtext I can vaguely discern is ‘control’. A car, home, all lend an air of certainty and being in control. Maybe it has something to do with growing up in middle class India which had quite a lot of experience with scarcity. But in the line of anti fragile thinking, the key skill going forward would be agility rather than trying to retain control. In essence, a whole lot of cases for ownership that no longer seem relevant.  More

Social + Scale = #fail ?

Remember the post on Social Media Explorer titled ‘Is Content Marketing the new Advertising?’ I had linked to earlier, while on the subject of content, media and distribution?

To me, content marketing will indeed be a key player in a brand’s strategy – communication and otherwise, because with the explosion of content across various internet and even other delivery platforms, and the increasing number of stimuli that the typical consumer is subject to, sheer volume might be needed, in addition to context, and relevance.

So, the thought then moved on to the creation of content. There are constraints to what UGC can achieve, and all brands may not have that luxury. So, what would be a good way to generate this in-house?  That’s when I looked at it from the perspective of last week’s post – on the evolution of ‘social’ as a concept and the software it entails, and the subject of how social media will scale?

And not surprisingly, I arrived at culture. And a rewiring that will include changing roles in the various functions of the organisation. The two that come prominently to mind? HR, to not just use the tools at their disposal and hire people who have innate passion for the organisation’s domain, but also in being the torchbearer of the organisation’s new culture. Marketing, to harness this in-house talent, surface their creations – product or content or service processes, and see how it can be scaled and communicated. This would not only connect people with a common interest  internally but also empower them, make them feel responsible and enable them to communicate this to an external crowd using their own networks.

These are only a couple of thoughts in a couple of functions, but even getting the rest of the organisation aligned around these might be a good start. More importantly, when this happens, the organisation might be then better equipped to engage with the crowd, culturally and operationally. ‘Social’ could then aim to scale.

until next time, multiply and rule :)

For those interested in the subject

Gautham’s post on social and scale

Social Induction, my post last week on social software and the larger purpose.

My last few posts on social and scale – 1, 2, 3, 4, 5