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Living in the age of the empowered customer, it’s no longer just politics as usual in building and managing a brand. In today’s democratized marketplace, owning a brand is like running an election campaign that never ends. Marketers must better understand their customers’ changing demands and shape their brand to continue to stay in their favor.
How can marketers take control of their brand? They must first understand the 4 inherent motivations that drive a customer’s brand choice:
-- Heuristics: Customer interpretation of a brand by experience over advertisement
-- Values: The surprising role that values play in driving brand choices
-- Trust: A brand can never grow in value beyond the extent to which people trust it
-- Majority rules: Brand choice decided by the quiet voices of the majority rather the loudest enthusiasts
In this Slideshare, Bruce Philp, renowned speaker, author, and principal at Heuristic Branding and Nick Stein, Senior Vice President of Marketing at Vision Critical, reveal the opportunities for companies to better understand their customers and build brands that resonate with their changing needs.
Watch the on-demand webinar here: http://bit.ly/4forces-SS
Bruce Philp and Nick Stein
The Four Motivations that
Drive a Winning Brand
The Four Motivations that Drive a Winning Brand
Speaker and Principal,
Heuristic Branding, Author
of Consumer Republic
SVP of Marketing,
A brand is like an election campaign that never ends.
To win the game, companies must understand the four
motivations that drive brand choice today.
Motivation #1: Heuristics: Narrative Rules
• Consumers don’t make choices or form preferences by analysis. They
look for heuristic shortcuts.
• For a brand, shortcuts come from your narrative. The bias created by
your story so far forms the context for judging what you do next.
• Bottom line: Fearlessly monitoring brand health is essential.
Motivation #2: Role of Shared Values
• More and more, people are choosing the company that made a product rather than
the product itself.
• Customers judge a company by its apparent values: Does this company’s purpose
align with their purpose?
• Bottom line: To really connect with customer, don’t stop at what they ‘want’.
Understand the role your product plays in their lives.
Motivation #3: Trust is Capital
• For post-industrial brands, your bottom line depends on how many people
believe you won’t let them down.
• Enterprise value is tied to how willing people are to trust your brand.
• Bottom line: Trust begins with listening, and it should be the biggest
instrument on your brand health dashboard.
Motivation #4: The Majority Decides
• Innovators are poor predictors of mass market behavior because they
don’t share the values of the majority. The most enthusiastic consumers
can actually lead you astray.
• Bottom line: Avoid echo chambers. Listen to the voices of real people,
including the customers you don’t have yet. They’ll decide your future.
Your (Engaged) Customers are Your Last Competitive Advantage.
In order to compete, companies need to find a way to develop deeper, more meaningful
relationships with customers.
That Means Rethinking How
We Engage with Customers
Customers Expect to be Treated as Real People,
Not Data Points
(What customers do)
(What customers buy)
Attitudinal & Emotional
(What customers think and feel)
(What customers say)
For companies, the Holy Grail is a 360-degree understanding of their
customers. Not just what they buy, but why they buy it. Not just what they
say, but what they think and feel. This is true customer intelligence.
Developing a three-dimensional understanding of customers enables
True Customer Intelligence Delivers Better Business Outcomes
Increased Revenues Higher Customer Retention Increased Profits
55% 30% 23%
*Enterprise Social Collaboration: The Collaborators’ Advantage, Aberdeen Group, 2013
*Gallup Study on Customer Engagement
How NASCAR Increase Fan Engagement and
Drives Business Decisions
The Secret to Better Customer Engagement
Featuring World Vision