CREATING BALANCE

“Balance is not something you find, it’s something to create.”

I came across this quote from Jana Kingsford while doing research, and it was a perfect segue into what was on my mind. And if the title gave you the impression that this was going to be some life-changing paradigm about finding the right balance in your life, sorry, but I am neither qualified nor especially interested in providing guidance in that arena. Instead, as with everything dominating my mind recently, it has to do with #marketing.

Deloitte Insights recently released an insights report focusing on Global Marketing Trends for 2023. They interviewed over 20 CMOs across the globe, and they asked them about their priorities to secure their companies against current and anticipated economic instability. The top 3 responses?

1. Accelerating the move to new digital technologies or platforms

2. Expanding into new markets, segments, or geographies

3. Implementing systems or algorithms to enhance customer personalization

In reading this report, there was one immediate, glaring omission that stood out to me. Where was the brand marketing? Would you care to guess where it landed out of 12 total responses?

I’ll give you a second (cue Jeopardy theme…)

12th.

It landed 12th. Dead last. (“Employing brand as an enterprise-wide strategy.”)

We live in a landscape where algorithms and technology, and performance marketing continues to grow in popularity. There are obviously advantages for marketers. When executed properly, the method provides immediate, measurable results. It also provides more data about your customers to further fuel marketing activities. But what I’m finding most about recent conversations with marketers, even if it’s not said directly, is that it provides security. The warm, fuzzy feeling that you can measure clicks to sales. That outperforming industry benchmarks is the trend that will lead to more sales, and that it is the catch-all to a successful marketing strategy.

Performance-marketing is not a magic bullet, but it is treated as such, and the balance of marketing efforts are being geared in that direction.

All the while, brand marketing, storytelling is being left behind. The reality is that brand marketing…PAIRED with performance marketing will give your products longevity and sales.

In November of last year, Airbnb said its strategy of slashing advertising spending, investing in brand marketing and lessening its reliance on search-engine marketing is continuing to pay off. According to the The Wall Street Journal, “Airbnb has made major changes to its marketing strategy in recent years. The company in 2019 began trying to depend less on search advertising and to lean more on broad marketing campaigns and public relations designed to build its brand.” The result? It posted its most profitable quarter to date, when the numbers were released that month. Airbnb isn’t thinking of marketing as a way to “buy” customers because more than 90% of the traffic to its platform arrives directly, unaided by search advertising, according to AirBnB CEO Brian Chesky.

Think about that…90% of the traffic to its platform arrives DIRECTLY. And converts.

Now you might say to me…”Peter, that’s AirBnB. They have a market cap of about $75 billion.” And you know what? You’re right. But these brand marketing success stories are everywhere, across ever vertical…

·     Liquid Death - $700 million valuation after focusing almost solely on brand storytelling. So much so, that the brand’s followers put packaging on walls as posters. True brand ambassadors.

·    Fireball – Nearly 7 million cases of product sold in the U.S. in 2022. A product that did not rely on performance marketing for growth. Instead, they focused on grass-roots marketing, at the bar and music/experiential level. The brand’s “Ignite the Night” mantra immediately gave customers a clear picture of what it stood for, and it marketed itself accordingly.

·     KITH – the definition of a brand based on authenticity. Founded by Ronnie Fieg (shout out to Queens!), the success of the brand is rooted in its storytelling. Shoots and look books are designed with the understanding that social culture is going to drive the conversation and spread the word about the brand. The company’s resources are funneled to push creativity and collaboration.

Brand marketing creates an easier environment for the product to convert, and creates broader reach, loyalty and emotional connection that will give your products longevity.

Of course, there’s a catch. Like most things worth having, it’s hard. It takes time. It takes commitment. And in this “everything is measurable” world…it takes some faith. Because you won’t have click-through/engagement data to cover your @ss. Instead, you will have to focus more on social media listening and brand awareness/perception marketing studies.

So in your next planning cycle, I challenge you, fellow marketer, to shift the balance of the budget towards more brand initiatives. Long-Form videos that tell the story of what your brand represents. A brand identity redesign. Collaborations that will expand your brand’s audience while staying true to your core values. Creative that represents your brand clearly and directly. And media that is not just the most cost-efficient, but the most effective at communicating your brand story and values.

And if you’re a data fiend, and have the absolute need to immerse yourself in numbers, fear not! You’ll still need to utilize data to inform the strategy for your brand/creative execution. Just like the most awarded marketing campaign of 2022 (according to AdForum)… “Better With Pepsi”, which utilized data showing that drinkers preferred Pepsi with foods like Pizza, Burgers, Tacos, and other foods. That data was then utilized to develop truly stunning, and surprising creative that helped the brand stand out.

Need help with creating branded content or finding the most effective media solutions? Email me to start the conversation. I’ll help you find balance.