When was the last time a brand fascinated you?
I recently had the pleasure of listening to the Sally Hogshead on the Social Pros podcast and was blown away by the show. Sally is a veteran advertiser and has done some phenomenal research on the communication patterns of 700,000 American consumers.
Sally’s message is simple. To stand out as a brand you need to focus less on your marketing distribution and more on your message.
If you have an unlimited money, time and resources, you can buy your way into people’s consciousness. For 99.9% of us who don’t, we need to be different.
If you have to take one thing away from her work let it be this:,
Sally says, “ At the end of your commercial, if you replace the logo of your brand with that of your competitor’s and the advert can still make sense, your brand is a commodity.”
It is common misunderstanding to associate adjectives like “fascinating” to the story-telling and advertising/content associated with the brand. However, a brand needs to be “fascinating” to its consumer at every single point of contact. Once a brand discovers on what can make it fascinating to its consumers- aka a brand anthem, every decision that the brand takes which can potentially impact the consumer will need be consistent with the the brand’s anthem.
Is there an ROI to building a fascinating brand? Sally found in her research that brands that are fascinating can charge upto 400x times than the brands that are not.
It is safe to say that if you finding yourself competing on price, your brand is most probably not fascinating enough.
Think of the intensely competitive Indian e-commerce space ,where the primary customer acquisition strategy is to offer discounts. It is no surprise that the sector is currently engaged in a loggerheads of sorts. Who will emerge victorious, it is not a stretch of imagination to say that the e-commerce brand which will fascinate will dominate.
Do you want to build a successful e-commerce brand for women? Forget about discounts. A national study conducted by Sally’s team discovered that women will pay more to be fascinating than they spend on food and clothing combined..
Make no mistake, you can still be a great brand without being fascinating. You can still offer great products and great customer service. The thing is, someone else can come along and upstage you on those variables. You are competing on numbers and numbers are nobody’s friend.
You can listen to the entire Social Pros podcast with Sally Hogshead here: