Mid-market companies need to add Brand Marketing back into the mix.
Because of its ability to measure everything from brand reach, to conversion rates, down to a single ad, Performance Marketing completely changed the way companies advertised. It became the measurement of success for marketing campaigns and was developed from a need to decrease cost per acquisition and increase ROI. It was all about “hitting the right people on the right device at the right time.”
It makes a lot of sense, Performance Marketing deals with data, like lead gen and conversions and for many marketers to only pay on the results that were received. But what many brands have lost in their quest to attain data, is the focus on their company’s overall reputation that more traditional means of advertising through Brand Marketing have to offer.
A regional company is defined by their reputation, values, trustworthiness and the quality of their products or services. These are areas that can’t be showcased well enough through Performance Marketing. To enhance credibility, prompt an emotional consumer response, increase customer loyalty, and motivate buyers, regional brands have started to bring their focus back around to Brand Marketing.
Brand Marketing, through traditional means of advertising helps to build a brand for the long-term. Messaging audiences through television, radio and out of home advertising can help shape a brand by using components such as the brand’s position, attributes, and its story.
Don’t think so? Tell that to Apple, Samsung, Verizon, IBM, Microsoft, Face Book, Netflix and many more of the largest and most technically advance companies on the planet! They’re all over it!
Unlike Performance Marketing, a regional company using Brand Marketing, can share with the public exactly who and what their brand is and why they matter. Most companies focus on Performance Marketing and solely on the numbers it can generate.
However, marketing done without a focus on the brand will only yield a short-term win.
Marketing using the brand as the focus, will result in driving increased business; growing market share; and, most importantly, over-delivering on consumer expectations. Through the development of a strong brand that connects with consumers, regional businesses can stir up action as well as establish long-term loyalty in future customers.
Many brands unfortunately now believe that promoting their product is a big no-no. I completely disagree. What is most important is the way in which they do it. It’s quite noteworthy for a company to take moral, ethical and environmental stances on global or local concerns and initiatives. It’s the right thing to do and it’s even more admirable when it’s not always promoted for selfish reasons. I for one think it’s still not only smart but much more acceptable for a product to tout its truly noteworthy attributes, than its good deeds.
After all, if you really want to show a consumer you really care about them, the first place I suggest starting is to offer your consumers a quality product at a fair price, with no catch. Wow! What a novel idea. Regional companies may want to take special note to this recommendation.