123 eGuides

1 Minute Advice: Brands Don't Always Market Sustainability Properly

"Sustainability" is a current buzzword to consumers. As a result, more brands are jumping on the sustainability bandwagon -- and not all of them get it right. A recent Forrester report featured in Marketing Dive confirms "several misconceptions and missteps evident in current marketing approaches" when it comes to pitching a brand's sustainability. Chief Marketing Officers (CMOs) at brands may misunderstand the profitability and functionality of sustainable businesses, so they are not able "to innovate their marketing mix or persuade company leaders to tweak business models."

The CMOs who are successful approach "marketing as more than just communication and advertising, but as a transformative approach that connects with consumer expectations," according to Thomas Husson, VP and principal analyst at Forrester. "They truly understand their customers' emotions, demonstrate empathy, innovate with new product experiences, and authentically engage their communities," he said. "They can justify premium prices by rethinking value chains to stay competitive and by embracing new distribution channels and concepts."

Read more here.

This post is brought to you by 123 eGuides, publisher of authoritative, affordable guides to help small businesses get the most from your marketing. Now available: The updated, revised Third Edition of the popular eGuide, Branding 123, that details a 3-part system for how small marketers can build a breakthrough brand. Included in the Third Edition are profiles of 5 small brands that grew up using techniques similar to those outlined in Branding 123. Read more about this eGuide here.

1 Minute Advice: Retail Brands Brought Back to Life Online

There's an interesting phenomenon occurring in the retail sector. Some well-known chain store brands are closing up shop as brick-and-mortar retailers but reappearing as online merchants. Lord & Taylor and Pier One are two examples. Both chains went bankrupt and appeared to be completely out of business. But it seems the brands were simply too valuable to let die. Lord & Taylor was acquired by the Saadia Group, who just relaunched the nearly 200-year old brand as an online "digital collective" with merchandise that includes its own private label. After 58 years in business, Pier One Imports declared bankruptcy in 2020 and began liquidating its stores. But lo and behold, Pier One was acquired by Retail Ecommerce Ventures and revived as an "Internet-first" retailer that has become a clearinghouse for merchandise. These examples prove even brands on life support can survive by reinventing themselves.

This post is brought to you by 123 eGuides, publisher of authoritative, affordable guides to help small businesses get the most from your marketing. Now available: The updated, revised Third Edition of the popular eGuide, Branding 123, that details a 3-part system for how small marketers can build a breakthrough brand. Included in the Third Edition are profiles of 5 small brands that grew up using techniques similar to those outlined in Branding 123. Read more about this eGuide here.

1 Minute Advice: Brand Strategies for a New Economy

A new post-pandemic economy is ripe for new strategies, according to Paul Earle writing in Forbes. He says three of the "new dynamics" are:

1. Explosion of "phygital." This is representative of the ecommerce boom, but specifically, the merging of the physical and digital presence of retail. One prime example is "BOPIS" (Buy Online, Pickup In Store).
2. Radical Transparency. Earle writes that "consumers are demanding transparency from their brands. Honesty will reign."
3. The Escape Economy. Having just about come through the pandemic, brands need to get to the other side. According to Earle: "Today, people are pining for brands to bring us a spoonful of joy, a bit of wonder, a dash of levity, a dollop of warmth. Even some downright fortuitous camp."

Earle concludes, "In times of transition, many fortunes are lost. But even more are won. Think through the opportunities above, and you’ll be primed to win when things begin to soar."

Read his full article here:
https://www.forbes.com/sites/paulearle/2021/04/14/how-brands-can-win-in-the-emerging-new-economy/?

This post is brought to you by 123 eGuides, publisher of authoritative, affordable guides to help small businesses get the most from your marketing. Now available: The updated, revised Third Edition of the popular eGuide, Branding 123, that details a 3-part system for how small marketers can build a breakthrough brand. Included in the Third Edition are profiles of 5 small brands that grew up using techniques similar to those outlined in Branding 123. Read more about this eGuide here.

1 Minute Advice: What Marketers Need to Know About Changing Consumer Behavior

Recent research suggests that consumer behavior is evolving when it comes to consumption. Two of the study's authors, Deborah Small (marketing professor at Wharton/University of Pennsylvania) and Carey Morewedge (marketing professor at Questrom School of Business/Boston University) were interviewed in a podcast for Knowledge@Wharton. They identify two important changes in consumer behavior: the change from legal ownership to legal access of goods, and material possession is being replaced with experiences. According to Professor Small:

"[Access-based consumption is cheaper for consumers.] It’s less of a commitment, they can try out different things without the big expensive purchase. There’s a lot of freedom there for consumers, but they also lose a lot of control over the good because it’s not just theirs anymore. It’s also very temporary and short-lived, so they are less prone to develop psychological attachments and feel connections to their goods. These are critical aspects of psychological ownership — the ability to control things, the development of a relationship over time.

"The feeling that something is mine is a function of believing I am in control and expect to maintain something for a long time. That’s the first dimension — legal ownership to legal access. The second is this shift from more material consumption to more experiential consumption. We’re moving away from physical goods in many categories, to things that we merely experience, or that are digital or ephemeral in some way. The key threat to psychological ownership here is the lack of tangibility. Tangibility is a signature marker of a possession. Consider the case of purchasing a DVD for your movie collection. We don’t do that anymore. We purchase access to consume music."

For more, listen to the podcast or read the transcript here:
https://knowledge.wharton.upenn.edu/article/whats-mine-consumption-changing/

This post is brought to you by 123 eGuides, publisher of authoritative, affordable guides to help small businesses get the most from your marketing. Now available: The updated, revised Third Edition of the popular eGuide, Branding 123, that details a 3-part system for how small marketers can build a breakthrough brand. Included in the Third Edition are profiles of 5 small brands that grew up using techniques similar to those outlined in Branding 123. Read more about this eGuide here.

1 Minute Advice: Do You Have a "Responsive" Brand?

Writing for Marketing Profs, Tim Brown says today, brands need to have quick reflexes. While the word "responsive" is most often associated with websites, Brown writes that the term "is better suited to describe a brand that can quickly adapt its marketing to communicate relevant messaging to customers as soon as they need it, in whichever channel they choose." He asks six key questions, the answers to which will guide marketers to determine if their brands are truly responsive:

1. "Can your brand respond to the changing market in hours rather than days?"
2. "Is your brand identity able to be executed compliantly by anyone in the organization?"
3. "Is your brand marketing reliant on any one person to keep the wheels turning?"
4. "Can your brand marketing be executed at scale?"
5. "Can your brand identity address your customers?"
6. "Is your brand marketing dependent on external production workflows?"

To read Brown's authoritative answers to these questions, check out his article here (free subscription required): https://www.marketingprofs.com/articles/2021/44387/six-prerequisites-for-a-responsive-brand

This post is brought to you by 123 eGuides, publisher of authoritative, affordable guides to help small businesses get the most from your marketing. Now available: The updated, revised Third Edition of the popular eGuide, Branding 123, that details a 3-part system for how small marketers can build a breakthrough brand. Included in the Third Edition are profiles of 5 small brands that grew up using techniques similar to those outlined in Branding 123. Read more about this eGuide here.