Social currency refers to the extent to which people share a brand or information about it as part of their everyday social lives. The document discusses how building social currency is now critical for brands due to the rise of social media and how people integrate technologies into their daily lives. It also explains that social currency increases brand engagement, access to information, identity, and permission to interact with customers. Companies must adopt new approaches centered around interaction, collaboration, and co-creation to build social currency effectively and create value in today's digital world.
This document discusses how to successfully build a brand presence on social networks. It argues that focusing only on social networks is not enough - brands must also focus on cultural networks and organizational networks. To be successful, brands need cultural relevancy through compelling narratives that spread from person to person. They also need an inherently social organizational culture where employees act as brand ambassadors. The document provides examples like Zappos, Starbucks, and Coca-Cola to illustrate how brands can transmit cultural ideas through both organizational practices and original content production. It concludes that assessing cultural context and organizational dynamics is now as important as traditional marketing skills for agencies and consultants working with brands on social networks.
Hoy en día nos enfrentamos a importantes retos ambientales, sociales y culturales. La innovación y el diseño pueden ayudar, pero sólo si abrimos el proceso de diseño a todos. La co-creación pone las herramientas de innovación en manos de los destinatarios finales del diseño.
En esta conferencia se mapea las actividades de co-creación y las relaciones de los asistentes con estas y se abrirá un debate a partir de este ejercicio.
1) A new paradigm of "corporate citizenship" is emerging that views corporations as full citizens responsible for all stakeholders, not just shareholders.
2) Early corporate social responsibility initiatives focused on improving workers' lives, but government regulation increased as abuses were exposed.
3) Today, consumers expect corporations to address social and environmental issues authentically through strategic initiatives that also build brand value.
Tim Wragg, CEO Millward Brown Europe.
Ideals – the ultimate growth driver.
Idag är det viktigare än någonsin att skapa äkta och meningsfulla relationer till sina kunder. Forskning visar att företag som bygger djupare relationer till sina kunder och associeras med högre ideal och mänskliga värderingar också har den största finansiella tillväxten. Om vikten av att skapa mervärde och gå från produkt till syfte, från vad till varför.
The biggest obstacles companies face in unlocking digital opportunities are:
1) Treating digital platforms as one-way communication instead of engaging with consumers.
2) Not using customer data to personalize offers and build loyalty.
3) Fragmentation across different digital channels and lack of collaboration.
4) The complexity of emerging technologies and need for holistic measurement across campaigns.
Social media is transforming how consumers interact with brands and make purchasing decisions. It allows for two-way dialogue between companies and customers rather than one-way broadcast communication. To succeed with social media, companies must adopt a new marketing philosophy that focuses on building relationships through open, social, and collaborative engagement with audiences. Measurement of social media involves tracking metrics like followers, interactions, and click-throughs to understand engagement and ROI. Examples are given of companies that have successfully used creative social media campaigns to raise brand awareness and reconnect with consumers.
Generation Y is the largest and most marketing-savvy generation to date. This document discusses research into understanding Generation Y and what drives cool brands, places, and products for this demographic globally. An online community of 150 influential young adults from 15 global cities was created to discuss topics like fashion, entertainment, food, travel, and more. Key findings showed that while technology immerses Generation Y's social lives, it can also decrease attention spans and inhibit genuine interactions, showing both benefits and drawbacks of being the first "technology generation". The discussions also provided qualitative insights into the 5 dimensions of what makes brands cool for this demographic: Coolness, Realness, Uniqueness, Self-Identification, and Happiness.
Contagious rounds up the landmark events, movements and socio-economic shifts that have shaped the last year. Buy a beautiful physical copy now: bit.ly/printMoCo
Nigel Hollis addresses three topics regarding authenticity and brands: 1) He shares feedback on what authenticity means in relation to brands, noting that authentic brands are seen as true to their origins and genuine. 2) He looks at what authenticity is worth to a brand, finding that authentic brands have stronger brand loyalty and are more likely to grow their market share. 3) He considers the characteristics of authentic brands, such as having a strong brand personality and clarity of associations, and notes that authentic brands tend to be leaders rather than followers.
Delivering on the Promise: Five Ways to Drive Brand Effectiveness with Social...NM Incite
Building successful brands hinges on applying social media insights at every stage of the brand lifecycle. This white paper outlines 5 ways to effectively employ social media to drive positive brand equity and ultimately refine your strategy to create deeper, emotional engagement with your consumers.
Customer Case Study: Awareness Customer Profile-Kodakwhite paper
Kodak launched two blog communities called A Thousand Words and Plugged In to provide a more personal interaction between Kodak employees and customers. The blogs have been successful in generating viral traffic and building loyalty among readers. They have also received industry recognition and allowed more employees to participate, building pride in the company. The Awareness social media platform provided security and controls to manage the blogs while allowing fresh, original content straight from employees.
This document discusses the role of the Chief Brand Officer (CBO) in innovative companies. It notes that the CBO acts as a change agent to drive innovation through culture, focusing on customers, and establishing a clear brand strategy. An effective brand strategy involves living the brand through all parts of the business, having brand ambassadors, and making the brand visible. For innovation to be successful, companies must have the right culture that nurtures new ideas and is customer-focused.
The document is a program for the Australian Marketing Institute's Brand Finance Forum on digital media's impact on brand value. The forum will explore how digital media has changed brand communications and the implications for brand management. It will also discuss how to build and measure brand value in the new digital landscape. Speakers from companies like SEEK, Virgin, and Colmar Brunton will address topics such as tracking consumer sentiment online, designing for communities, and adapting to changes in public opinion. The goal is to help marketers leverage digital opportunities while mitigating risks to their brands.
1. The document summarizes research on the social brand experience from both marketer and consumer perspectives, finding that consumers want more engagement, experiences, and rewards from brands on social media than brands currently provide.
2. Consumers are open, engaged, demanding, loyal, and willing advocates for brands they love, but have high expectations that brands often fail to meet, such as fast and helpful support.
3. Brands that provide more engaging experiences, opportunities for consumer connection, and special rewards and status will gain advantage over competitors in attracting consumer loyalty and support through social media.
This document provides information about the "Enterprise 2011" conference taking place from January 31-February 1, 2011 in Dubai. It will focus on discovering effective social media strategies and tools for businesses. Early registration discounts are available by December 31, 2010. The conference will feature distinguished speakers from companies like BBC, Samsung, and Dow Jones on topics like developing social media strategies, identifying impactful social media tools, and managing brands on social media. Post-conference workshops will also be held on February 2.
The document discusses the need for changes in the advertising industry to adapt to digital technologies and consumer behaviors. It notes that traditional creative agencies need to invest more in experience design, user experience strategies, and integrating those specialists throughout agencies. The brief also needs to change to focus less on traditional marketing goals like reach and messages, and more on building communities, adding value for users, and facilitating ongoing participation and sharing. Agencies also need cross-functional teams with a wider range of digital skills like programming, mobile development, content strategy, and analytics.
Marketing The Futureof Brands,A Chapterfrom Brandsand Brandinghimanshusisodia
This document discusses future trends that will impact brands and business. Some key points:
1) The future of brands is inextricably linked to the future of business and society. Brands will need to adapt to changes in both areas to remain successful.
2) Emerging markets like Asia will likely generate many of the world's top brands in the future, both in manufactured goods and services.
3) Brands will need to consider broader measures of success beyond just profits. Addressing social and environmental issues will become more important through genuine corporate social responsibility programs.
4) Global challenges like the potential misuse of technology pose serious risks to the survival of civilization, creating uncertainty for brands and
This document summarizes marketing efforts using flash mobs. It begins by describing what a flash mob is - a group of people who appear suddenly in a public place to perform an unusual or seemingly random act before dispersing. While initially started as a social experiment, flash mobs have become a popular marketing tool. Examples are given of large corporations using flash mobs successfully to promote brands, like a T-Mobile ad that became one of the most viewed on YouTube or a Sky flash mob promoting their HD launch. The trend of using flash mobs in marketing is starting to catch on in India as well.
1) The document summarizes findings from surveys of over 1,300 consumers and 132 marketers about their use of social media.
2) It finds that consumers want more engagement, experiences, and rewards from brands on social media than brands are currently providing.
3) Brands that can better meet consumer demands for deeper engagement, purposeful interactions, and special rewards on social media will gain an advantage in 2012.
7 Ways Your Brand Can Help You Raise Money Parker LePla
The document outlines 7 ways for non-profits to strengthen their brand in order to raise more donations. It discusses defining a clear brand promise, being consistent in messaging over time, standing out from other organizations, and focusing the brand on a specific mission or purpose. Finally, it recommends empowering boards, staff, volunteers, clients, and donors to help tell the organization's story and serve as brand champions to increase donations.
The document discusses branding and the branding process. It begins by defining branding and explaining that a brand is comprised of more than just logos and visuals, but also involves people, culture, values and more underlying elements. The document then outlines the three phases of the branding process as discover, design and deliver. In the discover phase, it notes the importance of understanding yourself, your target audience and positioning through research before designing a brand.
This document discusses key aspects of developing a strong brand identity, including brand names, logos, mission statements, and legal trademark protection. It provides tips for creating an effective brand name and mission statement, and emphasizes focusing the brand message and ensuring legal protection of the brand identity. Examples are given of famous brand mission statements and logos. The document encourages brainstorming ways to convey a company's mission through its corporate culture and customer experiences.
This document discusses the concept of brands and defines what makes a brand charismatic. It begins by looking at traditional definitions of brands as logos, names, and symbols. However, it challenges these old perspectives, arguing that brands represent something more intangible - the emotional and psychological relationship with customers. A charismatic brand creates unique, special feelings and elicits strong, positive thoughts and associations that cannot be replaced by other brands. Charismatic brands like Nike, Disney, McDonald's and Apple are discussed as examples of brands that people believe are irreplaceable due to their unique identity and the emotional connections they form. In conclusion, the document states that a brand, regardless of the product, should aim to be
The document evaluates the potential for companies like The Times, Apple, Nokia, Chubb, Sky and BP to launch financial services brands or banks. It considers which company might have the most appeal and how they could pursue this opportunity. Key aspects that could contribute to their potential success are discussed, such as trust, stability, clarity and being engaging, accessible, responsible and innovative.
Slides from the Boost Bristol event on October 11th with guest speakers Mark from Brand 51 and Helena from Truestart Coffee. https://www.eventbrite.co.uk/e/boost10-the-importance-of-branding
Essentials of Branding - The big Book of Marketingbrandsynapse
The document discusses the essentials of branding, including:
1) Starting a branding project requires having the right reason, commitment, business strategy, and focus on customers. This includes analyzing a brand's equity and identifying opportunities.
2) Creating the foundational signals of a brand including defining the brand idea, architecture, personality, and experience through the creative brief, verbal and visual identities.
3) Managing and measuring a brand's performance by tracking brand strength, value, and delivering on the brand promise.
I did this presentation in May 2014 at the CCSBE conference in Antigonish, NS - http://ceed.ca/ccsbe2014/about-ccsbe-2014/. It was a fun presentation with a very interactive group of business owners, educators, and others that support the entrepreneurial spirit.
This document discusses branding concepts and provides examples of two organizations, Bigga Fish and BANG Edutainment. It defines key branding terms and outlines the brand stories, identities, missions and visions of the two organizations. Bigga Fish was founded in 1999 to provide youth programs through music and events. BANG Edutainment was also founded in 1999 and operates a community radio station in Brent, helping and inspiring local youth.
These are the visuals from a presentation I delivered to a group of owners of UK independent financial advice (IFA) practices on 19 November. You'll see that the issue I was invited to address was 'How to build an Independent Financial Advice (IFA) brand' but, soon, the question shifts to 'How to build a brand these days'.
What Is the Role of Brand in Management Consulting? Research Highlights from ...DeSantis Breindel
In partnership with the Association of Management Consulting Firms (AMCF), the Brand Influence Guide for Management Consulting (BIG:MC) examines how management consulting firms are leveraging brand as a business asset. See more at http://www.desantisbreindel.com/big/management-consulting/
Brands in the digitally connected world, social media, social technologies, business strategy, and innovation
Update on Feb 2014: Check out our newest report on the "Always-On Consumer" 2014 here: http://www.slideshare.net/vivaldipartners/alwayson-consumer-2014-report-by-vivaldi-partners-group
The document discusses brands, branding, and corporate identity. It touches on how brands are projected internally through a company's vision, culture, and image, and externally through products, environment, and communications. It also discusses the importance of managing a brand across different business areas and product lines through consistent branding strategies. Finally, it notes that successful brands satisfy both functional and emotional needs for customers.
Session 5, brand measurement & international brandingJohn Verhoeven
1) The document discusses various methods for measuring brand value, including the brand value chain, brand following, and the Brand Asset Valuator methodology.
2) It also covers the importance of measuring brands to evaluate marketing campaigns, value brands for financial reports, and manage brands effectively.
3) The document then discusses considerations for international branding, including differences between local and global marketing strategies, adjusting for cultural dimensions, and selecting appropriate foreign countries for expansion.
The document analyzes problems faced by Indian Railways, including large financial losses, poor infrastructure and facilities, and low customer satisfaction. It then outlines solutions implemented such as increasing freight rates, adding new trains, upgrading tracks, and improving the online ticketing system. Key results were increased revenues, reduced travel times, and improved perception among the public and employees.
The document lists several well-known brands such as Nike, Mercedes Benz, Apple, McDonald's, and Rolling Stones. It then states the goal is to make the AmeriCorps logo as recognizable as iconic brands like the Golden Arches of McDonald's or the Nike Swoosh.
Beyond Branding - How Wealth Managers Can Thrive In The "New Normal"Ago Cluytens
The document discusses changes in the financial services industry following the 2008 financial crisis. It notes that (1) brand values in financial services fell significantly, with some losing nearly half their value; (2) consumers lost faith in banks due to the crisis; and (3) new entrants are reshaping the industry through peer-to-peer networks and alternative providers. It argues that branding is now a top priority for financial institutions. Regaining consumer trust requires focusing on transparency, simpler products, and independence. Companies that can redefine their brand values, business models, positioning and reconnect with people may be best positioned to succeed going forward.
Giacomo Colombo discusses the relationship between strategic design and branding. He outlines his journey from studying business, industrial design, and graphic design to working for Landor Associates and CB'a, where he applies strategic design principles. As an example, he details a rebranding project for Arrigoni dairy company, where CB'a developed a new brand identity and packaging system. Finally, he argues that the future of strategic design lies in it being a mindset rather than a fixed subject, to help address challenges across different fields.
The document discusses brand DNA and its importance for companies. It defines brand DNA as an anchoring idea that captures a company's difference and values. It provides examples of brands like Jaguar that have reinvented themselves while staying true to their DNA. The presentation emphasizes that an effective brand DNA gives clarity on who the brand is, courage in its goals, and guidelines on how it communicates and manages its identity.
1) Branding concepts focus on creating an iconic product design that engages consumers emotionally and creates brand loyalty. The product experience becomes a vehicle for the overall brand experience.
2) SPELT (Social, Political, Economic, Legal and Technological) factors influence both individuals and organizations and their needs. The exchange process between their needs drives business growth and profits.
3) Successful brands like Nike and Diesel have created strong brand tribes by developing rituals, practices and identities that their loyal followers embrace. They have transformed their brands into ways of living.
Social media has become a fundamental part of brand building, but it is not sufficient on its own. Brand building strategy must dictate social strategy. There are three strategic roles social media can play to help build a brand: 1) Build a relationship to become more trusted by humanizing the brand and creating support for decisions. 2) Differentiate through an emotional connection to become more remarkable and unmistakable. 3) Nurture loyal fans to become more essential. Marketers must use social media to serve brand building objectives around trust, differentiation, and loyalty.
How social media is changing brand buildingDung Tri
Social media has become a fundamental part of brand building, but it is not sufficient on its own. Brand building strategy must dictate social strategy. There are three strategic roles social media can play to help build a brand: 1) Build a relationship to become more trusted by humanizing the brand and creating support for decisions. 2) Differentiate through an emotional connection to become more remarkable and unmistakable. 3) Nurture loyal fans to become more essential. Marketers must use social media to serve brand building objectives of becoming trusted, remarkable, unmistakable, and essential.
Social media is now seen as a fundamental part of brand building, but it is not sufficient on its own. Brand building strategy and social strategy must be intertwined. There are three strategic roles social media can play to help build brands: 1) build relationships to become more trusted, 2) differentiate through emotional connections to become more remarkable, and 3) nurture loyal fans to become more essential. However, social efforts still require the scale and consistency of paid and owned media to fully build a brand.
Digital technologies have enabled unprecedented levels of self-expression and sharing online. While this presents opportunities for brands to engage, many consumers do not want direct engagement with brands on social media. To be effective online, brands must understand consumer motivations and add value through digital interactions in a way that is invited rather than intrusive. By developing compelling content and participatory campaigns, brands can tap into consumers' desire to connect and share, amplifying their messaging through advocates in an organic way. However, brands also need to acknowledge the power of consumer comments and reviews, both positive and negative, and work to maintain engaged online communities.
Digital Life - Understanding the opportunity for growth onlineTNS
Digital Life provides insights into how consumers engage with brands online through content sharing and social connections. The report finds that over half of consumers globally comment about brands online to share content with their networks, driving advocacy. However, many consumers do not want direct engagement with brands on social media. Brands can better enable consumer self-expression and social interaction by focusing on how their brand idea can deliver useful and participatory digital experiences. Understanding consumer motivations for sharing content is key to amplifying a brand's opportunities through advocates online.
Branding concepts in the context of China report by daxue consultingDaxue Consulting
What branding methods work in the middle kingdom? In this comprehensive branding report, we dissect branding concepts in the context of China. Read the full report to learn:
A. The breakdown of brand touch-points in China
B. Daxue consulting's process for naming a brand in Chinese
C. What to consider to perfect your brand message to China
D. How concepts like tribes, nudge marketing, customer sweet spots are applied in China
E. Successful branding case studies of both foreign and Chinese domestic brands
And much more!
The document discusses market trends in 2012 that increased focus on sustainability, including economic instability, environmental disasters, and loss of trust in governments and businesses. It notes the rise of citizen activism and alternative economies. Brands are encouraged to establish themselves as platforms for purpose, pursue revolutionary innovation, and collaborate to drive sustainability. The 2013 theme will explore new forms of value creation and making brands more meaningful by focusing on well-being and sustainable futures. Brands are urged to become leaders in shaping aspirations and culture to lead to a flourishing future.
The document discusses market trends in 2012 that increased focus on sustainability, including economic instability, environmental disasters, and loss of trust in governments and businesses. It notes the rise of citizen activism and alternative economies. Brands are asserting they must establish themselves as platforms for purpose, drive revolutionary innovation, and collaborate to shift consumer behavior. The document outlines Sustainable Brands' agenda for developing new forms of sustainable innovation ROI, encouraging revolutionary innovation, and collaborating to shift demand. It looks ahead to 2013 and exploring new forms of value creation for brands through continuous innovation and establishing brands as platforms for purpose.
1 Marketing Sunil Gupta, Series Editor READING + VIDTatianaMajor22
1
Marketing
Sunil Gupta, Series Editor
READING + VIDEO
Brands and
Brand Equity
ROHIT DESHPANDÉ
Harvard Business School
ANAT KEINAN
8140 | Revised: December 19, 2019
For the exclusive use of L. Du, 2020.
This document is authorized for use only by Lingjie Du in Social Media Marketing taught by Ashley Keeney, Northeastern University from Sep 2020 to Dec 2020.
2
Table of Contents
1 Introduction ............................................................................................................................................ 3
2 Essential Reading .................................................................................................................................. 5
2.1 Strategic Importance and Significance of Branding .....................................................................5
2.2 Strategies and Tactics for Building, Leveraging, and Defending Strong Brands ..................... 13
2.2.1 Creating and Building a Strong Brand .............................................................................. 13
2.2.2 Growing and Maintaining Strong Brands ......................................................................... 24
2.2.3 Managing Declining or Dying Brands ............................................................................... 32
2.3 Challenges in Brand Management ............................................................................................... 35
2.4 Conclusion .................................................................................................................................... 37
3 Supplemental Reading ......................................................................................................................... 38
3.1 Business-to-Business Branding .................................................................................................. 38
3.2 Personal Branding ........................................................................................................................ 39
4 Key Terms ............................................................................................................................................ 43
5 For Further Reading ............................................................................................................................. 44
6 Endnotes .............................................................................................................................................. 45
7 Index ..................................................................................................................................................... 48
This reading contains links to online videos, denoted by the icon above. To access these
exercises, you will need a broadband Internet connection. Verify that your browser meets the
minimum technical requirements by visiting http://hbsp.harvard.edu/tech-specs.
Rohit Deshpandé, Sebastian S. Kresge Professor of Marke ...
There are three key areas social media strategists should focus on in whiteboard sessions: gaining insight into social customers, adopting social media company-wide, and operationalizing social media with workflows and processes. Strategists need to understand customer behaviors, track engagement, and identify advocates. They also must gain corporate buy-in, organize internal teams, and provide training and guidance for company-wide adoption. Finally, strategists should establish plans, policies, and integrations to operationalize social media initiatives.
There are three key areas social media strategists should focus on in whiteboard sessions: gaining insight into social customers, adopting social media company-wide, and operationalizing social media with workflows and processes. Gaining insight involves tracking customer behavior, content engagement, conversation histories, and identifying advocates and influencers. Adopting social media company-wide requires buy-in from corporate leadership and identifying teams to utilize social media. Operationalizing social media involves planning content, customer experiences, integration across channels, and measuring return on social media.
There are three key areas social media strategists should focus on in whiteboard sessions: gaining insight into social customers, adopting social media company-wide, and operationalizing social media with workflows and processes. Gaining insight involves tracking customer behavior, content engagement, conversation histories, and identifying advocates and influencers. Adopting social media company-wide requires buy-in from corporate leadership and identifying teams to utilize social media. Operationalizing social media involves planning content, customer experiences, integration across channels, and measuring return on social media.
by John Bell, Global Managing Director, Social@Ogilvy.
The following is a plan describing a simple and practical way for business leaders to think about gaining the benefits of social behaviors (and the technologies supporting those behaviors).
In many ways the promise of a ‘social business’ is to get us back to what we care about — people working together to create something of greater value than they could have if they had remained unconnected and apart.
Advaita Social Media provides social media marketing services including profile building on platforms like Facebook, Twitter, YouTube and LinkedIn, bulk mailing, content development, and video and graphic design. Their services help businesses connect with customers, advertise products, build their brand and reputation, and increase growth. They offer customized packages and competitive prices to meet clients' specific needs.
With the growth of brands and the complexity of choice facing consumers, brands are challenged to effectively stand out and engage customers in the split- second it takes to make a buying decision. The Blink Factor is a process of better understanding how consumers connect with brands and which elements of your package design should be better leveraged.
For more white papers and webinars, go to http://www.sldesignlounge.com
Or visit us at http://www.sld.com
The document discusses market trends in 2012 and provides a look ahead to 2013. Some key points:
- In 2012, concerns about economic, environmental and government stability increased, eroding confidence. Sustainability became more interconnected.
- Grassroots citizen activism grew through organizations like Greenpeace and Occupy Wall Street. Local alternative economies and sharing economies also expanded.
- The document asserts that future leadership will require brands to establish themselves as platforms for purpose and collaborate to drive sustainable innovation.
- Looking to 2013, it suggests the "revolution" is over and attention should turn to continuous innovation to create meaningful value for both businesses and society. It reaffirms the role of brands in shaping what is considered
Similar to Vivaldi Partners Social Currency Study 2010 (20)
The landscape has changed, and with it, the foundations your business needs for success. Learn how to unlock hidden insights in data and lead your team to greater success with Vivaldi's new quick guide for CMOs.
Contact our team of experts via email: hello@vivaldigroup.com.
Today’s B2B landscape is facing a paradigm shift from business to business to human to human, leading to 5 key challenges for businesses to overcome. Vivaldi brand-building experts share winning approaches to tackle these challenges to unlock growth opportunities. If you're interested in learning more, please contact us at: hello[at]vivaldigroup.com
Gen-Z Insights: Is Your Brand Ready To Take On The Next Generation? VIVALDI
With incredibly high expectations for brands, Gen-Z is a generation of competitive “aspirationalists.” We’ve identified 5 key Gen-Z insights that will help your brand unlock growth opportunities, they revolve around the following values: Access Over Ownership, Hyper-Personalization, Anchored In Ethics, Seamless Experiences and Capturing Attention.
Vivaldi explores the rising influence of platforms and the four perspectives on platforms that have led to its definition today.
Enquire about Vivaldi's leading platform strategy expertise and offerings by visiting vivaldigroup.com or emailing to hello@vivaldigroup.com to connect with one of our experts.
A New Era of Brand-Building | Erich Joachimsthaler Brand Smart KeynoteVIVALDI
Brand-building has departed from traditional models of awareness, image, and emotion, and has landed in an era of utility. Marketers must compete, more so even than before, for a share of their customers’ busy lives. Utility is what allows brands to deliver on customer expectations and create value in the 1,440 minutes of their day. Vivaldi CEO Erich Joachimstaler names the old era the “World of Walls,” driven by supply, wherein branding serves to insulate from competitors, and the new world: the “World of Webs.” Today’s world is ruled by demand, and brands serve to facilitate connection, interaction, and change.
To succeed in this age of disruption, brands and businesses need a new roadmap that harnesses technology and data to connect more deeply with customers and rethink how to work within the larger ecosystem. Erich shares the 4 new principles of building strong brands in this presentation given at the annual Brand Smart event in Chicago.
A Revolution is Coming in How Business Marketers Create Value Across Industri...VIVALDI
At least since the industrial revolution, the basic model of a market and how companies create value has been the same. Companies buy, make, and sell stuff. Value is created at every stage of the value chain and at the end of the pipeline a product or service that customers value pops out. That fundamental basic structure is now shaken up by technology.
In place of the basic model are new models of value creation –
some call them digital ecosystems, platform businesses, cloud-based business models, or Industry 4.0. Regardless, these technologies have one thing in common: they leverage a global digital infrastructure that enables connectivity and interaction between producers and customers, and a third-party ecosystem of partners.
These new models have shocked the foundations of markets, industries, and businesses that serve customers. Dr. Joachimsthaler describes the nature of these shocks on industrial markets and businesses, and shows how companies and brands in traditional B2B markets can adopt some of the principles of these new models of value creation with the goal to achieve new competitive advantages. Dr. Joachimsthaler also outlines how the role of business marketers is changing in this new context.
"What to do at a time when consumers no longer trust brands, when marketing is less and less effective and differentiation is rare? Tips on how to address the new marketing paradigm and improve people's lives.
Vivaldi is a global strategy firm helping companies address their toughest challenges in driving growth with expertise in brand strategy, innovation, design and cultural transformation. For more information about Vivaldi, visit our website: http://vivaldigroup.com/ "
"The Mad Men era was defined by the quest for awareness through big budget advertising. The days of Strategic Brand Management address relevance and differentation, through increased emotionalization. Today, neither are sufficient and building brands in the digital age require creating experiences that connect, that engage and that create value and utility for the customer.
Vivaldi is a global strategy firm helping companies address their toughest challenges in driving growth with expertise in brand strategy, innovation, design and cultural transformation. For more information about Vivaldi, visit our website: http://vivaldigroup.com/ "
"Are brand valuation techniques still adapted to the modern role of brands in building equity for an organization? This presentation reviews some of the more common approaches and introduces an alternative adapted to the measurement of brands in today's digital and social world.
Vivaldi is a global strategy firm helping companies address their toughest challenges in driving growth with expertise in brand strategy, innovation, design and cultural transformation. For more information about Vivaldi, visit our website: http://vivaldigroup.com/ "
Staying Ahead of Disruptors in the Hospitality BusinessVIVALDI
- Brands in the hospitality industry must stay ahead of disruptors by continually delivering value and meaningful experiences to customers.
- Strong brands outperform the market over time by building awareness, differentiation, and emotional connections with customers.
- A Cornell study found that brands with higher brand value in the hospitality industry saw increased gross operating profits per room, occupancy rates, and revenue per available room.
- To build powerful brands, companies must define their essence, purpose, values, character, ambition, and promises, and express these qualities authentically to customers through every interaction.
It's a Complex Healthcare World: Complex Patients, Markets and TechnologiesVIVALDI
"As healthcare rapidly progresses towards digital transformation, Erich Joachimsthaler, Vivaldi founder and CEO, gave the keynote speech to the annual general meeting of The Pharmaceutical Business Intelligence and Research Group (PBIRG). Understanding the active, self-directed, problem-solving patient will be key to reimagining the future of healthcare. Erich shares four steps to doing just that.
Vivaldi is a global strategy firm helping companies address their toughest challenges in driving growth with expertise in brand strategy, innovation, design and cultural transformation. For more information about Vivaldi, visit our website: http://vivaldigroup.com/ "
Brand & Corporate Culture: The Burberry ExampleVIVALDI
"A deep dive into the transformation of Burberry. The nearly 150-year-old British manufacturer of trench coats had lost its way in 2006 and started a digital transformation, which called for a complete overhaul of its technology infrastructure from the front-end customer experience to the back-end operations and global supply chain. But while the technology initiatives that changed the major processes of the company have been widely copied by other fashion retailers, it was the cultural transformation that Burberry pursued in tandem that put the company into the Champions league of the most admired luxury brands in the world forever: placing the trench coat front of the center of the organization as an object of pride; identifying and recruiting for key business-driving roles; leveraging new capabilities to create music, movies and storytelling to speak to millennials, etc... this is a study of how brand and corporate culture trasnformed the business.
Vivaldi is a global strategy firm helping companies address their toughest challenges in driving growth with expertise in brand strategy, innovation, design and cultural transformation. For more information about Vivaldi, visit our website: http://vivaldigroup.com/ "
The UBER Effect: How to Compete in the New Business OrderVIVALDI
The document discusses how companies can compete in the new business order created by companies like Uber that have transformed customer expectations. It argues that companies need to apply exponential technologies to improve people's lives at an exponential scale and scope. They should reimagine their market and role in customers' lives by solving meaningful problems and creating exponential value. Companies also need to transform customer expectations higher than competitors and capture value through their brand and social currency on networks.
Why Digital Connectivity Matters to B2B CompaniesVIVALDI
"On February 28th, executives from leading B2B enterprises gathered at SAP’s headquarters outside Philadelphia for a Jam Session with ISBM. The theme of the conference was certainly cautionary, if not foreboding: “Disrupt or Be Disrupted.” But there were plenty of hopeful insights to glean from the day’s workshop, especially in the keynote address from Vivaldi’s own founder and CEO Erich Joachimsthaler.
Vivaldi is a global strategy firm helping companies address their toughest challenges in driving growth with expertise in brand strategy, innovation, design and cultural transformation. For more information about Vivaldi, visit our website: http://vivaldigroup.com/ "
"Traditional brand trackers are built for the marketing of yesteryear, not the fast-paced world of the digital era - so most companies react too late and marketers are ill-equipped to respond to the digital natives. Marketers need a new way to understand the strength of a brand. That's where BPS comes in. What is BPS? It's brand performance measurement built for today.
Vivaldi is a global strategy firm helping companies address their toughest challenges in driving growth with expertise in brand strategy, innovation, design and cultural transformation. For more information about Vivaldi, visit our website: http://vivaldigroup.com/ "
"The Changing Role of the CMO" Report by Vivaldi Partners GroupVIVALDI
"The Changing Role of the CMO” is a report released by Vivaldi Partners Group, a growth and brand strategy consulting firm that includes a design and experience agency known as Fifth Season.
Vivaldi Partners Group conducted in-depth interviews with CMOs and senior marketing executives across three continents to get their perspectives on the transformation in the field of marketing.
The resulting research uncovered five common areas of change for most CMOs. The report also identifies three particular skill sets would be key to managing these five areas of change.
Find out more information here: http://vivaldipartners.com/
Social Currency Impact Ranking (Abbreviated) VIVALDI
This is an abbreviated version of the Social Currency Impact Ranking that was released by Vivaldi Partners Group, a strategic consulting firm that includes a digital and technology agency known as Fifth Season.
In the report, Vivaldi Partners Group ranks the best brands that most effectively leverage the social behaviors that influence the degree to which individuals share a brand or information about a brand with others.
This abbreviated ranking shows the top 10
The report is a ranking of the brands in the Social Currency 2012 Report. Both reports, and all of the Social Currency research reports, can be downloaded from the Vivaldi Partners Group website: http://vivaldipartners.com/vpsocialcurrency/about
More information on Social Currency 2012 can be found at: http://www.vivaldipartners.com/sc2012
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How AI is Disrupting Service Industry More Than Design ThinkingBody of Knowledge
Artificial Intelligence (AI) and Design Thinking are two powerful tools that, when used together, can revolutionize the service industry. By combining these approaches, businesses can develop innovative solutions that enhance customer experience, increase efficiency, and drive growth. Here's how AI and Design Thinking are disrupting the service industry
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3. Table of Contents
Editorial 2
Executive Summary 4
Introducing the Concept of Social Currency 8
Impact on Industries and Categories 20
Managerial Implications
g p 5
58
Acknowledgements 64
1
4. Editorial I have been studying brands for the last
twenty years. During this time, there has
been significant progress in understanding
why brands are important and how brands
Brands are socially constructed objective become important drivers of innovation and
realities. Brands get bu lt t oug expe-
eal t es. a ds built through e pe g
growth.
riences, through people accepting them
There has been significant progress in the
and making them part of the fabric of their
development of financial frameworks to
lives.
monetize and measure the value of brands,
This process of building strong brands is very legal frameworks to protect brands, and a
personal and also very social. host of managerial approaches to build,
grow,
grow nurture and manage brands.
brands
Today, one of the most important strengths
of a brand is its social currency, the extent to However, nothing has prepared us to deal
which people share the brand or information with today’s revolution in building strong
about the brand with others as part of their brands. The rapid evolution of the Internet
everyday social lives. and, in particular, the rise of the social
2
5. of media, technologies and networks not I am convinced that this study sheds new
only changes our lives, it irrevocably light on the complex and difficult under-
changes how brands are built. taking of building strong brands today.
I am pleased to present, on behalf of Vivaldi I hope that our work will stimulate thoughts
Partners and the many talented people who and more research, encourage new and
work i our company, thi study of th
k in this t d f the better
b tt practices i b i
ti in business, and l d th
d lead the
power of social currency in building strong way into an exciting future of creating value
brands. for companies.
For the first time, we deconstruct social
currency. We find that social currency is not
just about conversation, buzz or community.
It is all this and much more. We find that it
does not impact every brand equally. We Erich Joachimsthaler, PhD
find that certain levers of social currency are Founder and CEO
more important than others in driving value Vivaldi Partners
for companies.
3
6. AFFILIATION
IDENTITY CONVERSATION
SOCIAL
CURRENCY
INFORMATION UTILITY
ADVOCACY
4
7. Executive Summary
Social currency is the extent to which people share the brand or information about the brand
as part of their everyday social lives at work or at home.
Our study shows that social currency significantly drives brand loyalty. Moreover, brands
with a high social currency command a price premium.
Social currency is a means, not the end; nor is it just about buzz or conversation. Rather it is
about creating meaningful experiences around the brand.
Which of the six levers on the left are key to effectively create social currency varies between
categories and their specific customer, consumer, and competitive context.
The successful brands in our study strive to be an integral part of people’s daily lives by
enabling them to connect, interact, and benefit from like-minded brand users.
The good news: the study shows that a set of key principles emerge that help companies to
build, nurture and manage social currency and create value.
5
8. This craving for commun
of every man individual
from the beginning of t
6
10. Why brands need
social currency
AFFILIATION Brands represent significant assets for
companies. The strength of brands is closely
li k d to several well-known asset
linked t l ll k t
IDENTITY CONVERSATION dimensions that drive the relationships with
customers or consumers.
SOCIAL Because of the increasing social nature of
CURRENCY Internet and mobile technologies,
consumers, and customers adopt these
INFORMATION UTILITY
technologies and platforms and integrate
them into their daily life routines and
ADVOCACY
contexts. This also changes how they
interact in all parts of life with people,
products, brands, and businesses.
8
11. PHOTOGRAPHY BY NASA
Hence, all companies need to learn how to In order to manage social currency, com-
make their brands more social, and how to panies must adopt new approaches and
interact in new ways with their customers. In tools. If the traditional model of brand
short, they need to develop social currency. marketing was centered around the key
principles of positioning, targeting, and
Having social currency increases a brand’s
messaging, the model of building social
engagement with consumers and interaction
g g
currency i centered on i
is d interaction, colla-
i ll
with customers, it grants access to
boration, conversation, and co-creation. If
information and knowledge, it helps
brands used to be built through creating
companies to create unique brand identities,
mindshare, the new model of building social
and it develops permission to interact with
currency is about creating share of daily
consumers or customers. In today’s age,
life.
building social currency is probably the most
important investment companies can make Companies who adopt the new processes
to create value for themselves. Consumers and tools in building social currency will
and customers will benefit as well as they prosper in today’s age of digital and social
increasingly participate in social platforms, revolution and have a chance of creating
and use social technologies. new levels of business performance.
9
12. How social increasingly covers the range of experiences
on how consumers interact with brands,
currency products and companies from traditional to
develops in digital experiences.
daily life Social Currency is neither a product feature,
nor a communications or PR campaign that
Social currency of a brand develops organ-
is completely managed by any one company.
ically in the network of people – consumers,
customers, suppliers, partners. From this perspective, social currency is a
far more delicate asset to build, nurture and
Social currency is not a communications
maintain than brand equity. Traditional
approach, it is an experiential concept. It
brand management has been a successful
develops from experiences that consumers
p p a
driver f many b d M
di for brands. Many of the Top
f th T
have in the context of their daily life.
1000 global brands have grown over the last
Hence, context matters. Understanding twenty years. All these brands derive
social currency requires to understand how strength from deep relationships and
the context of daily life changes and interactions with customers or consumers,
10
13. PHOTOGRAPHY BY JURVETSON/FLICKR
and by that, social currency is not a new Many of these social media sites are actively
phenomenon. Brand building has always used today by major brands to strengthen
been about establishing deep relationships customer service, introduce or co-create
with customers or consumers and share new products and entertain people.
their experiences with friends and peers –
In addition, there are thousands of small
their everyday social environment.
networks, forums and blogs that are not
However, especially with the development of steered by the brands themselves, but still
social platforms on the Internet, which has are important in creating social currency.
become a major sharing and connecting
Today, building of social currency takes
point, social currency has become a real
many forms, some of them being supported
source of strength for many brands.
by digital applications, others are non-
Just
J t as major services lik F b k T itt
j i like Facebook, Twitter, digital
di it l experiences i th d il life of con-
i in the daily lif f
or MySpace have become means for sumers. Some experiences are supported by
everyday personal exchange, brands have applications and tools of companies and
grown in that space as information and others are self-created by customers and
experiences about brands are being shared. consumers.
11
14. Social currency:
a shared domain
of brands and
consumers
Social
S i l currency represents a shared asset of
t h d t f
consumers and company-owned brands. It
originates from interaction between customers Social
and consumers. Currency
However, companies can stimulate the creation
of social currency through means that cultivate
a sense of community, strengthen consumer
interaction and provide value to the com-
munity. When done credibly brands earn trust Brand Consumer
and can grow into an integral, almost symbiotic
role in customers’ lives.
12
15. PHOTOGRAPHY BY DJWHELAN/FLICKR
Impact of social
currency on brand
performance
Our
O study shows that social currency
d h h i l
significantly impacts different aspects of brand
Brand Price
performance:
Loyalty Premium
1. Across categories and brands, 53% of exp. power correlation
consumers
consumers’ brand loyalty can be explained 53
53% 73
73%
by social currency.
Social
2. Users of brands with high social currency Currency
show a significantly higher willingness to
pay a price premium (correlation=0.73).
Source: Vivaldi Partners Research based on regression analyses of brand loyalty on social currency levers 13
16. Affiliation 49
What share of your users has a
sense of community?
f i ? 27
AFFILIA
IDENTITY
Identity 47 SOC
How many of your users can CURR
identify with other users? 43
INFORMATION
ADVO
Information 35
How many feel they exchange
fruitful information with others? 22
14
17. Conversation 72
What share of your brand users
recognizes and stirs b ?
i d i buzz? 49
9
ATION
CONVERSATION
CIAL Utility 63
RENCY How many derive value from
interacting with other users? 50
UTILITY
OCACY
Advocacy 64
6
How many act as disciples and
stand up for your brand? 38
Source: Vivaldi Partners social currency survey December 2009, Exemplary results for selected brands and categories 15
18. How social
currency
creates value
in categories
Although social currency consists of six core
levers, a brand does not necessarily need to
access each lever in order to drive loyalty
and top line growth. Instead, certain
Impact of social currency levers on
brand loyalty within selected categories
AUTOMOTIVE (VOLUME)
AIRLINES
BEER
SKIN CARE
FAST FOOD
SPORTSWEAR
ONLINE RETAIL
CONSUMER IT
B2B TECH
PHOTOGRAPHY BY PHILLIE CASABLANCA/FLICKR
19. categories seem to be less dependent on food). Such activities will then directly drive
providing a strong sense of community or re-purchase or repeated visits respectively.
relying on the user-base to exchange news,
In contrast, consumer brands in the IT
hints or other information.
category, like Apple or Microsoft need to
For example, categories like fast food or
example efficiently address most levers as complexity
beer rely less on strong affiliation amongst of products implicitly leads to higher
their users but can still tap into social exchange levels and especially tangible
currency by helping users to learn from each products are providing today’s light houses
other (beer) or by strengthening the to convey one’s personality traits just like
identification levels with other patrons (fast automobiles have for the last century.
Affiliation Conversation Utility Advocacy Information Identity
Source: Vivaldi Partners Research based on regression analyses of brand loyalty on social currency levers 17
20. Find out if 3. Customers or consumers are willing to
tell others about your brand or
social currency recommend it further. This advocacy for
is important your brand is one of the key value
for you drivers.
4. The more information customers or
consumers have about your product or
If you agree with some of the following service, the more likely they develop
statements, it is very likely that social preferences for your brand or business.
currency is an important driver for your By helping consumers to become
business and brand.
brand “knowledgeable ” you empower them to
knowledgeable,
share their knowledge with others.
1. Some of your customers or consumers
proactively talk about your products and
services with others. By engaging in »SOCIAL CURRENCY IS
these conversations, you can stimulate LIKE A GOOD JOKE […]
f th conversations and discussions
further ti d di i USING CONTENT […] IN
[ ]
by for example providing additional ORDER TO LUBRICATE A
talking points, perspectives and points SOCIAL OCCASION«
of view.
RUSS KLEIN
2. The social exchange with others
involving your brand is an integral part
of peoples’ lives. This exchange
provides an opportunity for you to build 5. Customers or consumers
invaluable utility for customers or develop a strong sense of
consumers by helping them to increase identity and an ability to express
their own social relevance, for example. themselves to others by using your
18
21. brand. You can create value for your
brand and business by reinforcing the
identity-driving elements of your brand.
6. The value of your brand is closely related
to the affiliation and sense of com-
h ffili i d f
munity it creates among other like-
minded people. You can create value
by promoting the community and
building
exchange
»WHERE IN THE LATE
opportu- 1700'S IT WAS MIRRORS, ,
nities. NAILS AND BUTTONS –
IN THE 21ST CENTURY
All brands
and busi-
THE SHINY OBJECTS ARE
nesses need ACCESS, ENTERTAINMENT
a social AND KUDOS«
strategy. If
t t
MARK SAGE
you can affir-
matively respond to three or more of the six
statements, your opportunities for building
value through social currency are
enormous.
If you would agree on less statements, you
must carefully evaluate the hidden potential
of social currency for your brand and
business. You might choose to focus on just
one or two levers of social currency.
5
PHOTOGRAPHY BY TIBCHRIS/FLICKR
22. How jetBlue
enables a
strong sense of
community
At first sight, the airline industry seems to
be, by definition, a social category. There
are not many brands that could claim
bringing together thousands of people in
bi i t th th d f l i
IR NES
one place every day. Airline brands can.
But does this given trait of mass transpor-
tation allow airline brands to get a head
start over brands in other categories in
terms of social currency?
RLIN
After all, most of the social encounters
around air traveling would seem rather
futile and random to many.
On the other hand, airlines have been
known as early pioneers in creating and
nurturing customer communities via
frequent flyer and other loyalty programs.
Hence, studying social currency in the
context of airline brands promises to be an
interesting and worthwhile trip to take.
23. In our study, jetBlue turns out as a role are part of a community through the brand.
model for the entire airline category. With a Not surprisingly, trust with the brand is very
social currency score as high as 65% it out- high (See CHART 1).
performs legacy carriers such as American
The deep integration in the company’s
Airlines (48%) or Delta (37%). Only Virgin
strategy may b ill
be illustrated by the new
db h
and Southwest Airlines can keep pace with
jetBlue terminal at New York’s JFK airport.
jetBlue’s performance in the social arena.
Rather than constructing a merely functional
Diving deep into the specific characteristics terminal for departures and arrivals, focus
of the different airlines’ customer bases we was laid on human interaction. The waiting
have found a specific social trait to jetBlue area mimics New York City landmarks, such
that no other airline can claim to this extent: as the steps of the Metropolitan Museum of
A close-knit customer community. First, the Art, where travellers can exchange with
majority of jetBlue customers can identify each other physically or virtually. In addition
well with other jetBlue customers. More- to capturing the hustle and bustle of NYC,
over, 61% of jetBlue customers feel like they the terminal creates a community feeling.
AIRLINES: SOCIAL POTENTIAL IS TAPPED RARELY
CHART 1 CHART 2
“I could rely on this brand to solve
any problems”
Sense of community
61%
Trust in brand 78%
84%
0% 10%20%30%40%50%60%70%80%90%
Source: Vivaldi Partners social currency survey, Average Top2-Box-Scores on a 5 point scale across beer category 21
24. CATEGORY RANKING
# Brand Social Currency
1 JETBLUE 65%
2 VIRGIN 58%
3 SOUTHWEST 54%
4 CONTINENTAL 53%
5 AMERICAN AIRLINES 48%
6 UNITED 42%
IR NES
7 DELTA 37%
SOCIAL CURRENCY MAP
RLIN
high
BRAND LOYALTY
D
SOCIAL CURRENCY high
25. SOCIAL CURRENCY LEVERS
Affiliation Conversation Utility Advocacy Information Identity
67% 72% 51% 75% 55% 69%
57% 62% 52% 63% 57% 57%
50% 64% 41% 72% 44% 53%
52% 55% 41% 69% 45% 59%
49% 48% 39% 53% 47% 52%
41% 41% 33% 49% 42% 44%
41% 41% 26% 41% 33% 40%
BRAND PERFORMANCE INDICATORS
TAL
SOUTHWESST
CONTINENT
AMERICAN
JETBLUE
UNITED
VIRGIN
DELTA
Quality Perception 50 60 70 80 90 100
CONTINENTAL
SOUTHWEST
AMERICAN
JETBLUE
UNITED
VIRGIN
DELTA
Brand Trust 50 60 70 80 90 100
CONTINENTAL
SOUTHWEST
AMERICAN
JETBLUE
UNITED
VIRGIN
DELTA
Recommendation 50 60 70 80 90 100
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 23
26. How social
currency sets
premium brands
UT MOT E
TOM TIVE
further apart
The automotive industry can be divided into
major categories by two dimensions:
domestic vs. imported brands and volume
vs. luxury brands. Interestingly, especially
the latter dimension also shows an effect in
terms of their social currency systems.
As high-involvement products, automobiles
offer a continuous platform for conversation
to both, volume and premium car owners.
Further, identification with other owners is
i hi h i d d f h
quite high independent of the segment.
However, premium brand drivers show a
much stronger sense of their brand’s
community. In that context peer recognition
becomes key whilst gaining valuable
information around the brand itself through
others has less effects on re-purchase
decisions. Inversely, volume brand drivers
show a lower need to affiliate with others,
but appreciate the value they can sift by
learning from other drivers.
27. BMW drivers form an exceptional example Honda for example, despite performing
for a perceived community experience as weak on trust (71%), has highly loyal users
two thirds feel a strong affiliation with other who actively act as brand ambassadors and
BMW owners. who directly draw value as individuals from
the exchange with other Honda owners
Luxury car b d show significantly hi h
L brands h i ifi l higher
(35%) – see CHART 1.
social currency levels in general, implying
that, with buying a car, drivers seek to not Ford, in contrast, seems to merely form
only enter a social peer group but also to identification levels between its drivers
grow as an individual by becoming an active through its heritage but cannot extend that
member. social belonging to also generate a strong
community feeling (see CHART 2).2)
Investigating individual brands more
closely, it becomes obvious that also volume For a domestic brand this should be a key
car brands can utilize social currency levers objective, as this also affects
to provide additional selling propositions. recommendation levels.
AUTOMOTIVE: VOLUME CAR BRANDS COMPETE ON SOCIAL
CHART 1 CHART 2
“Through other users of this brand Identity Affiliation
I get valuable information”
48% 37%
40%
35% 20%
0%
Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 2010), Top2-Box-Scores on a 5 point scale 25
28. NAPSHOT TOYOT
How Toyota
suffered from
the gas pedal
UT MOT E
TOM TIVE
recall
T:
No surprise – Toyota’s recently admitted
quality problems heavily shifted owners’
SN brand perception.
After all, quality had been the essence of
the Toyota brand for the last two decades.
Before the news on malfunctioning gas
pedals surfaced, nearly every Toyota driver
would fully agree on Toyota’s exceptional
quality levels and reliability of its cars. Just
a f weeks l t th
few k later these scores d dropped d
dramatically.
In an instant, long-built brand equity
eroded.
Automobiles not only offer functional value
but also, by virtue of the fact that they
provide an important opportunity for a
person to convey his or her identity, have
always been very social products.
29. Toyota faced challenges in accessing these benefits than the erosion of its quality
value drivers in an American market; it had image.
to compete against Ford’s clear Americana
Fewer Toyota owners draw
association or the exclusivity offers of luxury
value from being a member
brands such as BMW or Ferrari.
of the T
f h Toyota community i
Against these challenges, Toyota managed now. Moreover, less than a
to provide a large share of their owner-base third would want to identify themselves
with a brand experience that successfully with other Toyota owners – a drop of 19%!
made them identify with and feel united to
This clearly raises another issue on the CEO
other Toyota owners. They earned social
agenda: For Toyota, renovating its brand’s
currency - an effort which served as a
social currency will be just as crucial as
safeguard against competition from other
returning to six-sigma standards in
Asian makes.
production.
However, now, after the recall, Toyota faces
a relatively worse decline in providing social
PRE POST RECALL
TOYOTA DRIVERS: PRE-POST-RECALL
l Quality perception wears away
Very good quality FROM 96% DOWN 16v TO 80%
Reliability FROM 92% DOWN 19v TO 73%
l Social bonding erodes relatively worse:
Affiliation (with other drivers) FROM 29% DOWN 8v TO 21%
Identity (through other drivers) FROM 46% DOWN 19v TO 28%
Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 2010), Top2-Box-Scores on a 5 point scale 27
30. CATEGORY RANKING
UT MOT E
TOM TIVE
# Brand Social Currency
1 BMW 69%
2 MERCEDES 68%
3 LEXUS 66%
4 HONDA 54%
5 TOYOTA* 45%
6 FORD 44%
* Data presented in the tables on this page prior to re-call 2009/10
SOCIAL CURRENCY MAP
high
BRAND LOYALTY
D
SOCIAL CURRENCY high
31. SOCIAL CURRENCY LEVERS
Affiliation Conversation Utility Advocacy Information Identity
65% 81% 59% 77% 65% 70%
60% 76% 57% 81% 62% 72%
63% 75% 53% 76% 66% 65%
42% 67% 41% 75% 48% 52%
29% 66% 29% 69% 29% 46%
37% 49% 33% 46% 48% 48%
BRAND PERFORMANCE INDICATORS
MERCEDES
TOYOTA
HONDA
LEXUS
FORD
BMW
Quality Perception 50 60 70 80 90 100
MERCEDES
TOYOTA
HONDA
LEXUS
FORD
BMW
Brand Trust 50 60 70 80 90 MERCEDES 100
TOYOTA
HONDA
LEXUS
FORD
BMW
Recommendation 50 60 70 80 90 100
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 29
32. Why big beer
brands carry a
social handicap
Beer is an unarguably social product,
regularly consumed in a social context.
Further, beer brands on average enjoy well
above average quality and trust levels (see
CHART 1).
Given its consumption context and also its
strong loyalty scores, one would expect that
beer brands should be able to leverage their
social nature. However, this only proves to
be the case for niche brands.
In a mass-market setting, beer is about
commoditized consumption, not about
ER
nursing a community feeling of consumers
of the same brand.
Where mass brands like Corona, Coors, or
EE
Miller are struggling, however, is when it
comes to a dialog about the brand. Ob-
viously people are enjoying the taste but do
not feel inclined to discuss their beer
brands. A different usage pattern can be
33. observed with niche brands, like Sam packaging innovations, like vented wide-
Adams or even Irish Guinness. mouth cans, temperature-linked packaging.
They provide their consumers with a product However, market-leading Budweiser proves
that not only stirs communication but even that there is a way to access social currency
has h bili
h the ability to f form communities and
ii d beyond the niche. A h
b d h i h Anheuser B h’ b d
Busch’s brand
provide a strong feeling of identification managers heavily invested especially in
with other drinkers of the same brand social media to generate more buzz and
(see CHART 2). affiliation around »Bud«.
Instead of providing a unique story around However, the case also shows, that they did
their brand, mass market brands instead not succeed completely. Such undertakings
seem to have, at the expense of their social need to be based on a consistent strategy
currency values, focused too heavily on and clearly be linked to a brand’s values.
developing their product strengths: mar- Still, there are ways for volume brands in
ginal, but socially irrelevant product and the beer category to create social currency.
BEER: STRONG POTENTIAL, BUT UNFOCUSED ENERGY
POTENTIAL
CHART 1 CHART 2
Quality Trust “I feel a connection to other users
of this brand”
89% 86%
47 57
Source: Vivaldi Partners social currency survey, Average Top2-Box-Scores on a 5 point scale across beer category 31
34. CATEGORY RANKING
# Brand Social Currency
1 SAM ADAMS 53%
2 GUINNESS 51%
3 HEINEKEN 47%
4 BUDWEISER 43%
5 COORS 36%
6 CORONA 33%
7 MILLER 28%
SOCIAL CURRENCY MAP
high
ER
BRAND LOYALTY
EE
D
SOCIAL CURRENCY high
35. SOCIAL CURRENCY LEVERS
Affiliation Conversation Utility Advocacy Information Identity
47% 57% 45% 66% 45% 55%
50% 55% 42% 59% 48% 51%
46% 54% 37% 60% 38% 46%
45% 48% 32% 54% 35% 46%
33% 39% 31% 41% 28% 44%
28% 38% 21% 44% 29% 37%
28% 26% 13% 44% 23% 36%
BRAND PERFORMANCE INDICATORS
MS
BUDWEISERR
SAM ADAM
GUINNESS
HEINEKEN
CORONA
COORS
MILLER
Quality Perception 50 60 70 80 90 100
SAM ADAMS
BUDWEISER
GUINNESS
HEINEKEN
CORONA
COORS
MILLER
Brand Trust 50 60 70 80 90 100
SAM ADAMS
BUDWEISER
GUINNESS
HEINEKEN
CORONA
COORS
MILLER
Recommendation 50 60 70 80 90 100
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 33
36. Why buzz alone
will not build
social currency
Fast food represents a category with excep-
tional consumer polarization. When it comes
ST F OD
to choosing their favorite brand, fast food
patrons very quickly form distinct camps of
clear supporters and critics. Virtually any-
AS FOO
one with a minimum of fast food dining
experience will know an immediate answer
to the question: »Burger King or
McDonalds?«.
Hence, every fast food brand has its own
community of patrons that regularly
y p g y
consume, talk about or even defend the
brand.
Also, similar to the beer category, fast food
brands are clearly social-driven, as con-
sumption patterns are often embedded into
a broader social setting – meeting up with
friends, having a snack with co-workers or
similar.
However, in terms of social currency, Burger
King scores lowest overall of all fast food
37. companies in our study (21% - see CHART 1). The result: Burger King turns out last place.
This is really curious given the buzz the Only 20% of Burger King customers think
brand has generated through its social that they get to learn something new
media efforts around the scary looking King through the community (See CHART 2).
and the award-winning subservient chicken
award winning Similar poor results for the quality of
campaign. information being shared and the appre-
ciation of others’ opinions.
What the results of our study suggest is:
online buzz does not equal conversational Overall, Burger King’s social media efforts
value to customers. Only if conversations seem to have targeted too narrow of a target
are meaningful to customers, brands will group neglecting the social needs of its
profit from increased social currency among broader customer base.
base
their customer base.
The brand may have created conversation
Digging deeper, we have studied the extent that stayed “meaningless” both to the
to which whatever is said, the buzz, is majority of customers as well as to the
relevant to customers of a brand. brand itself.
FAST FOOD: BUZZ DOES NOT EQUAL SOCIAL CURRENCY
CHART 1 CHART 2
Social Currency Scores “Through other users of this brand I get
to learn something new”
20%
21 30 44%
Source: Vivaldi Partners social currency survey, Average Top2-Box-Scores on a 5 point scale across beer category 35
38. CATEGORY RANKING
# Brand Social Currency
1 DUNKIN‘ DONUTS 44%
%
2 STARBUCKS 42%
3 KFC 30%
ST F OD
4 WENDY‘S 30%
5 PIZZA HUT 30%
6 TACO BELL 28%
AS FOO
7 MCDONALD‘S 23%
8 BURGER KING 21%
SOCIAL CURRENCY MAP
high
BRAND LOYALTY
D
SOCIAL CURRENCY high
39. SOCIAL CURRENCY LEVERS
Affiliation Conversation Utility Advocacy Information Identity
40%
% 50%
% 33%
% 60%
6 % 33%
% 47%
%
53% 45% 31% 48% 35% 43%
25% 38% 19% 45% 23% 31%
25% 30% 20% 44% 24% 35%
26% 37% 15% 46% 19% 35%
22% 37% 18% 44% 18% 28%
18% 29% 15% 29% 17% 29%
16% 24% 16% 24% 19% 24%
BRAND PERFORMANCE INDICATORS
NG
D‘S
BURGER KIN
STARBUCKS
S
MCDONALD
TACO BELL
PIZZA HUT
WENDY‘S
DUNKIN`
KFC
Quality Perception 50 60 70 80 BURGER KING 90 100
MCDONALD‘S
STARBUCKS
TACO BELL
PIZZA HUT
WENDY‘S
DUNKIN`
KFC
Brand Trust 50 60 70 80 90 100
BURGER KING
MCDONALD‘S
STARBUCKS
TACO BELL
PIZZA HUT
WENDY‘S
DUNKIN`
KFC
Recommendation 50 60 70 80 90 100
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 37
40. Why women love
sharing their
thoughts on
Clinique
In the skin care domain, male target groups
obviously tend to be less talkative about
IN C RE
their skin treatment.
Market leaders like Gillette have not built
KI CAR
significant levels of social currency at all.
Probably due to the functional focus of the
brand, even their loyal and satisfied (94%)
users do not share experiences or infor-
mation with each other (only 14% would do
so) – see CHART 1. Very popular and
»fun-brands« th t t
f b d that target a f t focused segment
d t
have fared better, however only managing
to create a limited sense of community (e.g.
only one out of four Axe users feels
affiliated to others).
Women across all ages, as opposed to men,
tend to seek social exchange regarding this
product category. Skin care remains a much
more relevant issue for females and peer-to-
peer distribution concepts like Avon’s are
hard to imagine within a male setting.
41. Therefore, it makes most sense to investi- common, challenges. They typecast women
gate and compare two female-centered – establishing the basis around which
brands: Clinique and Dove. women could form micro communities.
Clinique has successfully built a strong Volume brand Dove has been praised for its
community f li around i classical pre-
i feeling d its l i l re-launch around »real b
l h d l beauty«, which h
hi h has
mium positioning. Every second user claims gained them business success and a highly
that she identifies with other Clinique users authentic image. That said, Dove remains
(48%) and engages in conversations around unable to provide a sense of community, as
the brand (51%) – see CHART 2. In contrast the brand’s buzz is conversation worthy but
to many of today’s brands, Clinique would unsustainable. Additionally, by appealing to
not be a typical Web 2.0 protagonist
2 0 protagonist. every woman, the brand doesn’t encourage
woman doesn t
Instead it has managed to build social community bonds (e.g. women who use a
currency by really engaging its consumers specific product for their special skin type).
around its heritage and, importantly, by For Dove to gain social currency, it will have
acknowledging women’s unique, yet to translate real beauty into real community.
SKIN CARE: BRANDS AS PLATFORMS FOR ENGAGEMENT
CHART 1 CHART 2
“I can identify myself well with
Satisfied with brand other users of this brand”
94%
Do share experience
48%
14%
0% 10% 20% 30% 40% 50% 60% 70% 80% 90%100%
Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 2010), Top2-Box-Scores on a 5 point scale 39
42. CATEGORY RANKING
# Brand Social Currency
1 CLINIQUE 42%
2 AXE 37%
3 AVON 37%
IN C RE
4 DOVE 29%
5 NIVEA 23%
KI CAR
6 GILLETTE 17%
SOCIAL CURRENCY MAP
high
BRAND LOYALTY
D
SOCIAL CURRENCY high
44. The sportswear
quest for daily
PO TSW AR
ORT WEA life relevance
Community experience lies at the heart of
every major sportswear brand. Ever since,
iconic brands such as Nike, Adidas, or
Reebok have created and promoted com-
munity sports experiences to the fullest
fullest.
In the early 90s, Adidas launched their
hugely successful “Streetball Challenge”.
Similarly, Nike has engaged its brand in
numerous sports sponsorships from region-
al to global level over the last decades. With
the
th rapid emergence of th I t
id f the Internet and
t d
especially the social web in recent years,
major sportswear brands have moved into
the online domain to re-connect with con-
sumers. Various initiatives such as Nike+ or
miAdidas have been rolled out to create new
and meaningful experiences for consumers
around their brand.
In our study the smaller, fashion-oriented
sportswear brands take over the lead in
terms of social currency. Puma clearly
45. comes first with a social currency score of identity (60%) – being important levers to
50% followed by Sketchers (38%) and build social currency in the sportswear
Adidas (38%), the only global power brand category – the brand outperforms its
to reach a top-3 position. competitors.
This
Thi result comes as a bi surprise f
l big i from a Arguably, Puma’s strategic evolution to-
bl ’ i l i
traditional brand equity perspective as wards a lifestyle focus has helped the brand
powerhouses such as Nike and Adidas fall to gain extra social currency with consumers
behind. However, social currency does not that would not have been accessible for a
focus on traditional brand equity measures smaller player with a rather narrow
such as brand awareness. It measures the sportswear focus.
social value a brand provides within its own
It also apparently enabled the brand to take
customer base.
over a more significant role in consumers’
Compared to larger brands, Puma seems to daily lives – resulting in increased con-
have created the biggest social value. versation, affiliation, and identification bet-
Especially in the areas affiliation (45%) and ween Puma users.
SPORTSWEAR: BRAND FOCUS IMPACTS SOCIAL CURRENCY
CHART 1 CHART 2
Social Currency Scores
Identification with other users
60%
Affiliation with other users
30 50 45%
0% 10% 20% 30% 40% 50% 60% 70%
Source: Vivaldi Partners social currency survey, Top2-Box-Scores on a 5 point scale 43
46. INDUSTRY RANKING
PO TSW AR
# Brand Social Currency
ORT WEA
1 PUMA 50%
2 SKETCHERS 38%
3 ADIDAS 38%
4 REEBOK 34%
5 NIKE 30%
6 NEW BALANCE 29%
SOCIAL CURRENCY MAP
high
BRAND LOYALTY
D
SOCIAL CURRENCY high
48. AIL Why Amazon is a
retail success
but no social
NL E RETA
star
Perhaps as a consequence of today’s
information overload, customers especially
appreciate relevant information. Under-
standably, online categories, where infor-
mation is exchanged frequently, perform
well within the information lever.
Merely being information rich is not the only
critical success factor for social currency, as
the cases of Amazon and eBay show.
Amazon’s revenues might put it ahead of
g p
LIN
eBay’s game, but concerning overall social
currency, it trails (Amazon 42% vs. eBay
50%).
One cannot deny Amazon’s strengths,
because it does seem to be able to inspire
more positive conversation amongst its
customers (46% vs. eBay 37%).
However, it is challenged when it comes to
elevating these conversations into a more
sustainable sense of community.
49. Amazon’s review system does not en- that they “learn something new or fun”
courage users to connect with one another. through other eBay users (see CHART 2).
Therefore, it is no surprise that Amazon
Apple’s iTunes in return has woven itself in a
customers do not have a strong sense of
different way into its users lives. Beyond the
community or affiliation (Amazon 31% vs.
most probable A l H l effect, iTunes also
b bl Apple Halo ff iT l
eBay 44% – see CHART 1).
managed to change the listening habits and
Positive conversations are powerful tools, the management of music and thereby the
but these can be maximized, as seen with life around it.
eBay’s personal messaging system, to
Providing such values beyond the Apple-
encourage users to view each other as
typical lock-in, this led to a high degree of
reliable sources of information (Amazon
advocacy and conversation not only about
47% vs. eBay 58%).
music but about the application that en-
eBay has even managed to build a customer abled this new way of purchasing and
base – a community, rather – which believes constantly accessing the tunes.
ONLINE RETAIL: SOCIAL VALUE STEMS FROM INTERACTION
CHART 1 CHART 2
Brand users that feel like “Through other users of this brand
being part of a community I get to learn something new or fun”
31/44
31%
44% 43%
0% 10% 20% 30% 40% 50%
Source: Vivaldi Partners social currency survey, US Pre-Recall (December 2009) and Post-Recall (February 2010), Top2-Box-Scores on a 5 point scale 47