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Showing posts with label product marketing. Show all posts
Showing posts with label product marketing. Show all posts

Wednesday, February 17, 2016

Managing Brand Relevance in an Interactive Digital World

It was fun watching the SuperBowl the other week and watching the many ads which have become almost as interesting as the game itself.  So I was thinking about the ads, the brands and how it has changed over time.

Historical Perspective

To grasp the evolution and purpose of today's style of branding, you need to get a glimpse of how it came about. Often, what comes to mind when someone says 'branding' is the old cowboy way of marking cattle with a hot iron to let everyone know which steers belonged to whom. In fact, the word brand actually comes from the Norse word brandr, meaning 'to burn.' The concept of branding goes back much further than that, even if branding wasn't known by that particular word. Before spoken and written language were commonplace, people used images to correlate with specific thoughts or actions.

Later on, as the world became more civilized, merchants from Egypt, India, China, Rome, and Greece used pictures and symbols in place of words on their signs so that those who could not read (most people then) would know what was being sold in a shop or market. Technological innovations like the Gutenberg printing press, in 1448, allowed books and other printed materials to be read by a mass audience. In 1625 in England, the first ad appeared in a newspaper – a first modern mass media. By the 1700s, trademarks and stamps were becoming standard practice.

According to Robin Landa , a branding and creative strategist,  "trademark(s) became crucial to governments, producers, and consumers. Governments saw the need to institute patent, trademark, and copyright laws as incentives to encourage development and progress in science, technology, and the arts."

Yet, branding (as we know it) didn't come into its own until the late 1700's and early 1800's when the economic boom meant people had more discretionary income to spend on wants and whims, instead of just basic survival needs. With the increasing level of income, more products and services were being offered, and the market was soon flooded with so many choices and competitors that businesses and entertainers were forced to find new ways to differentiate themselves and stand out. Instead of using images and names to identify what was inside or where it came from, merchants began using brands to create stories, elicit desire, and create a sense of exclusivity and expertise. Beyond the snake oil salesmen of that time, many of today’s common brands came into being.   Think of clothes (Levi’s), tobacco (Marlboro), soft drinks (Coca Cola), tires (Michelin), and beer (Budweiser) leading the charge in the early days of branding.  Here is an example of a Levi Strauss Ad from 1873.  At that time, the promise of the Levi’s brand to the miners to whom they sold was that the pants would never rip apart.  The brand started its evolution from just visual imagery to a deeper promise to the buyer.  And over time, the brand imagery evolved as well.





To see what this looks like in a broader context, take a look at this great Brand Evolution Timeline :





The Promise of Today

Branding continues to evolve.  Just 30 years ago, Apple was a computer company with a promise of a new easier to use personal computer.  Today, Apple’s logo and image is cleaner, more industrial, and the promise is one of simplicity, user friendly, sleek, and empowerment.    From its world changing iconic ad at the 1984 SuperBowl, Apple promised us, the common man, a new emotional experience of using their computer vs the performance characteristics of a computer which appealed to corporate America.    Those promises continue today even as Apple has become more common in the business world.   

Branding has gone even beyond just an image or way of standing out. It's so much more now. We've become so interconnected, mobile, and social, so outspoken and sensitive to hype, that we demand more from our companies and public figures. We demand transparency, engagement, and authenticity. We demand expertise and authority. We demand stellar service, outstanding performance, and a deeper connection and rapport with those we choose to buy from. Most of all, we demand outrageously unique experiences, the kind that leave us breathless from wonder and excitement—something we can write home about, brag to our family and friends and use as part of our own identities.

That's what real branding is about – creating unique experiences that anchor positive and powerful emotions in the minds and hearts of your market and link them to using your products or services, or even just being around you. But before you can start creating your brand or rethinking your existing brand’s promise, you need to identify and demonstrate your expertise, give customers a reason to trust you, listen to what they have to say, and then connect the dots. 

What You Can Do Now

As you think about your brand, I believe that a periodic brand audit makes sense.   Here’s a short 14 point checklist of areas you need to investigate to ensure your brand is relevant in today’s market.

1. Understand the rational and emotional reasons why your customers buy your product or service and why they buy from you.
2. Determine who precisely is your customer- what is the visual image and persona of that buyer(s)
3. Do competitive analysis to ensure you understand your brand’s strengths, weaknesses, threats and opportunities so you can position your brand correctly
4. Reinforce the promise of the brand at each touchpoint- online, offline, in retail stores, on the phone with customer service.
5. Study your value proposition to ensure your brand is differentiated vs. other direct and near-competitors.
6. Determine if your associations and partnerships are still relevant in today’s world.
7. Determine if your partners and channels are supporting the brand, its position, and the messaging as you intended.
8. Define what is important to your customer and how well you perform on those attributes
9. Does your visual identity need rejuvenation? Ensure your visual identity - logos, typefaces, imagery, and collateral are consistent and current.
10. Review your website, upgrade and update it to enable interactive communication and adaptable to mobile devices.
11. Determine if your customers are loyal; understand how and why they may be abandoning your brand. 
12. Review your brand metrics to determine brand success and return on marketing investment (ROMI).
13. Evaluate your brand names and the naming architecture to make sure it makes sense to your target markets and reflects your promise.
14. Is your branding truly communicating the core brand essence? Does your brand have the right attributes, personality, identity, vision, and mission to be successful in the future?

No doubt marketing technology, mobile pay, smartphones, and changing demographics will continue to morph and shape brands for the foreseeable future. In the future, I believe brands will continue to evolve in the areas of engagement and experience. I expect to see new technologies like virtual reality, gaming, and video everywhere exert tail winds that will require marketers to innovate and evolve their brands in new ways over the next 5 to 10 years; the pace of technology and customer engagement is moving quickly. For additional insights into the history of branding, I suggest you read this article by Robin Landa. You can get it here.  To learn more about branding and see over 3000 curated pins please check out my Pinterest board located here.

In the meantime, let me know your favorite brand and why.  Let’s continue the dialog.  And if you need help with developing your brand or making it more relevant in this new interactive digital world, feel free to call me at 949-445-1080 x-501 or email me at vferraro@clevelpartners.net.  My partners and I will be glad to help you.



Thursday, January 21, 2016

Leveraging the Apple Ecosystem with Third Party Hardware Products

There are many things that make a successful company: great leadership, exemplary people, a solid culture, and a much targeted market.  Yet, people sometimes overlook the impact of building a successful ecosystem of partners who can help a company with new applications, products, features, and channels to the market. 

So we decided to look at one of the masters of building such an ecosystem: Apple. We all know how successful Apple has been with the iPhone and the iPad and creating new product categories and platforms that leverage mobile computing. Mobile accessory vendors have been quick to leverage Apple's product platform from the very beginning. In building lifetime value of a customer, these accessories can derive large profit margins for everyone in the value chain. Just how big is the market?

Source: http://www.slideshare.net/andreasc/mobile-megatrends-2014-25-may-2014
ABI Research expects global revenues for mobile accessories to be $81.5B in 2015. Future Market Insights believes global mobile accessories market revenue will reach $121.7B in 2025.

For the sake of discussion, we can look at mobile phone accessories as part of larger wearables and mobile accessories market. In fact, if you use mobile phones as controllers, they start to tap into the concept of the Internet of Things (IoT) and other related and adjacent markets in smart homes, entertainment, and security.

Let’s look at mobile phone accessories. Future Market Insights subdivided this market into more than 6 categories as shown below and included their 2014 market share.

Source: http://www.futuremarketinsights.com/reports/global-mobile-phone-accessories-market
While this list is pretty straightforward, strangely, I believe it is missing one important category - hardware enabled input and output devices that take advantage of the iPhone platform as a controlling device. This is a distinct advantage of the iOS market. Unlike Android devices, whose styles, hardware, form factors, buttons, switches vary by competitor, the iPhone platform and ecosystem is standardized to allow a clear path to hardware development of the iPhone mobile computing platform. They offer developer programs like MFi and the External Accessories Framework (EA) to support communication and support of third party hardware device to an iOS device through Apple Lightening, 30-pin connector and wirelessly using Bluetooth.  

In the presentation by VisionMobile, these ecosystems have given birth not only to red and blue oceans, but black oceans, ecosystem driven-markets that are so powerful and strong, you can't beat them, and you can only join them or compete with them with another black ocean ecosystem (e.g. Android vs. iOS).

A simplified input-output model for hardware development looks something like this:

Source: Vince Ferraro
In the imaging, test and measurement, and audio markets, companies are leveraging Apple's ecosystem in some exciting and new ways, often creating new product categories or products that are substitutes to existing products that were created on platforms and devices in the pre-smart, mobile phone world.

Here are some examples of such products.

Imaging

Ollo Clip 4-in-1 Lens System

Zeiss Optics Exolens System

Flir One - a thermal imaging infrared camera attachment. A similar product is offered by Seek.

Sony QX30 Smartphone Attachable Lens with 18MP and 30X optical zoom

Echo Labs Revolve - a San Diego startup that is developing an innovative microscope that use mobile phones and tablets for image viewing, image capture, analysis and printing.

HyperCam - under development, the HyperCam makes use of a technology called hyperspectral imaging, which involves scanning 17 wavelengths of visible and invisible near-infrared light from across the electromagnetic spectrum to capture unseen details.

Scanning

Infinite Peripheral’s LineaPro 6 Accessories Bar Code Scanner - turns your iPhone into a bar code scanner

eora 3D - the world’s first high-precision 3D scanner that is entirely powered by a modern smartphone. It lets you capture everyday physical objects and surfaces and turns them into high-quality 3D models, all on your phone, making it extremely affordable.  

Sensing & Measurement

Lapka for iPhone - a range of environmental sensors that plug into the iPhone

Scanadu SCOUT  - which is developing a  personal medical Tricorder

Range Smart Cooking Thermometer - hardware and  app to receive remote temperature alerts to iOS devices anywhere.  You can also save and share recipe graphs, and set both USDA- and gourmet-recommended presets, so you know your dinner will be done just how you like it.

There are also brainwave measurement using devices like Emotiv's EPOC / EPOC+. Another popular one is by Muse.

A list of other medical-device accessories for the iPhone can be found here.

Audio & Music

Alesis IOMIX 4-Channel Audio Interface/Mixer for iPad - enables four-channel mixing and recording on your iPad. The iO MIX provides all of the necessary connections, as well as compact four-channel mixer for making the most of every performance. With its compact design, iO Mix is the perfect portable studio.

Focusrite iTrack Professional Dock for recording on iPad. iTrack Dock is a comprehensive, studio-quality iPad recording interface that acts as the hub of your iPad recording studio. It features dual legendary Focusrite microphone preamps, along with two line inputs and an instrument DI with plenty of extra headroom, stereo monitor outputs with 105dB dynamic range plus independently controlled headphone outputs, and a USB port for class compliant MIDI instruments and controllers.

DigiTech IPB10 Guitar Floor Multi-Effects Pedal -  a programmable Pedal board which sets a new standard for guitar signal processing. By harnessing the power of the iPad, it combines the simplicity of a pedal board with the flexibility of multi-effects. The iPB-10 unleashes the ability to create and control guitar effects like never before. The iPB-10 allows you to create your ultimate pedal board, all on your iPad. Design a pedal board by simply dragging and dropping up to 10 different pedals, in any order, to each pedal board.

IK Multimedia iRig 2, an interface adapter for iPhone, iPod touch, iPad, Mac and Android. They have an entire line of mics, mixers, effects, and recording attachments for smartphones and tablets.

Where do you go from here?

There are many other examples and opportunities are limited only by the capabilities and functionality of the iOS platform. 

The key point is that a company, such as Apple, looks at their product as a platform upon which others can build and profit from.  In addition, other companies can exploit that ecosystem to build their business.

There are a many hardware opportunities for innovative companies that can do one of two things to leverage the capabilities of Apple platform.

1) Replace existing products by harnessing the power of the Apple ecosystem. Create disruptive products that challenge and change prevailing value propositions and pricing of these products in the market.  Leverage existing value chains to drive market share and expand the market.

2) Create new products and solutions that were too costly or unattainable, until the iPhone ecosystem was developed. Develop the market with new price/performance curves and blue ocean ideas that bring radically new capabilities and functionality that might have been confined to a higher priced niche.

While this blog focuses on Apple, other companies may glean ideas on how they can transform their products and services by leveraging the power of an ecosystem.   Sometimes, it is just a matter of building a stronger business development function.  Other times, it may be reviewing and expanding on the product set which will make the product or platform more robust.  Perhaps setting up a new product or business advisory panel can help with those ideas. 

What are your thoughts on this topic?  Let’s continue the dialog. And if you would like to discuss building an ecosystem, feel free to contact me at vferraro@clevelpartners.net or tweet me @vincelferraro and check out our other insightful blogs and resources.