Database of Brands
As noted by Q Scores, demographics dramatically change the opinion that people have about brands and analyzing each separately is important when evaluating if you’re reaching your target audience. Familiarity, attachment, and a positive opinion can go a long way to not only ensuring greater short term revenues, but also repeat customers that can potentially withstand a bad product or publicity. It’s also very interesting that with children and teens, they did not focus on brand attachment like they did with adults. Although we do not have access to the actual study, here’s my question:
What differences do you think were seen specifically in brand imagery between adults and kids/teens?
Advancing Digital Commerce Capabilities to Drive Financial Value
An interesting thing I noticed about the digital commerce trends more than anything is that I’m already seeing the 2014 trends currently being engaged now with both my company and start-ups I’m familiar with. Between Vocus and Spinnakr you are seeing customized personal offers through Facebook apps and data analyzation become a reality. You can also see this with Facebook as they are integrating more Cloud Commerce items. The success of Yelp and similar companies is also evident when looking at the importance of recommendations for businesses in Digital Commerce. I think when looking at KPI’s, Recognition and Personalization is crucial and is a pre-cursor to the future of Cloud Commerce as spoken about earlier. Placing the right product in front of an interested person dramatically increases the likelihood of buying. This is an automated, online answer to the cold calling or canvassing techniques used by companies for years. For most companies though, the qualitative responses when bench-marking digital commerce abilities seem to be more valuable. When using so many different modules and trying to compare competitors, the weight put on certain results could lead to a skew of the results. Not to mention although they are competitors, each company could have a different driver of sales.
Do you agree that Qualitative is more valuable than Quantitative in the report by Booz?
Also, the state that shocked me a lot is that more people have cell phones than a toothbrush. Was that statistic the most surprising to you?
Next-Generation Strategies for Advertising to Millennial
The impact of interactive media on millennials is highly evident with the continuing trend where young people are less impacted by television advertisement than those that are older. Although this is more of a life-stage situation than a generational, it is still important as it shows that television is probably not the most effective method of advertisement, especially when considering the associated cost with television advertisements. Millennial familiarity with digital formats have made them more likely to respond to the more affordable digital advertising though. Engagement levels also have a huge impact on selling opportunities.
When combining the comScore and Booz studies, one thing becomes very evident: Millennials respond far better to public relations driven earned media than traditional advertising. This is not spoken about at all by either study, but the fact that younger people respond to brand based discussions based on reviews and other opinions instead of traditional advertisements points to the value of PR. In fact, the areas of PR and Marketing are clearly converging based on the data. Engagement is typically a PR function as reporters engage the public on various issues. Many research techniques including opinion monitoring with analytics have become more prevalent in marketing despite originally being a function that was rooted in PR.
What do you think about the convergence of PR and Marketing and do you see any other departments converging with them?