Welcome to the new year and we hope you all have had a nice holiday break. In today’s episode, we talk about what it means to be true to your brand and why marketing managers need to pay more attention than ever to branding in an age in which customers increasingly control the message.
What makes a brand? First off is understanding what are your core values and what lies at the heart of your business. This post for B2B Marketing tells how Burberry, the British clothing maker, literally torched its merchandise in an effort to sustain its premium pricing, a move that turned out to be a major faux Other prominent examples of companies whose bad actions have undermined their brand are Uber and Facebook.
Will brands without social purpose thrive? A new survey finds that two-thirds of consumers expect companies to create products and services that “take a stand” on issues that they also feel passionate about. A great case study can be found in, of all places, with a new British bank called Monzo. It’s trying a new approach to gain customers: raise funds via crowdfunding, open its API, run meetups and hackathons and become more transparent about trying to attract millennial as its customers. Regardless of whether it’s successful, you have to give Monzo credit for originality.
Finally, we offer up a few suggestions on how you can stay true to your brand using storytelling and social media techniques.