These days it’s not enough to be just a brand. You’ve got to be a 10 X brand: ten times better known, ten times more trusted, ten times more referenced than any of your competitors.
In this episode of Here’s Why, Mark and Eric will discuss not only what makes a 10X brand, but what it takes to become one!
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Mark: It’s the story, of the brand Stone Temple, we are building reputation for our name….
Eric: These days it’s not enough to be just a brand. You’ve got to be a 10 X brand: ten times better known, ten times more trusted, ten times more referenced than any of your competitors. I’m Eric Enge, and in this episode of Here’s Why, Mark Traphagen…one of these Mark Traphagen’s anyway…is going to ask me why you must be a 10 X brand, and what you need to do to become one.
Mark: Eric, why do you say we need to be 10 X brands now, ten times better than our competition in every way?
Eric: The funny thing is, Mark, while there are better tools than ever to promote and spread your brand, it’s also harder than ever to gain and sustain attention. Of course, every brand has access to those same tools, those same outlets, so people are confronted by more and more brand presences, and it’s easy to get lost in the sauce.
I’ve identified three trends, though, that I think more than anything else are making it necessary to build a 10 X brand. The first is the rise of the Millennials. Millennials were born during the last twenty years of the previous century. They were born into a world of constant change, and so change has become their way of life. At the same time, according to Bloomberg, they stand to inherit 30 trillion dollars in wealth from our baby boomer generation. So marketers can’t afford to ignore them.
Mark: And they have grown up with the world’s information literally at their fingertips.
Eric: Right. These two devices, the desktop computer and the smart phone, not only give them access to unlimited information; they also enable them to make almost infinite choices, as well as instant feedback from their friends. Millenials are also characterized by a demand for high quality, a desire to be engaged or entertained, an expectation of authenticity, deep impatience, and a short attention span. Those are all barriers any brand has to overcome to even get on the radar screen of a millennial.
Mark: What’s the second trend that makes 10 X brands the new baseline?
Eric: The second trend is the rise of new Internet-connected devices and voice driven interactions. This chart shows the projected sales for these devices in the coming years; notice that by 2020 the majority of these devices will not have keyboards; most of those will rely on voice interactions.
Mark: Given those two trends, what about advertising? How will advertising need to change in that environment?
Eric: Amazing how you predicted my third trend. It’s almost like you knew what I was going to say! Yes, advertising will have to change in fundamental ways. For one thing, the devices we’ve been talking about allow far less screen real estate for ads. Personalization will probably be an increasingly important factor, along with native content and apps.
Mark: So because of those trends, we need to think differently about our brands. Let’s get into that. What does it take to become what you call a ten X brand?
Eric: I’m going to give you three tips right now, but the MOZ article I wrote on this topic has eight. Find the rest at the URL on your screen now. First, build relationships at every touch point. That means everywhere, including offline. From your in store experience to your customer service to your social media responsiveness, all of these and more are opportunities to build real relationships with your customers and prospects.
Second, emphasize quality over content, always. This is especially true of your content. Don’t waste your time on tossed-off content that only exists trying to get some elusive SEO benefit. Today’s consumers see right through that, and if it makes any impression about your brand at all, it will be a negative one.
Third, develop and encourage your employees to be online advocates for your brand. In particular, seek to develop what you, Mark, call PBR’s, or Personal Brand Representatives, genuine experts and thought leaders whom people come to associate with your brand.
Mark: Great, Eric. As you said earlier, your MOZ article at the link on screen right now has tons more about why we need to be 10 x brands, and how to get there. Another thing you can do to become a 10 X brand is to always keep learning. This Here’s Why video series is a great ongoing digital marketing education. You can find them, and a lot more resources for digital marketing at our web site: stonetemple.com.
Eric: Thanks, and be sure to join us every Monday for a brand new episode of Here’s Why!