Learning from the Top Brands

Small businesses can learn plenty from Interbrand's 2008 Best Global Brands report. Today’s important lesson:

Technology Continues to Empower the Consumer

Jason Baer, Interbrand's Director of Verbal Identity in New York City, in "Six laws of collaborative branding," succinctly characterizes the current intersection of branding and technology: "One thing is certain: the days of complete and total jurisdiction over your brand are gone." Understandably, a brand's worst nightmare is of being hijacked by disgruntled customers with plenty of attitude, heaps of time, and a high-speed Internet connection. So if your primary consumers are 15-year-olds, be very afraid. They have plenty of each.

Brands, however, must respect social networking. Corporations spend millions of dollars on marketing research to understand what their customers, and potential customers, are thinking. With the Internet today, that information is everywhere. Brands must deal with positive feedback by being grateful, intelligent, and gracious, reaching out to loyal customers and building mutually beneficial relationships with prospective ones. Negative feedback should be treated deftly and honestly, and never create the impression of being defensive, paranoid, or dismissive. How a brand reacts to negative feedback and criticism speaks volumes about its values, ethics, and maturity. Above all, respect the power of pedestrians on the Web.

Baer writes, "Only brands that actively engage their audiences in a conversation will survive… If we don't ask them to participate, watch out, because they will happily take matters into their own hands. Just look at the hundreds of homemade Apple commercials (or the more antagonistic Microsoft Zune spoofs) on YouTube and you'll see that this can't be stopped. So don't fight this phenomenon. Embrace it."

After all, brands that don't value input from their customers don't have much value themselves. At least that is what online consumers are telling us.

Want to discover how to empower consumers? Sign up today at www.boostyourbottomline.com/freebie for your free Jumpstart Coaching call.

© 2008 BoostYourBottomLine.com

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