Recently I had the opportunity to participate in a panel discussion at the Eastern Michigan University Center for Digital Engagement. The topic was “The New Face of Branding” with an emphasis on how digital has changed branding.
As I was considering my remarks, I realized that digital really has changed the face of branding, but that two key tenets from traditional marketing need to drive any effort:
- 1. You need to know who your target market is. With digital’s increased potential to precisely zero in on prospects, this becomes even more critical to maximize efficiency.
- 2. Clearly articulated messaging is key to success – you need to know who you are, what your advantage is, and how you’re unique. Life moves fast in the digital space. You have even less time to engage prospects.
Initially, my thoughts centered on the notion that strategy was paramount and how this doesn’t change for digital. In fact, digital makes having a sound strategy even more important as it enables unprecedented targeting and customization of message to audience.
Digital HAS changed a lot of things. Do I think it really is “The New Face of Branding”? No. For most marketers, a balanced, integrated program is still the best solution. However, there are two scenarios where digital has been a game-changer:
The Little Guy
Once upon a time, a small marketing budget really limited what you could do. A full-page ad in the Harvard Business Review (one of my favorites) costs roughly $30,000. Assuming you need to run at least 6x, you’ve already eaten up the better part of $200,000. Ouch. But digital is scalable. Using digital display on HBR.org or LinkedIn, you can target these same prospects. Mix this with a solid program of organic and earned social media and you have the potential to be a giant-killer.
The Niche Market
The Internet has enabled makers of niche markets to reach a global customer base. It started with vehicles like Ebay and Etsy, but it quickly expanded to include social media, remarketing, and networked banner buys. Looking to reach customers for organic alpaca yarn in Northern Canada? Need to connect with left-handed engineers in the ski industry? With digital you can target them effectively without the waste built-in to traditional media.
The New Kid on the Block
Digital has levelled the playing field, enabling new products from emerging companies to compete with established players. Using WordPress you can easily create a site that creates a world-class image. Social media helps you introduce new products to established audiences and even target your established competitors.
In short while digital hasn’t lessened the importance of a sound strategy, it has created tremendous opportunities for many companies.