Your Attention Please!
Isn't your attention what all product marketers desire? Isn't this why billions of dollars are spent yearly to gain consumer attention for "my brand, my product, my experience?" Well actually, no! What marketers who report to the cold steel of the P&L really want is a consumer's "attention, interest, conviction, and desire and to gain a profitable close."
Further into the realm of reality, marketers want their unfair share of such profitable attention to fulfill their forecasted revenue and profit declarations. To be clear, my quote: "marketing communications is the variable means by which marketers attempt to inform, persuade, remind and capitalize on new or previously relayed brand assets, advertising dialogues and product experiences to ensure short and long term profitable gains."
As we know, your brand is your company's essence, which must be polished, exposed and matured daily. We also know marketing dialogues represent the voice of the brand and build valuable customer relationships and sales. Although advertising and other communication touch points sometimes work together, other times play different tactical roles, the purpose of all communications is to contribute to brand equity, brand affinity, product sales. Brand equity should accelerate and monetize favorable unique associations for the brand in consumer's minds. Brand equity derived specifically from an advertising campaign, should contribute to short and long term awareness and market share designed to create, maintain, and strengthen brand association.
Brand equity can also force a direct competitor from the strength of product and brand offense, to the weakness of product and brand defense. And yes of course, there are a multitude of key ingredients that deliver brand equity such as feature freshness, design, usability, pricing, brand experience, juxtaposed variables, etc. One of the greatest temperature tests for your brand mettle can be derived through variable price promotions. The elasticity of brand equity and price value is easily measured and proven through sales results. Just how much discount it takes to accelerate volume while remaining profitable is both a test of equity as well as a test of forecast validity, P&L sanity.