Your brand's marketing strategy should answer 4 key questions
What is the biggest influence that drives every decision your favorite brand makes?
On this week's Financial Freestyle, host Ross Mac speaks with Marcus Collins, best-selling author and professor at the University of Michigan Ross School of Business. Collins discusses the role that culture plays in brand identity and shares his experience working for major influencers like Beyoncé.
To learn what you can do as a new business owner to create a successful brand, check out this week's episode of Financial Freestyle.
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now we have social media, now we have AI prevalence. To a person that now has their business, they have their idea, you know, they found ways to emot some connectivity emotionally, etc.
How should they approach marketing? You know, is there a balance from social media to other mediums as well as now the integration of AI, like how should a person approach this?
And think about marketing less as marketing communications and think about marketing as a wider aperture. You know, if the act of marketing is going to market, we should ask ourselves, well, what's the product that we're going to bring to market that is a reflection of the way we see the world, our belief, our ideology. What's the pricing that we're associating to this that's aligned with the way that we see the world?
The pipeline or what Jerome McCarthy would call the place to which we're going to get it to people and then the last P of the four Ps is the promotion. How we going to communicate this to the world? one of the challenges we have we think about marketing is we think about marketing just as the advertising. That's only one quarter of the levers that are at our disposal to bring our products to market.
So, we think about that fourth P, that promotion, that communication, that marketing communication, the advertising part of this. We should think about where are our people and how do we give them the right message at the right time within the right context, such that not only do they see it, but they go, oh man, totally. Then they use your advertising to communicate their own identity.
to communicate themselves. Like the best part about this is that social networking platforms provide a more democratized way for us to find our people and engage our people, removing the hurdle that once was if I can't get on television, if I can't get in a billboard, if I can't get any in New York Times, then I'm toast. Well, you have an outlet to be right next right in front of your people and the technology that these social networking platforms provide gives us a much more sophisticated way of seeing our people.
Not as demographics, age, race, gender, household income, but instead by cultural actors who believe what you believe and do the things that you are surrounded in based on your belief system.
