Hey there, fellow marketers!
At the Cannes Lions Creativity Festival, I had the opportunity to listen to some fantastic talks about brand building from industry experts. These insights were truly inspiring, and I want to share some key points with you.
The Case for Brand Investment
In a world where every product and service is vying for attention, your brand is what sets you apart. It's not just a logo or a catchy slogan; it's the essence of who you are as a company. It's how your customers perceive you, how they feel about you, and ultimately, why they choose you over the competition.
We often face the challenge of justifying the investment in brand building. It's tough to measure the impact of brand investments in the short term, and many businesses view branding as just another cost. However, research and real-world examples show that strong brands drive business performance, especially during tough times like recessions.
For example, Karen Trump shared her experience at Instacart. When she joined Instacart, the brand was virtually non-existent. They had a great product but lacked a strong brand identity. Her first task was to build a business case for brand investment. She pitched it like a venture capitalist, showcasing competitive analysis, external benchmarks, and proprietary data to highlight the potential ROI of brand building. This approach not only secured the necessary budget but also helped align the entire leadership team on the importance of branding.
Building a Brand from Scratch
Karen started by defining the brand strategy, focusing on both functional and emotional benefits. Their shorthand was "Shop and Saver"—Shop for the efficiency of their service, and Saver for the emotional satisfaction it brings. This foundation guided their visual identity, advertising, and overall customer experience.
The Magic of Storytelling
One of the most exciting aspects of brand building is storytelling. A compelling story can capture attention, build emotional connections, and drive action. For instance, Laura Jones shared their campaign with Lizzo, which resonated with their audience and caused a significant spike in traffic. However, they quickly realized that sustaining this momentum required more than just a big splash. They needed a consistent and measurable approach to storytelling.
This led them to embrace platforms like TikTok, where they tapped into trending moments and cultural relevance. Their "Combination" campaign during the NFL season was a hit, showcasing how you can enjoy life's moments while Instacart takes care of your groceries. It was catchy, memorable, and most importantly, effective.
Measuring Success
The big question is always, "How do we measure success?" In branding, it's not just about immediate sales but long-term equity. The speakers shared how they've seen a 140% increase in unaided brand awareness and a 66% boost in brand consideration over the past few years. More importantly, their efforts have driven double-digit growth in the company's top line.
One key takeaway is the importance of aligning brand and performance marketing budgets. By unifying these efforts, they were able to optimize spend and ensure every dollar worked harder across the funnel. This holistic approach has been crucial in demonstrating the value of brand investment to stakeholders.
Looking Ahead
So, what's next? For Instacart and many of us, the journey is ongoing. They continuously find new ways to integrate their brand into every customer touchpoint, from digital ads to physical experiences like their AI-powered Caper Cart in retail stores. It's about staying relevant, innovative, and always putting the customer first.
To all the marketers out there, keep pushing the envelope. Embrace the complexity of branding, invest in storytelling, and never underestimate the power of a strong brand. It's not just about making noise; it's about making a lasting impact.
Happy branding!
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