We are fairly selective about what we choose to post on our blog, preferring quality over quantity. By scouring a wide spectrum of sources, we also strive to curate and publish only the very best content.
Here is one such article from this week's Economist: http://www.economist.com/news/business/21614150-brands-are-most-valuable-assets-many-companies-possess-no-one-agrees-how-much-they?frsc=dg|c
In it, the author explores what makes up brand equity. While traditionally we put a lot of stock into the concept of brand loyalty, for us at Global Media, we think there is something to be said for what one analyst terms “physical and mental availability,” or, in other words, the opportunity for consumers to find products in shops and their propensity to think of the brand when shopping. Under this rationale, brands “make it easier for shoppers to cut through the information bombardment that rains down upon them. Based on this analysis, awareness seems to matter more than loyalty or passion. This level of awareness is achieved through traditional methods of mass marketing, such as television or radio advertising.
Much of this sentiment can be applied to what we see in our market research and how it relates to ratings for both radio and television.
For radio and in markets where audience measurement is gauged via electronic means, e.g. in the US, Canada, Switzerland, Norway, Denmark, and Sweden, it’s not as crucial to be in the lead position for your particular category. The most successful stations focus on building up a level of awareness such that their station/s will be part of the target consumer’s consideration set. For radio, this means being one of the presets in someone’s car radio. In markets where electronic measurement has not been embraced, top-of-mind awareness continues to be extra important as you want your station/s to be a top choice when someone wants to listen to today’s hits/CHR, fun personalities, dance music or news/talk. This kind of awareness continues to be best attained through an ongoing emphasis on external mass marketing.
In television where the amount of choices and potential for information bombardment is even greater, having that heightened level of brand awareness so that your channel/network stands out is especially critical. You want to be the brand that viewers perceive as having the most entertaining or most informative programming. When a consumer is staring at a channel guide that lists hundreds of programming offerings, you want to be a lead go-to choice, and that happens through building awareness and by delivering on a simple, easy-to-process promise.
While our area of expertise is predominantly focused on media/entertainment, we feel that we can always stand to learn as much as possible from other industries. I’ll conclude with a comment from the article in which Jane Ghosh, Kellogg’s commercial-marketing director in Britain, explains that “loyalty is real, but does not vary much, or show that consumers are passionate about brands. They are loyal to stuff they can find easily in shops and in their memory banks.”