Branding in Digital Age

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www.hbr.org SPOTLIGHT ON SOCIAL MEDIA AND THE NEW RULES OF BRANDING Branding in the Digital Age by David C. Edelman • You’re Spending Your Money in All the Wrong Places Included with this full-text Harvard Business Review article: 1 Article Summary Idea in Brief—the core idea 2 Branding in the Digital Age: You’re Spending Your Money in All the Wrong Places Reprint R1012C SPOTLIGHT ON SOCIAL MEDIA AND THE NEW RULES OF BRANDING Branding in the Digital Age You’re Spending Your Money in All the Wrong Places Idea in Brief Consumers today connect with brands in fundamentally new ways, often through media channels that are beyond manufacturers’ and retailers’ control. That means traditional marketing strategies must…show more content…
They developed their model from a study of the purchase decisions of nearly 20,000 consumers across five industries—automobiles, skin care, insurance, consumer electronics, and mobile telecom—and three continents. Their research revealed that far from systematically narrowing their choices, today’s consumers take a much more iterative and less reductive journey of four stages: consider, evaluate, buy, and enjoy, advocate, bond. Consider. The journey begins with the consumer’s top-of-mind consideration set: products or brands assembled from exposure to ads or store displays, an encounter at a friend’s house, or other stimuli. In the funnel model, the consider stage contains the largest number of brands; but today’s consumers, assaulted by media and awash in choices, often reduce the number of products they consider at the outset. Evaluate. The initial consideration set frequently expands as consumers seek input from peers, reviewers, retailers, and the brand and its competitors. Typically, they’ll add new brands to the set and discard some of the originals as they learn more and their selection criteria shift. Their outreach to marketers and other sources of information is much more likely to shape their ensuing choices than marketers’ push to persuade them. Buy. Increasingly, consumers put off a purchase decision until they’re actually in a store—and, as we’ll
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