Tag: marketing brands

Defining And Building Intangible Assets

Branding Strategy Insider helps marketing oriented leaders and professionals like you define and grow brand value. BSI readers know, we regularly answer questions from marketing oriented leaders and professionals everywhere. Today we hear from Ron, a VP of Marketing in Indianapolis, Indiana who asks these questions about intangible assets.

“I’m trying to get a better understanding of intangible assets and have several questions. The first question being, how are they defined?”

Thanks for your questions Ron. Intangible assets are assets that are used in the operation of a business but that have no physical substance. They include such things as brands, customer lists, customer loyalty, patents, copyrights, business processes, specialized knowledge, customer contracts, franchises, and licenses, among others. Such assets stand in contrast to tangible assets, such as land, buildings, vehicles, equipment, and inventory.

“Why are intangible assets receiving so much attention today?”

In contrast to forty or fifty years ago, when tangible assets constituted the vast majority of the assets of a firm, today intangible assets are likely to constitute much of the value of firms. Work by the consulting firms, such as Ocean Tomo and Brand Finance, and accounting firms, such as PwC suggests that more than 80% of the value of many major corporations consists of intangible assets.

“What is the significance of intangible assets being such a large percentage of the value of corporations for managers and investors?”

First, it is important to know that most intangible assets do not appear on the balance sheets of companies. This means that for most companies, much of their value is unreported. Current accounting practices simply fail to capture the value of most intangible assets. Such assets are most likely to appear on the balance sheet as a result of either an acquisition, when there is a need to justify the price paid for the acquisition, which usually does reflect the value of intangible assets, or in the case of an impairment, where the value of an intangible asset, such as a brand, is reduced in value for some reason.

A particularly troubling consequence of such accounting practices is that even when the value of an intangible asset appears on the balance sheet, the value can only decrease; it cannot increase. This makes it very difficult for an investor to evaluate how well management is stewarding the intangible assets it controls. It also creates opportunities for managers to have a free ride because there is no transparency related to how well they are managing most of the assets of the firm. On the other hand, it creates problems for conscientious and responsible managers who wish to demonstrate how they are adding value to a firm through the effective deployment of intangible assets such as brands, copyrighted works, and the like.

“Are there best practices related to managing intangible assets?”

It is useful to recognize that intangible assets have always played a larger role in the value of businesses than was fully appreciated until recently. There is a substantial body of knowledge and practice experience related to the good management of brands, people, and relationships this is very much applicable.

It is just easy to ignore such knowledge and practice when its outcomes do not find their way into financial metrics. This is beginning to change with new ISO standards, such as those for brand valuation and brand evaluation. The critical starting point is recognizing that such assets require identification, management, and reporting over time.

“What concrete suggestions do you have for managers who wish to do a better job of managing the intangible assets in their business?”

Begin by recognizing that intangible assets are owned by the firm and must be managed by a team with the encouragement and active participation of the firm’s most senior management and board. It is not possible to manage something that is invisible. Just as it is difficult to manage physical inventory when it is out of mind and out of sight, so too is this the case for intangible assets.

There needs to be an annual inventory of the firm’s intangible assets that includes a description of who is responsible for their management, how their value, and changes in that value over time are measured and reported, and active strategies for leveraging these assets. There must be a process for making intangible assets visible when making management decisions.

“Would such visibility change decision making?”

In some cases yes; in some cases no; but it would change the questions that are asked. For example, before using a price promotion to move sales of a strong brand, the question to ask is what the focus on price discounting will do to the value of the brand over the long term? For a brand in decline or headed for obsolescence, discounting may make sense, but for a strong brand that commands a premium price, a short-term bump in sales may not be worth the long–term loss of premium pricing power.

Similarly, before laying off 10% of a workforce, managers might ask what knowledge, what relationships with customers and suppliers, and what efficiencies associated with learning from experience will be lost. One reason so many mergers and acquisitions fail to live up to their expectations is failure to consider losses of intangible assets associated with seemingly redundant people and operations.

“Are intangible assets likely to become more important or have we seen their peak?”

The answers to that question depend on the business. There will always need to be some tangible assets in most businesses, if only to help activate the value of intangible assets. The COVID pandemic has taught us that many tangible assets, like office space, may be less important than we thought, but there are still physical assets that play a mission critical role in most businesses.

On the other hand, more and more of what customers buy and consume revolves around experiential attributes, relationships, social interactions, and creative content. I still go to a restaurant for the food, a tangible asset, but much of the value that I am willing to pay for resides in the creativity of the chef and the wait staff members who know me and greet me by name when I arrive.

Do you have questions related to brand and growth strategy? Just Ask The Blake Project

Contributed to Branding Strategy Insider by: David Stewart, President’s Professor of Marketing and Business Law, Loyola Marymount University, Author, Financial Dimensions Of Marketing Decisions.

The Blake Project Can Help You Define Your Brand’s Unique Value In The Brand Positioning Workshop

Branding Strategy Insider is a service of The Blake Project: A strategic brand consultancy specializing in Brand Research, Brand Strategy, Brand Growth and Brand Education.

By: David Stewart

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October 05th, 2020

Defining And Building Intangible Assets

June 10th, 2020

Brand Maturity Measurement

April 13th, 2020

Brand Equity Measurement For B2B Brands

April 08th, 2020

Brand Strategy For Healthcare Systems

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Extending Brand Relevance And Distinctiveness

December 11th, 2019

Aligning Brand, Purpose And Culture

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ProfAlldredge

This video is an overview of intangible assets and included the accounting for Goodwill. @ProfAlldredge For best viewing, switch to 1080p

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4 Ways to Stop Attracting People Who Can’t Afford Your Services

There’s nothing worse for an entrepreneur than putting all your efforts into building a service, and a marketing strategy, only to continuously attract people who say they can’t afford them. 

While many business owners focus their attention on making sure they have built an apparent “fool-proof” plan to bring people in, they can still stumble into an audience that isn’t right for them. This can be frustrating because people don’t understand why, even though they are good at what they do, prospects aren’t buying or, worse yet, they are asking for discounts on everything.

The good news is that there is a way to stop attracting those who can’t afford your services and shift your attention and marketing efforts to bring in people who are ready to buy. It all boils down to having and implementing a brand strategy that deeply resonates with your target audience and allows you to show up authentically every single time.

1. Get clear on who you do want to attract

For your business to be successful and start attracting the right people, you need to begin by understanding who your ideal customers are at a granular level. The more effective you are at connecting with the right audience and speaking to their problems and needs, the more sales you will make. 

Getting extremely clear on who your ideal customers are requires going beyond demographics to truly understand the psychological and emotional elements that are impacting their lives, which will, in turn, determine their purchasing decisions. 

The more you understand your audience, the more effective your messaging will be because you will have the capacity to speak directly to them, and they will finally feel seen and heard. Pricing becomes less important when they see you as the best solution to the specific problem or need that they have. 

For example, it’s not nearly as impactful or effective to say that you are selling a program for women who want to lose weight, which is hugely generalized, than to say that you help busy women over 40 who are frustrated after trying low-carb, high-fat fad diets without lasting results lose weight.  Not only is the latter version a lot more detailed, but it also speaks to a very specific pain point which means that these women will feel an immediate sense of recognition and understanding.

2. Stop undercharging for your services

Many entrepreneurs undercharge for their services because they believe they need to build a robust reputation or have a large audience before they can charge premium prices. 

However, in practice, lowering your prices may end up hurting your reputation in the first place. If you’re building an audience based on people who are looking for a cheaper solution then it will be very difficult for you to make sales once you raise your prices.

If you want to start attracting clients who can afford your services as an online coach or consultant, you need to start charging the right price instead. Trying to sell a service by being the cheapest option out there is going to be a race straight to the bottom. After all, there will always be someone with a lower price in the market.

Instead, you want to set your price based on the value you deliver. To make this calculation, first determine what the outcome of the results you help to generate is worth. 

3. Position yourself as an authority

Attracting the right people also comes down to being able to effectively position yourself as an authority or leader in your field by creating a powerful brand strategy that will allow you to be intentional with your marketing.

Building an effective brand strategy requires having absolute clarity around who you are, what you stand for and the complete experience that comes from being in contact with your business.

It is fundamental to have a well-defined brand message that clearly communicates your value by showcasing the actual outcome that you help your clients achieve. What you have to ask yourself as a business owner is “what am I really selling?” because I can assure you that it is much more than the service you are giving them. It is truly about the transformation, the outcome and the results they are getting because of hiring you. 

Focus your brand communication on them and not on you. Many service providers make the mistake of simply saying things like “I am a web designer” or “I am a fitness coach” as a way to explain to others the kind of service that they provide. When doing this, they are focusing on themselves instead of on the needs of their audience.

Instead, you want to change your messaging to reflect the result you help others achieve. For example, saying things like “I build websites that increase conversions” or “I help women lose those stubborn 10 lbs” is more specific to the outcomes you deliver.

4. True brand differentiation

While it is true that it seems like market saturation is at its peak, in reality,  this is only an illusion. 

The real problem isn’t that there are too many providers and competitors in an industry, it’s that most entrepreneurs don’t know how to effectively differentiate themselves from others.

To attract the right audience, it’s vital that you position your offer as the best solution and ideal vehicle prospects need to achieve success.  One of the best ways to do this is by creating a framework, methodology, or process that is unique to your business, a signature system that distinguishes you and sets you apart from the rest. 

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On top of this, according to the theory proposed by George A. Akerlof, winner of the 2001 Nobel Memorial Prize in Economic Sciences, and Rachel E. Kranton, professor of Economics at Duke University, in their Identity Economics book, people make economic decisions based not just on financial incentives, but also on their identity.

This matters to you as an entrepreneur because if you want to attract the right people, you need to effectively differentiate yourself from others while standing for something in the process. Today’s consumers are making more and more decisions based on their identities and how others’ identities shape their own. What this means is that when faced with many different options, we tend to choose the one that reinforces our beliefs the most.

If you, as a brand, aren’t doing an excellent job at clearly and succinctly communicating who you are, then you are making it way too difficult for the right people to choose you.

Putting the pieces together

Ultimately, attracting the right people comes down to making sure you are being highly intentional with your message and the way this message comes across. This allows you to transform your audience’s perception of you while bringing in the right people into your business. Taking the time to craft your complete brand strategy will allow you to get more effective results with your marketing plan as well. 

Fabi Paolini Entrepreneur Leadership Network Writer

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Skillopedia – Skills for the real world

How To Attract The Right People For Personal Development & Growth | Soft Skills & Self Improvement Training | Skillopedia #softskills#selfimprovement#personalitydevelopment Researchers and personality analysts say that your personality is a combination of people you interact and spend most of the time with. Yes, it’s true. It’s imperative to surround yourself with the right people for your own self-improvement and personal growth. Now, that might make you wonder how should I attract the right people in my social and professional network? Where do I find them? Some people perfectly do that, they have the right people in their life who motivate and inspire them from time to time. This self improvement and soft skills training video would help you exactly achieve that goal. Learn the steps to invite, not good, but the right people into your life for your own personality development. You are watching this video on Skillopedia, part of Let’s Talk Institute for Personality Development and self improvement. We have hundreds of videos to develop good communication skills, interpersonal skills, personal growth, motivation skills, inspirational tips to develop self-confidence. A complete soft skills training catalogue to help you stay ahead in this competitive world. Skillopedia is a well known name in the corporate training segment in Mumbai to deliver best personality development courses for corporate employees and individuals. To watch such interesting videos and read the complete transcript of this video, visit – http://www.learnex.in/ ============================================= Our Social Media – 👉Facebook – @skillopediaone http://www.facebook.com/skillopediaone 👉Instagram – @letstalkpodcast http://www.instagram.com/letstalkpodcast 👉Follow us on Twitter – http://www.twitter.com/letstalkone ============================================= Our other Channels you would ❤️ 👉Learn English as a secondary language http://www.youtube.com/letstalk 👉Learn English through Hindi – https://www.youtube.com/channel/UCtAr… 👉Learn a new English word daily – http://www.youtube.com/letstalkpodcast Some other Skillopedia sessions you might have missed :- 👉Public Speaking Tips To Overcome Stage Fear https://youtu.be/4-R1EHKmano 👉 How to AWKWARD SILENCE in a conversation? https://youtu.be/CDflqsRwUis 👉What to do when people Shout or Yell at you? https://youtu.be/cR_fjOtNqNo 👉8 Morning Habits To Kick-Start everyday. https://youtu.be/BQQ3I6ztO-A 👉The art of saying – I don’t give a DAMN! https://youtu.be/Hwkavu-F9r0 👉Communication Skills Training – How To Avoid Awkward Silence? https://www.youtube.com/watch?v=CDflq… 👉How To React When People Shout At You? https://www.youtube.com/watch?v=cR_fj… 👉6 Phrases That May Sound Rude. https://www.youtube.com/watch?v=Uv48j… 👉Start A Conversation ANYWHERE, ANYTIME https://www.youtube.com/watch?v=xPxaU… 👉How to be a SMART MOUTH? https://www.youtube.com/watch?v=-fXja… 👉How to attract people like a magnet? https://www.youtube.com/watch?v=UYxn9… 👉How to sound more confident when you are not? https://www.youtube.com/watch?v=yJtcV… 👉Why People Misunderstand You? https://www.youtube.com/watch?v=lcW9f..

5 Confessions Marketers Are Afraid To Admit, Even To Themselves

As someone who’s been marketing things online for about a decade, I can tell you first hand that the fear of marketing is real. It prevented me from growing my business in the earlier stages, and it still does from time to time.

It also held me back from taking on client work for YEARS.

But thankfully, I also learned that I’m not alone. In fact, most marketers can probably tell you at least one or two things that cause them anxiety when it comes to marketing. Here are 5 of the most common.

1. Can I actually market?

Can I Actually Market for marketing confessions

The kind of SEO results you want to be able to send to a client.

Maybe you’re looking at all the shiny emails in your inbox, trying to figure out how email marketing works, how SEO works, and it just seems like it’s too much. So you think to yourself, “I can’t do this.”

One of the biggest fears for marketing newcomers was echoed by Margo Aaron, founder of The Arena, the first virtual coworking space for solopreneurs.

“I hear from marketers all the time and it’s their biggest fear: Can I actually market?  

They develop niche expertise, like design or editing or SEO or headlines. But actually getting more customers into a funnel or increasing sales (or just awareness) for their clients – that creates impostor syndrome.

I definitely had this when I was consulting. It’s part of what’s been so fun about being on my own, I get to control the entire funnel and can actually judge my chops on their own merit (whereas with clients, you might control the website copy or design, but you’re not responsible for sending it traffic).” – Margo Aaron

Let’s get this straight. No one is born out of the womb knowing how to market. It’s a skill that we all have to learn, and it’s possible. It’s also always changing.

You don’t even have to go back to business school (unless you want to) because the internet is a goldmine of marketing resources. Find a course that teaches digital marketing skills or hire someone who can help you and teach it to you.

The other thing is that doing things for other people is HARD. I don’t care if you’re doing copywriting or mowing a lawn. Sure, I can mow my own lawn, but if somebody else is paying me for it (and paying me well), can I do it to their satisfaction? Maybe not.

The problem is that many people get stuck in the learning phase. Why? Fear. Every time you learn something, go try it out and see if it works for you. This is the only way that I know of to truly learn and get over fear and the imposter syndrome that many entrepreneurs suffer from.

2. I’m a spammer

“That they’re one of those spammy marketer types that everyone not so secretly HATES.” – Kaleigh Moore

I get it. You don’t want to come off as the person spamming everyone’s inbox or be the person behind the website with all the pop-ups. But there are tactful ways to get people’s attention without annoying them.
I’m a Spammer for marketing confessions

Please don’t be this guy. Do this instead.

Take for instance the businesses or person whose emails you can’t wait to read when you see them in your inbox. You don’t roll your eyes but instead, you’re excited to read them. What sets them apart from everyone else? TRUST.

They offer value, they delight, they sound like real people. They teach you something new or interesting. They are not pushing a sale every time they send you something.

When you give – whether that’s offering tips, resources free guides etc., and you are consistent – people will naturally show up at your doorstep when you have something to sell because by then, you’ve already won their trust.

And remember: attract, don’t chase. Chasing is what you do when people are running away. Chasing is what causes us to look for tools to do our jobs for us.

3. I want this tool to do my job for me

“If I buy this tool, it’ll put my marketing on autopilot.” – Me for my entire career, including the horrible purchase below.
I Want This Tool To Do My Job For Me for marketing confessions

But seriously, am I the only one who bought this?

If I asked you to write out the top three marketing “tools” you’ve wasted money on, you’d probably have to think for a second. Not because you don’t have three, but more because you have over ten and you’re just trying to rank them.

We’ve ALL bought tools hoping they’d do our jobs for us: make starting new relationships, getting sales, etc. easier.

The great thing about marketing in the 21st century is that there are many tools to help us automate tasks. We can schedule Twitter or Facebook posts for several weeks in advance or program promotional materials to be sent out automatically.

But this doesn’t mean we should try to put all our marketing on autopilot and pray for the best, especially when you’re just getting started.

No current clients or customers? You don’t need an outreach tool.

No social media followers? You don’t need a post scheduler.

In both of the above cases, you just need to start talking to people.

Most of the people trying to sell you on the dream of entrepreneurship are also trying to sell you some sort of product or tool. You don’t need them.

The world of marketing is always changing which means the strategies you use today will change next year or in less time, so while automation helps, it’s best to devise a strong strategy and keep yourself aligned with it.

And even with the right tools, the human part of marketing is absolutely necessary. Trends change, algorithms get rewritten, comments need responses, but what will set you apart from the rest is you. Your unique voice and perspective is a huge part of your marketing strategy whether you know it or not. And it cannot be replaced by any tool.

4. I’m just selling this to make money

I’m Just Selling This To Make Money for marketing confessions

“Depending on which side of the fence they fall on… That they might be selling something to get a financial leg up rather than something they’re 100% passionate about. Which, by the way, I don’t think there’s anything wrong with that, but sometimes I think those of us who don’t want to be a ‘sleazy marketing person’ go too far to the other side and think everything we sell has to save the world”. – Caroline Zook, Wandering Aimfully

The reason why many marketers struggle with this one is that subconsciously or consciously, we’ve been taught money is the end all, be all. Whether you believe that or not, it still doesn’t dismiss the fact that we all need money to survive.

service@paypal for marketing confessions

I realized this was true when I got on the email list of a famous joint venture (JV) marketer. He’s famous for setting up big affiliate programs and bringing a ton of affiliates on board.

Ever see a big launch where it seems like everybody was promoting a product? That’s probably him behind the scenes. But, what I didn’t realize is that most of the people promoting the product had never even seen it.

He’d sent out videos and slide decks and landing pages that told you all the giveaways they were doing for top affiliates and how to set up your affiliate account, but when I asked to see the product…

he told me it wasn’t even done being produced.

I asked how people could be promoting it without ever seeing the product and he could not, after five more emails, understand why I’d have a problem with that.

Authenticity matters more than ever in marketing so next time you promote a product (or even your own product) consider whether it’s making the world better for other people, or just yourself.

5. I wouldn’t buy what I’m selling

I Wouldn’t Buy What I’m Selling

That’s right, many marketers aren’t even sure about the prices they charge their clients. One marketer confessed he still struggles with pricing. Asking for $10,000 for a consulting agreement when he wouldn’t purchase that himself is a weird paradox for him. He KNOWS that the training he’d provide or the work he’d do is part of a larger six-figure budget in both cases.

“Even though I’d never buy this for myself, it’s still priced correctly. Yep. They’ve budgeted for exactly this. It’s priced at or below market it’s a good option logically but the emotion is what it is.” – Kade Dworkin

There are two main reasons why marketers feel this way:

  1. Lack of confidence in their own skills.
  2. Confusion about what the market rate is.

In order to overcome the first one, you must remember all you’ve accomplished in order to get to where you are today. This means the number of years you worked in a related field, the number of years you spent in school, or even just the soul-searching part of your life that brought you here. Those were all not easy things to get through but I don’t have to tell you that. Factor this in when you are coming up with your prices.

Second, If you don’t know what your competitors are charging, you’re missing out on crucial information. Find out what they’re charging. Do this for several people and you’ll have a good idea of where your rates should be, which should help you stop questioning yours.

You need to know that there are people in need of the skills you have who are willing to pay for it. Do not water down your commodities for clients who will not appreciate it.

The bottom line

Business marketing can be scary especially if you’re just starting out, but don’t let the professionals who’ve been in the game a lot longer scare you. Everyone had to start somewhere and just like any skill, the more you do it, the easier it gets.

Amazing talents or products do speak for themselves but in our overcrowded market today, you need to do marketing to lift it up, otherwise, no one will be able to hear you.

The best piece of advice I can offer is this: continue learning, and try what you learn.

Don’t be afraid to admit and confront these confessions.

That’s the only way you’ll truly get over your fears. Just remember that your skills and talents are unique and someone is looking for them. And when you find those people, charge what you’re worth but also deliver the heck out of the results.

By: Jeff Bullas

Forbes calls him a top influencer of Chief Marketing Officers and the world’s top social marketing talent. Entrepreneur lists him among 50 online marketing influencers to watch. Inc.com has him on the list of 20 digital marketing experts to follow on Twitter. Oanalytica named him #1 Global Content Marketing Influencer. BizHUMM ranks him as the world’s #1 business blogger.

Source: 5 Confessions Marketers Are Afraid To Admit, Even To Themselves

John Crestani

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Category

People & Blogs

 

Why Brands Have To Manage Follower Expectations On Social Media – Jayce Redford

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It’s only a tweet. There’s no harm done. It’s just banter. That’s not how Mauricio Pochettino saw it. Or, indeed, Harry Kane. When the official Twitter account of the Football Association sent a tweet lightly mocking – and all in good nature – the England and Tottenham Hotspur striker Kane, all hell broke loose and it’s found its way going right up to the manager, Pochettino.

It wasn’t just storm in a Tweet-cup, either. Kane recently had the gumption to claim that he had managed to get the slightest of touches on the ball after a shot from his teammate Christian Eriksen, and therefore attempted to – for want of a better phrase – steal the goal away from the Dane.

Unfriendly behaviour

So it might not be the most friendly behaviour from the England man: taking a goal off your teammate is to rob him of a statistic at the end of the season, it may even have denied him a goal bonus either from the team or his sponsors. But it’s also a good thing in footballing terms to see a striker who is so hungry for goals, awards and records that he puts on the blinkers and singularly focuses on scoring as many goals as he possibly can. Kane currently has odds of 7/1 to be the top goal scorer of the 17/18 season

Because of this, though, Kane was gently mocked. When you’re such a high-profile, Premier League footballer that’s par for the course: you can’t really say or do anything without someone, somewhere, analysing it. And when it becomes a running joke, you’re the butt of all the jokes for a little while.

That seems fair enough: it happens to all top footballers at least once, and they mostly laugh it off. You need thick skin to be a top player these days, but we shouldn’t think of this as bullying – just a light-hearted about a piece of contemporary popular culture. Like any other meme, really.

Official account

But where we really get into the weeds is the bit where we start to consider what official accounts of old, prestigious organisations should be doing on social media.

Clearly, everyone needs a Twitter account these days. It’s a way for brands and celebrities to interact with the public. For football clubs and leagues, it’s necessary to engage with their fans, and indeed the more likes and shares they get the more ‘fans’ they can claim to have. And if they can show their reach is big, they can sign bigger and better deals with sponsors.

Is that what was going on here?

We know that brands and other big accounts tend to try to muscle in on the big events. If they can stay relevant, that’s important, but if they can become part of the story even better. When Iceland beat England at Euro 2016, frozen food retailer Iceland became a viral news story after their social media team pounced on the result and supported the Icelandic national team for the remainder of the tournament.

Hitting the numbers

The thing is, these days there is at least some sort of strategy behind every ‘official’ social media post. Long gone are the days when the intern was let loose on the Twitter account because no one else cared. Now every post is strategised over – maybe not in real time when you’re trying to react to a breaking news story, but there will at least have been a meeting about tone and tactics before the weekend started.

But it begs the question of why the FA would want to go down the more light-hearted route. They are the oldest football governing body in the world – of course they’re seen as old and starchy. And so when they try to be down with the kids, it’s hard for them to hit the right notes and people find it difficult to swallow.

Of course – as mentioned – this is all part of a wider strategy. This wasn’t simply a rogue post that was out of line with what the FA are trying to do on social media. Indeed, it’s firmly in line with their drive to connect with younger audiences on social media. From advertising campaigns aimed at that demographic to innovative uses of Instagram polls and account takeovers like they did for the Wigan v Manchester City FA Cup game a few months ago in an earlier round, they are changing the tone of their brand and doing it fairly successfully.

Just not successfully enough to get away with a ‘banter’ post like this one, it seems.

It shows once again that you have to bear in mind the expectations that your followers have of you on social media, and if you don’t give them what they expect it’s jarring and appears wrong. And when you do that, you’re going to get criticized.

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