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How Brands Can Balance Short Term (Direct Response) and Long Term (Brand Building) (#2)
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Summary
In this episode of the Brand Builders Podcast, Tom and Preston discuss the paper 'The Long and The Short of It' by Les Binet and Peter Field. They explore the tension between short-term sales and long-term brand building, and the importance of finding the right balance. They discuss tactics for both short and long-term marketing, including the use of channels and creative strategies. They also delve into the concept of reduced price sensitivity and the impact of brand building on pricing. The episode concludes with a preview of the topics to be covered in the next episode.
Takeaways
Finding the right balance between short-term sales and long-term brand building is crucial for success.
Tactics for long-term brand building include building emotional connections, using channels that allow for storytelling, and focusing on value exchange in relationships.
Tactics for short-term sales involve targeting customers who are currently in-market and using transactional messaging.
Reduced price sensitivity is a sign of a strong brand, and raising prices can be a reflection of brand strength.
Building a strong brand requires patience and a long-term perspective, as well as the ability to weather brand resets and iterations.
Chapters
00:00 Introduction
00:24 Introducing 'The Long and The Short of It'
01:50 Framing the Discussion
03:22 The Tension Between Short and Long-Term Marketing
06:12 Defining Short and Long-Term
07:33 The Data Set and Methodology
08:59 The Importance of Patience in Building Brands
12:20 The Tension Between Short and Long-Term Marketing
16:20 Tactics for Long-Term Brand Building
20:25 Tactics for Short-Term Sales
26:43 Reduced Price Sensitivity and Brand Building
28:06 The Importance of Holding Price
32:23 The Value of Going Slow and Building a Strong Brand
39:06 The Importance of Brand Resets and Iterations
41:38 Section 2: Share of Voice and Brand Response
12 episodes
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