[vc_row][vc_column border_color=”” visibility=”” width=”1/1″][mk_fancy_title style=”simple” corner_style=”pointed” tag_name=”h3″ border_width=”3″ size=”22″ line_height=”24″ color=”#393836″ font_weight=”inherit” letter_spacing=”0″ font_family=”none” margin_top=”10″ margin_bottom=”10″ align=”left” responsive_align=”center”]Branding as MVP in the free market[/mk_fancy_title][vc_column_text responsive_align=”center”]An aspiring economist in the Ad world is like a kid in a candy shop — everything you’ve learned since day one of Principles of Microeconomics is put to the test in the real world
The last few months at Prodigal have taught me that the concept of the inherently rational human is mostly true, however the core neoclassical economic concept that fails in life is perfect knowledge. Even if man could retain all the information that he’s hit with, he can’t, because as consumers we’re not even given a decent lineup of knowledge to utilize. That being true, everything I’ve seen seems to indicate that advertising, branding and marketing fixes this imperfect knowledge by streamlining and honing content; making it one of the greatest assets the free market has in the digital age.
Seeing as the cultural opinion of advertisers is that they further obfuscate consumers’ ability to rationally choose products and services, an economist in study feeling otherwise may seem counterintuitive. This pivot in belief stems from the growth of the internet and its effective usage by consumers to weed out bad products. These days when consumers communicate about the validity of a company’s claims, they do so much more quickly than ever before, and in the public eye of billions of others online. Scams and shoddy products are gone far faster than any other time in history, making it functionally useless for an advertiser to pour work into a concept that will not pay, and will not sell.
So, if the public’s revision technique for products has eliminated subpar items, that would suggest that consumers would always find what they want and what they love, making advertising die out as an industry.
Yet, none of that has happened, adverts, branding and marketing have never been more important. The reason for this is that the consumer is drowning in information. Too many products, too many features and too few people to understand what features are important to who. You don’t buy a house by assessing all the information about the home. Instead, the homebuyer uses a realtor and their own problem solving to identify what’s important.
The decision to make a purchase is made with a distilled version of features, benefits and drawbacks. Advertising and branding does just that for products and services. It’s not an assault on the consumer; advertising is an asset that prevents people from going crazy when they choose a furniture store, tax agency, or hospital. Prodigal has done all of that with its Brand MRI; it scans a business and finds the sweet spot between a business’s strengths, what their customers value and where the business outranks its competitors.
By doing all of that, the Brand MRI finds a position, develops a creative and effective communication technique for your business and consequently repairs the broken link of communication between you and your customer to-be. If you want to read more about how the Brand MRI can help you, click here or drop us a line!
Over the next few weeks, I will be giving this site a crash course in economics and its magnificent application to advertising. Stay tuned!
Cheers,
S
Stephen Jakubowski
Associate Brand Strategist[/vc_column_text][/vc_column][/vc_row]
