The following is a guest blog post by ETSU associate professor in the Department of Communication and MarketingMel board member, Dr. Stephen Marshall.
As an Associate Professor at East Tennessee State University I am blessed to teach some of the best and brightest in our region. In the professional and academic world, learning is a continuous process. The speed of communication technology demands constant learning and adapting.
Part of my continuous learning formula is to engage with clients and organizations; applying my knowledge and skills to stay sharp while providing value. I do this because I strive to deliver value to my students and professionally grow. My work with professionals moves me from academic armchair quarterbacking directly into the game. Working at Creative Energy as well as with great professionals like MarketingMel keeps me fresh and keeps ideas flowing. Whether it is in the classroom or in the boardroom, I am always focused on delivering value. But what is value?
Merriam-Webster defines value in numerous ways but the particularly applicable Merriam-Webster value definition states value is “relative worth, utility, or importance.” In marketing terms, there are numerous theories supported by hundreds of analyses of value. (I won’t bore you with them.) The most basic theme in marketing is value = benefit/cost.
Benefit examples = information, entertainment, utility, status
Cost examples = time, effort, financial
In terms of interpersonal communication, we deliver value during conversation quite naturally. (In fact, value is the sole reason you engage in any exchange!) For example, when you have a conversation with someone, you want to engage her or him in the discussion. You do so by finding the voice and content that will create the right engaging message. The right choices enable you to deliver communication value in the exchange. To illustrate… would you speak with your mother the same way you speak with your best friend? Further, the more value exchanged, the longer the conversation. Conversations end when the cost of continuing is higher than the benefit.
The key to any successful communication is to deliver value to the receiver. My students know “create value with your communication” as my classroom mantra. Successful businesses create value for their customers through their products or services. The center of any brand (product, service, idea or individual as you have learned from Marketing Mel) is the value promise of the brand. In today’s digital communication space, brands are able to deliver additional value (continuing the value promise) in their communication and measure impact more accurately.
For businesses, defining value in communication can be complex. Strategy is the key to defining, creating and evaluating. Creating value strategy means significantly understanding objectives, audience(s) and creating content that will deliver value. Delivering value should be the core of your communication strategy. How does this happen for a brand?
- Know your business goal and objectives
- Understand your audience (know your key influencers)
- Create digital content that will deliver on the brand promise (extend brand value)
- Define key performance indicators (KPIs) enabling evaluation of progress
The key to swimming in “big data” is to define the KPIs in your planning. This allows you to benchmark, set goals, understand audience flow, evaluate, and optimize. From an organizational standpoint, determining the influential KPIs aligned with organizational outcomes is the only way to move from descriptive data to data providing inference.
Extending brand value in communication efforts often means utilizing social media. All too often I hear folks, even professionals say, “let’s make a Facebook page.” While social media is important, it is often used inappropriately. Social media efforts must be aligned with brand value.
This means the social channel and content must match the proper audience. Further, content and channel must be maintained appropriately. Huge mistakes will be made if you think of media without considering all the other previously discussed steps.
In summary, knowing your audience and delivering brand value on a continuous basis is the key to brand loyalty. The digital space allows brands to extend their value into their communication. Brands should use the digital space to extend and measure their brand value.
About the Author:
Stephen W. Marshall PhD, was educated at the University of Florida. He is a former employee of Nielsen. Dr. Marshall focuses on opportunities bridging academics and industry. His research interests include qualitative and quantitative audience measurement, branding and mass communication in a digital space. He is an Associate Professor at East Tennessee State University, a Research Analyst at Creative Energy and a member of MarketingMel’s board of advisors. Connect with him via Linkedin or by email at marshalls [at} etsu.edu.
Follow me on twitter @MarketingMel.