The application of evidence-based marketing can leave room for what really has value for the development of a brand. However, it takes courage from marketers to question even their own assumptions, which until now have defined their actions. After all, does one need to worry about brand rejection when one has not calculated Mental Availability? Jenni Romaniuk, Researcher and Professor at the Ehrenberg-Bass Institute provides guidance.
Jenni Romaniuk, Researcher and Professor at the Ehrenberg-Bass Institute of the University of South Australia, is coming to Greece for the first time, on June 15, as a keynote speaker at How Brands Grow, to present to marketeers and advertisers of the Greek market updated research data on braning, as well as her recently published book, Better Brand Health: Measures and Metrics for a How Brands Grow World. The book is the "natural" continuation of the successful "How Brands Grow Part 2 – Revised!", which he co-authored with Byron Sharp, Professor and Director of the Ehrenberg-Bass Institute and author of the best seller "How Brands Grow: What marketers do I don't know". Shortly before her speech, she shares with MW readers useful insights on the value of brands, Mental Availability.
MW: How can evidence-based marketing be applied and what are its results?
Jenni Romaniuk: Applying evidence-based marketing highlights the areas we need to prioritize and identifies those areas we could ignore or leave further behind. In a world of limited time and often data overload, having clear priorities helps improve our efficiency. Leverage evidence-based marketing to create a framework for core efforts. The framework helps us choose the metrics and results we need to check to determine if our brand is on track. Eliminating signs that can distract us is also very helpful. Efforts to create more loyal buyers or target more specific market segments may seem logical, however there is evidence that as tactics they do not enhance brand development. This means we can shift our efforts away from ineffective ideas that simply drain our time and budget. Therefore, by applying evidence-based marketing, we are able to use our resources more effectively.
Can you explain the Laws of Brand Growth to us?
Similar to the laws of Physics, there are several Laws of Brand Development. One of the most important is the Law of Double Jeopardy. This law states that small brands "suffer" doubly. Smaller brands have fewer buyers (first risk), who are slightly less loyal (second risk), compared to buyers of larger brands. Other laws, such as Similar Buyer Profiles, highlight how brands compete, while the Natural Monopoly Law focuses on the core advantage of big brands, which is known to people who know little about the category.
Read the full article on Marketing Week Greece.