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The Importance Of Branding Today

 

I have always struggled to accurately represent myself when asked to “describe myself in five words,” but that is exactly what branding is. Every day thousands of entrepreneurs must decide the few words that will be used to market the entirety of their product in a way that captures the attention of the targeted audience and causes them to take an interest in the product or service. The Harvard Business Review reports that “in the pre-internet era, the main way people accessed information about new products or brands was through TV advertisements, so they were willing to pay sustained attention to promotional or informational content.” However, the creation of the internet and social media have caused a massive increase in the speed and quantity in which information can travel; because of this phenomena, you have only a few seconds to interest a consumer and get them to want to find out more about your product. For all businesses, whether a humble start up or a multinational giant, an effective marketing and branding strategy can determine the success of a company.

The LAB hosted the Head of Product at Alienware, Joe Olmstead, at Product Council on June 6th. Alienware is an American computer hardware subsidiary of the tech giant, Dell, and manufactures products designed for gaming. In this clip from his discussion, Olmstead focuses on the importance of branding and marketing a product effectively in the 21st century, and how it is especially critical in the rapid “world of phones, banners, [and] tweets.”

The single most compelling idea is what is unique to a product, and is also what is most likely to interest a possible consumer. It is what hooks the audience, and hooks them fast. When Alienware is launching a new product, more time is spent on the process of selecting which four or five words will be used to market the item, than on the entire product specifications. Failing to accurately consolidate and articulate the four or five words that are supposed to represent what your product does can ruin an entire 20 million dollar investment, according to Olmstead.

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As always we hope you continue to learn, act, and build at the LAB Miami.