Everyone in marketing now knows that companies are no longer in control of their brands. Of course, the general public has known this for quite some time. But the past 18 months of economic turmoil has brought this point glaringly to light. The combination of tougher economic times combined with the myriad of ways people now have of connecting with each other to voice their opinions, entertain and learn valuable information has created an environment that we refer to as the Participation Economy. Marketers can no longer control what is said to vast amounts of the population about their brands.
The proliferation of communication channels and screens (TV, Computer, Mobile) has also given the world of marketing an intractable case of Attention Deficit Disorder (ADD). Where should brands be spending their budgets? How to measure success? How to generate efficiencies? These old marketing questions now take on new meaning in the Participation Economy.
Perhaps the starting place is to re-think and re-frame marketing communication in general. We’ve evolved from “marketing to” to “communicating with” to “creating with”. And it’s no longer about a “return on investment”. Instead, think “return on involvement”.
The combination of tough economic times and loss of control of brand-related content has also contributed to the polarization of consumption patterns. If your brand can’t truly differentiate itself and find an emotionally compelling reason for people to purchase, the decision to purchase will simply be a logical one, built on a decision-making framework of features, cost and accessibility compared to your competitors. But if your brand can create an emotional reason to connect with people, they will be willing to pay a premium for it, to seek it out, will remain loyal and may even become an advocate for you among family, friends and co-workers. Now which consumption pattern would you prefer your brand to play within? And which do you think is more economically sustainable?
Brands need to evolve beyond “branding”. We refer to this as creating Lovemarks. Lovemarks are products, services, countries, people – really anything – that a person can love beyond reason. We all have them. Our favourite shampoo, car, vacation spot, watch, ice-cream, coffee, school, movie, neighbourhood, laptop, mobile phone and so on that regardless of their quirks or cost, we simply can’t do without. I’ve witnessed polite dinner conversations turn into thirty-minute gushing conversations about why someone loves their Dyson. And don’t ever try to tell me that you don’t like my favourite brand of briefcase. Or how about a football fan’s favourite team? Or in my case, a hockey team that hasn’t won the cup since 1967. Lovemarks, the ultimate destination of a sustainable brand.

I would like to leave you with three questions I believe you will need to answer in order to create your own Lovemarks in the Participation Economy:

1. How can your brand help shape rather than follow popular culture?
2. Why would someone become an advocate of your brand instead of your competitor’s?
3. What SISOMO (Sight, sound and motion) neutral ideas does your marketing plan contain to spark the imagination, stir the hearts of and start a conversation among people?

In the Participation Economy, it’s not about spending more, disrupting the status quo or even integrated communications. It’s about transparency, an ongoing relationship and using creativity as an economic multiplier to build a Lovemark, supported by advocates beyond your marketing and sales departments.