The $1.65 Billion Dollar Brand
How much is a brand worth? Well that’s a very difficult question to answer in most cases because there are so many variables that go into measuring a brand’s value; but I can tell you the value of one brand, YouTube. This week YouTube was acquired by Google for $1.65 Billion yes that Billion with a capital “B” in what might be the purest example of the market value of one particular brand ever.
For those of you that are only now becoming familiar with YouTube, I’ll go ahead and start you off with a little background. YouTube is a social media website that allows users to post videos, any kind of videos you can think of, from home videos to clips from popular TV shows, clips from movies and even commercials. There is no subscription fee and the company’s revenue comes entirely from advertising sales. You don’t even have to be a registered user to view the clips, but you do if you would like to rate or comment on clips other users have posted, or if you would like to upload your own video clips.
The site has now become a phenomenon, and major advertisers and traditional media outlets have noticed and are increasingly incorporating YouTube into their marketing initiatives. A great example is NBC’s use of YouTube to promote its lineup of shows. NBC went from seeking legal action against YouTube for airing SNL clips without permission, claiming unauthorized use of intellectual property to now entering into a strategic partnership with the site and creating promotions specifically for YouTube’s audience starring “Bill the Promo Guy” to promote the network's new program lineup (see example here) and cross promoting it on the Tonight Show (see it here).
YouTube has now become THE source for video content on the web, a fact reflected in it’s ranking of the world’s 10th most visited site by Alexa web traffic rankings, and it is now growing at a faster clip than even red hot MySpace. The YouTube content is provided by the users and its technology is a basic video playing technology from Macromedia’s Flash software. Nothing about it content and technology-wise is particularly groundbreaking, and it is something that can easily be replicated. In fact, both Google and MySpace has created sections within their sites that mirror the usability of YouTube, the difference is Google is synonymous for search and MySpace for social networking. The video sections on MySpace and Google are nothing more than another feature for its users, and not the primary reason most users go there. That is reflected with YouTubes 46% of the online video activity market share, versus 21% for MySpace and only 11% for Google. Because YouTube only does video, it has become the source, and its brand is the poster child for the exploding online video movement. Users who have been receiving forwarded e-mail video clips for years finally have a central hub for everything video and they are flocking to the site by the millions.
So in conclusion, here you have a website using technology that they did not develop, featuring content that they have not created and has yet to make a profit. Doesn’t sound like a billion dollar business model, does it? But it is, the brand and only the brand is the value that makes it worth $1.65 Billion. Google, itself a highly valued brand, knows the power of a strong brand name and recognized that it would never be able to overtake YouTube in market share and would only be a secondary source. Google wants to be the leader in everything they do, and the only way to do that in this online market segment was to buy YouTube.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
Thursday, October 12, 2006
Thursday, September 28, 2006
Budweiser's Reach for a New Image
The Budweiser beer brand, one of the most iconic brand names in the world, is quietly trying to reach an audience that does not hold the brand in high regard. Now you may ask why a brand with over 50% of the US market share would want to adjust its image. It’s simple, yet it is something that is even very surprising and even shocking to many people. In the Gen. X and Gen. Y metropolitan bar and night club scenes, drinking or, holding or even standing next to a Budweiser is completely unacceptable. Not only is it unacceptable, of all the brands out there, it is the only one that falls in the category of completely unacceptable to this audience.
How did this happen? Simple. The brand conjures up two images; first, it has a very strong attachment to the 80’s when the brand was at its peak, giving it an outdated feel today, a big turnoff to anyone wanting to be perceived as on the edge. Second, and most importantly, its big time blue collar image that comes with its association with NASCAR and Dale Earnhardt Jr. To put it bluntly the brand has become “redneck” and is therefore completely at odds with those in the young metropolitan social scene. When you meet someone, the brand of beer often alludes to the personality of the one holding it. For example:
Corona = Friendly, laid back
Miller Light = Regular Joe
Heineken = Confident, worldly
Pabst Blue Ribbon = Rowdy, fun loving
Oddly enough the redneck image really seems to apply to the Budweiser or “Bud” brand and not as much to its Bud Light brand. It’s also interesting to note that the product itself is not necessarily perceived to be inferior, it’s only the personality associated with the label that is the problem. Well, Budweiser apparently has come to realize this and is taking steps make up for it with its new Budweiser Select brand advertising. Budweiser Select was originally rolled out about a year ago to compete in the low carb battle between Miller Light and its sister brand Michelob Ultra; however, they apparently have shifted their focus into becoming the brand of choice for the metropolitan 20 and 30 somethings. Their new ad campaign for Budweiser Select using slick imagery and set to the Chemical Brother’s Galvanize (see the TV spots Here and Here) is clearly trying to reach out to that audience and essentially ask that audience for acceptance.
The real question is will it actually work? My personal opinion is that Budweiser Select will find success and gain market share with this audience, but it will take time and a whole lot of focus from the brand manager. The brand must continue to push this slick, club, metropolitan image through its advertising and push promotional opportunities in the large city nightclubs I feel that because Bud Light managed to escape the Budweiser Image that beer drinkers are open minded when it comes to line extensions. The Budweiser brand itself will not or should not change its brand personality, the brand has a very large and very loyal audience in place and the blue collar image should be embraced with this group.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
The Budweiser beer brand, one of the most iconic brand names in the world, is quietly trying to reach an audience that does not hold the brand in high regard. Now you may ask why a brand with over 50% of the US market share would want to adjust its image. It’s simple, yet it is something that is even very surprising and even shocking to many people. In the Gen. X and Gen. Y metropolitan bar and night club scenes, drinking or, holding or even standing next to a Budweiser is completely unacceptable. Not only is it unacceptable, of all the brands out there, it is the only one that falls in the category of completely unacceptable to this audience.
How did this happen? Simple. The brand conjures up two images; first, it has a very strong attachment to the 80’s when the brand was at its peak, giving it an outdated feel today, a big turnoff to anyone wanting to be perceived as on the edge. Second, and most importantly, its big time blue collar image that comes with its association with NASCAR and Dale Earnhardt Jr. To put it bluntly the brand has become “redneck” and is therefore completely at odds with those in the young metropolitan social scene. When you meet someone, the brand of beer often alludes to the personality of the one holding it. For example:
Corona = Friendly, laid back
Miller Light = Regular Joe
Heineken = Confident, worldly
Pabst Blue Ribbon = Rowdy, fun loving
Oddly enough the redneck image really seems to apply to the Budweiser or “Bud” brand and not as much to its Bud Light brand. It’s also interesting to note that the product itself is not necessarily perceived to be inferior, it’s only the personality associated with the label that is the problem. Well, Budweiser apparently has come to realize this and is taking steps make up for it with its new Budweiser Select brand advertising. Budweiser Select was originally rolled out about a year ago to compete in the low carb battle between Miller Light and its sister brand Michelob Ultra; however, they apparently have shifted their focus into becoming the brand of choice for the metropolitan 20 and 30 somethings. Their new ad campaign for Budweiser Select using slick imagery and set to the Chemical Brother’s Galvanize (see the TV spots Here and Here) is clearly trying to reach out to that audience and essentially ask that audience for acceptance.
The real question is will it actually work? My personal opinion is that Budweiser Select will find success and gain market share with this audience, but it will take time and a whole lot of focus from the brand manager. The brand must continue to push this slick, club, metropolitan image through its advertising and push promotional opportunities in the large city nightclubs I feel that because Bud Light managed to escape the Budweiser Image that beer drinkers are open minded when it comes to line extensions. The Budweiser brand itself will not or should not change its brand personality, the brand has a very large and very loyal audience in place and the blue collar image should be embraced with this group.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
Monday, August 28, 2006
Is the Demise of “Brand Hip Hop” at Hand?
I normally weigh in on specific products or companies, but today I want to discuss a cultural brand, the “Hip Hop” culture. Rap music is the core of Hip Hop culture or, Brand Hip Hop, and although not a brand in itself, its core attributes have a profound influence on fashion, products, entertainment and just about anything else you can think of. Whether you like the style of music or not, it is safe to say that every American born after 1970 has been touched and influence by it; from inner-city African Americans to small town Caucasians and everyone in-between. Brand Hip Hop is a reflection of the urban African-American lifestyle and represents a nonconformist, individualistic lifestyle that, like the Hippie movement in the 60’s and the Disco era in the 70’s, appeals to younger people who are looking for an outlet to rebel against anything traditional and conforming. In addition, Hip Hop culture, or more specifically the “Gangsta Rap” part of it, represents a tough street attitude, which is appealing to those who are disenfranchised or want more respect. So basically the essence of Brand Hip Hop is a tough, independent, street savvy lifestyle.
Rap music, the center piece of Hip Hop culture, began in the 70’s on streets of New York City, before rapidly spreading nationwide in the 80’s. Since the late 80’s Rap music has been a powerhouse music genre, and the urban culture that surrounds it has major influence on American and now worldwide popular culture. The one thing that made it so popular among all races and classes is it has edge and is an authentic reflection of urban life. The songs, the clothing and the attitude, everything about it feels real and connects with people for that reason.
Despite becoming mainstream and highly commercialized over the past 20 years, Hip Hop artists and culture managed to keep an authentic brand image and maintain credibility. Brushing aside anyone who might diminish its credibility and surviving the few that did slip though like MC Hammer and Vanilla Ice, Hip Hop has endured and influenced everything and everyone it touched along the way. It has also made a lot of people a lot of money including record companies, shoe manufactures, clothing designers, jewelry makers, movie studios, liquor companies, etc, etc. More importantly it has given talented individuals who otherwise had limited opportunities the chance to make millions, become stars and even give back to their communities. Its impact over the past couple of decades is too big to even begin to possibly measure it.
That all could change very fast, Brand Hip Hop may have finally peaked and it is very feasible that it’s cultural relevance may have started or will soon be on the decline. The clues are all there, movie studies cranking out Hip Hop themed movies (Get Rich or Die Tryin’, ATL), Dozen’s of new rap artists with mediocre talent being cranked out every few months by the major labels, formerly street hard mega rap stars like Snoop Dog showing up on commercials for internet services (AOL) and cars (Chrysler). But the real point that defines the beginning of the end for Brand Hip Hop may be during Kevin Federline’s (K-Fed) début rap performance last week on Teen Choice Awards, broadcast nationally on Fox (see it here); rap music and the Hip Hope culture officially managed to lose both its edge and its credibility during those few minutes.
Kevin Federline, the former backup dancer and dead-beat who married Britney Spears, with no credibility or talent, was given a national stage and unintentionally delivered a parody performance that nothing less symbolizes everything Hip Hop has become. It would have been funny if it was a comedy bit on HBO’s Da Ali G Show, but it wasn’t; it was real. Sure K-Fed may not be embraced or respected by the major players in the rap industry, and it has nothing to do with him being white (Eminem made that a non-issue), just in some way K-Fed managed to highlight how far Brand Hip Hop has deviated from what made it great, it’s authenticity is gone and therefore so is its credibility. K-Fed did not kill it himself; he merely exposed the decline to the entire world. With its viability sure to gradually diminish, it will have less and less of an influence on consumer and cultural behavior and eventually give way to something new, something that is real.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
I normally weigh in on specific products or companies, but today I want to discuss a cultural brand, the “Hip Hop” culture. Rap music is the core of Hip Hop culture or, Brand Hip Hop, and although not a brand in itself, its core attributes have a profound influence on fashion, products, entertainment and just about anything else you can think of. Whether you like the style of music or not, it is safe to say that every American born after 1970 has been touched and influence by it; from inner-city African Americans to small town Caucasians and everyone in-between. Brand Hip Hop is a reflection of the urban African-American lifestyle and represents a nonconformist, individualistic lifestyle that, like the Hippie movement in the 60’s and the Disco era in the 70’s, appeals to younger people who are looking for an outlet to rebel against anything traditional and conforming. In addition, Hip Hop culture, or more specifically the “Gangsta Rap” part of it, represents a tough street attitude, which is appealing to those who are disenfranchised or want more respect. So basically the essence of Brand Hip Hop is a tough, independent, street savvy lifestyle.
Rap music, the center piece of Hip Hop culture, began in the 70’s on streets of New York City, before rapidly spreading nationwide in the 80’s. Since the late 80’s Rap music has been a powerhouse music genre, and the urban culture that surrounds it has major influence on American and now worldwide popular culture. The one thing that made it so popular among all races and classes is it has edge and is an authentic reflection of urban life. The songs, the clothing and the attitude, everything about it feels real and connects with people for that reason.
Despite becoming mainstream and highly commercialized over the past 20 years, Hip Hop artists and culture managed to keep an authentic brand image and maintain credibility. Brushing aside anyone who might diminish its credibility and surviving the few that did slip though like MC Hammer and Vanilla Ice, Hip Hop has endured and influenced everything and everyone it touched along the way. It has also made a lot of people a lot of money including record companies, shoe manufactures, clothing designers, jewelry makers, movie studios, liquor companies, etc, etc. More importantly it has given talented individuals who otherwise had limited opportunities the chance to make millions, become stars and even give back to their communities. Its impact over the past couple of decades is too big to even begin to possibly measure it.
That all could change very fast, Brand Hip Hop may have finally peaked and it is very feasible that it’s cultural relevance may have started or will soon be on the decline. The clues are all there, movie studies cranking out Hip Hop themed movies (Get Rich or Die Tryin’, ATL), Dozen’s of new rap artists with mediocre talent being cranked out every few months by the major labels, formerly street hard mega rap stars like Snoop Dog showing up on commercials for internet services (AOL) and cars (Chrysler). But the real point that defines the beginning of the end for Brand Hip Hop may be during Kevin Federline’s (K-Fed) début rap performance last week on Teen Choice Awards, broadcast nationally on Fox (see it here); rap music and the Hip Hope culture officially managed to lose both its edge and its credibility during those few minutes.
Kevin Federline, the former backup dancer and dead-beat who married Britney Spears, with no credibility or talent, was given a national stage and unintentionally delivered a parody performance that nothing less symbolizes everything Hip Hop has become. It would have been funny if it was a comedy bit on HBO’s Da Ali G Show, but it wasn’t; it was real. Sure K-Fed may not be embraced or respected by the major players in the rap industry, and it has nothing to do with him being white (Eminem made that a non-issue), just in some way K-Fed managed to highlight how far Brand Hip Hop has deviated from what made it great, it’s authenticity is gone and therefore so is its credibility. K-Fed did not kill it himself; he merely exposed the decline to the entire world. With its viability sure to gradually diminish, it will have less and less of an influence on consumer and cultural behavior and eventually give way to something new, something that is real.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
Sunday, June 04, 2006
Can One Brand Absorb The Attributes of Another?
Recently, Ford Motor Company started airing a corporate branding commercial with Chairman Bill Ford discussing all the great innovations happening at Ford and its divisions. What stood out was at one point the spot specifically highlighted the engineers at its Volvo division, which Ford acquired in 1999. Why would Ford highlight this division's engineers specifically? Because the Volvo brand over the decades has become synonymous with safety and reliability, and it is safety and reliability that has become the essence of the Volvo brand. Ford Motor Company’s namesake brand of cars and trucks, on the other hand, has had almost the opposite reputation over the years going back to the much publicized exploding Ford Pinto of the late 1970’s.
By highlighting Volvo in a corporate spot is Ford trying transfer Volvo’s sterling reputation on to the company as a whole? The answer is obvious, of course they are and rightly so, since Volvo’s reputation is everything that Ford’s is not and Ford recognizes that. The question really becomes, "Can Ford transfer that reputation to the rest of the company, or will that effort actually backfire and damage Volvo’s brand equity instead?" It’s hard to say for sure, but I feel that Ford should be very careful on how they proceed here because strong links between Ford and Volvo in the consumer’s mind could ruin one of Ford’s crown jewels. The spot that mentioned Volvo was done right because it was so subtle that the average consumer will most likely not react to it immediately, although when shopping for a Ford they may remember that they “heard somewhere” that Volvo engineers where working on new Fords. This is a smart move and really the only way Ford should procede is very gradually. Any bolder attempt to link the brands than this should be avoided, because you can’t change your brand image over night, and if it is possible, then the best way is proceeding with baby steps.
Another good example of acquiring another brand's attributes is Kmart purchasing Sears a few years ago. Kmart has a brand attribute that they can never overcome; the name has become synonymous with “cheap merchandise”. So much so that Nike refuses to let Kmart carry its merchandise anymore. Retail leader Wal-Mart may be known for low prices, but even though they have similar merchandise as Kmart, they’re seen as carrying good products at a good price rather than cheap products where you get what you pay for. Sears, on the other hand, never had a bad reputation despite recently losing market share in a rapidly changing retail environment, and is known for its own line of quality brands such as Kenmore, Craftsman and DieHard.
By acquiring Sears, Kmart has essentially admitted that the Kmart brand attributes cannot be changed. Despite new product lines such as Martha Stewart Everyday and before that re-branding their stores under the BigK name, nothing changed. Before the decade is out you will see Kmart gradually phase out the Kmart name, something they have begun doing by changing the corporate name to Sears Holding Corporation. A new Target-like concept called Sears Grand is being tested in several markets; if this concept is a hit with consumers, then that will most likely speed up the effort to phase out the Kmart name. Kmart will have essentially phased itself out and will bank its future on the good brand equity it acquired in the Sears name.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
Recently, Ford Motor Company started airing a corporate branding commercial with Chairman Bill Ford discussing all the great innovations happening at Ford and its divisions. What stood out was at one point the spot specifically highlighted the engineers at its Volvo division, which Ford acquired in 1999. Why would Ford highlight this division's engineers specifically? Because the Volvo brand over the decades has become synonymous with safety and reliability, and it is safety and reliability that has become the essence of the Volvo brand. Ford Motor Company’s namesake brand of cars and trucks, on the other hand, has had almost the opposite reputation over the years going back to the much publicized exploding Ford Pinto of the late 1970’s.
By highlighting Volvo in a corporate spot is Ford trying transfer Volvo’s sterling reputation on to the company as a whole? The answer is obvious, of course they are and rightly so, since Volvo’s reputation is everything that Ford’s is not and Ford recognizes that. The question really becomes, "Can Ford transfer that reputation to the rest of the company, or will that effort actually backfire and damage Volvo’s brand equity instead?" It’s hard to say for sure, but I feel that Ford should be very careful on how they proceed here because strong links between Ford and Volvo in the consumer’s mind could ruin one of Ford’s crown jewels. The spot that mentioned Volvo was done right because it was so subtle that the average consumer will most likely not react to it immediately, although when shopping for a Ford they may remember that they “heard somewhere” that Volvo engineers where working on new Fords. This is a smart move and really the only way Ford should procede is very gradually. Any bolder attempt to link the brands than this should be avoided, because you can’t change your brand image over night, and if it is possible, then the best way is proceeding with baby steps.
Another good example of acquiring another brand's attributes is Kmart purchasing Sears a few years ago. Kmart has a brand attribute that they can never overcome; the name has become synonymous with “cheap merchandise”. So much so that Nike refuses to let Kmart carry its merchandise anymore. Retail leader Wal-Mart may be known for low prices, but even though they have similar merchandise as Kmart, they’re seen as carrying good products at a good price rather than cheap products where you get what you pay for. Sears, on the other hand, never had a bad reputation despite recently losing market share in a rapidly changing retail environment, and is known for its own line of quality brands such as Kenmore, Craftsman and DieHard.
By acquiring Sears, Kmart has essentially admitted that the Kmart brand attributes cannot be changed. Despite new product lines such as Martha Stewart Everyday and before that re-branding their stores under the BigK name, nothing changed. Before the decade is out you will see Kmart gradually phase out the Kmart name, something they have begun doing by changing the corporate name to Sears Holding Corporation. A new Target-like concept called Sears Grand is being tested in several markets; if this concept is a hit with consumers, then that will most likely speed up the effort to phase out the Kmart name. Kmart will have essentially phased itself out and will bank its future on the good brand equity it acquired in the Sears name.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
Tuesday, May 30, 2006
Two Brand Giants Converge
Apple and Nike have joined forces to release the Nike+iPod Sports Kit (see: http://www.usatoday.com/tech/products/2006-05-23-apple-nike_x.htm). This is a fantastic example of two premier brands joining forces for a line extension that is right in the sweet spot for both brands.
Since the launch of the first Mac in 1984, Apple has been on the cutting edge of computer technology in the eyes of consumers and since the late 1990’s has been known for innovative technology and design for its computers and peripherals including the immensely popular iPod. As for Nike, it has been on the cutting edge of sports technology and design ever since Steve Prefontaine strapped on the first pair back in 1973.
The new product is a kit that works in Nike shoes during a workout that sends information to the user’s iPod so they can monitor their workout statistics and then allows you to log those stats in a personal website. What’s great about this product is it is such a logical extension of both brand’s product lines and could only be a success with this unique brand partnership. Nike has the resources to develop their own exercise monitoring systems; but without co-branding a device with Apple, it would not have immediate success and would have struggle to gain market acceptance because Nike is not viewed as a computer technology company. Apple is also capable of developing this device on its own; but because it does not play in the athletics apparel and equipment world, it would also have struggled to gain market acceptance. It was only in the partnership of these two powerhouse brands that this particular product could be an immediate success.
This is a great example of recent trends of powerhouse brands working together to extend their products or services into areas where they could not go on their own. The partnership between Barnes and Noble and Starbucks is a good retail example of this with the exclusive serving of Starbucks coffee in the Barnes and Noble Café. Barnes and Noble knows books and Starbucks knows coffee, neither knows each other's business, even though both have the resources to enter them if they wanted. Both companies are smart enough to know books and coffee go together and that if either on their own had tried to expand into the other's space, they would have met consumer resistance and possible outright rejection. You will see more and more of these partnerships pop up as smart marketers begin to realize that by joining two established brands to launch a product or service has a better chance of producing an immediate hit with consumers.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
Apple and Nike have joined forces to release the Nike+iPod Sports Kit (see: http://www.usatoday.com/tech/products/2006-05-23-apple-nike_x.htm). This is a fantastic example of two premier brands joining forces for a line extension that is right in the sweet spot for both brands.
Since the launch of the first Mac in 1984, Apple has been on the cutting edge of computer technology in the eyes of consumers and since the late 1990’s has been known for innovative technology and design for its computers and peripherals including the immensely popular iPod. As for Nike, it has been on the cutting edge of sports technology and design ever since Steve Prefontaine strapped on the first pair back in 1973.
The new product is a kit that works in Nike shoes during a workout that sends information to the user’s iPod so they can monitor their workout statistics and then allows you to log those stats in a personal website. What’s great about this product is it is such a logical extension of both brand’s product lines and could only be a success with this unique brand partnership. Nike has the resources to develop their own exercise monitoring systems; but without co-branding a device with Apple, it would not have immediate success and would have struggle to gain market acceptance because Nike is not viewed as a computer technology company. Apple is also capable of developing this device on its own; but because it does not play in the athletics apparel and equipment world, it would also have struggled to gain market acceptance. It was only in the partnership of these two powerhouse brands that this particular product could be an immediate success.
This is a great example of recent trends of powerhouse brands working together to extend their products or services into areas where they could not go on their own. The partnership between Barnes and Noble and Starbucks is a good retail example of this with the exclusive serving of Starbucks coffee in the Barnes and Noble Café. Barnes and Noble knows books and Starbucks knows coffee, neither knows each other's business, even though both have the resources to enter them if they wanted. Both companies are smart enough to know books and coffee go together and that if either on their own had tried to expand into the other's space, they would have met consumer resistance and possible outright rejection. You will see more and more of these partnerships pop up as smart marketers begin to realize that by joining two established brands to launch a product or service has a better chance of producing an immediate hit with consumers.
Jake Crocker is a Partner and Brand Marketing Director at Martin Branding Worldwide, Inc. and can be reached at: jcrocker@martinbranding.com
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