ABSTRACT
The digital revolution has resulted in a paradigm shift. Profit maximization is the major driver of many corporations, and satisfying customers is a function of achieving sales targets. With their combined bargaining and influencing power, consumers can influence the direction of any organization. Their access to abundant information puts tremendous pressure on business operators by driving down product prices and shortening the product life cycle. Yet a market led by manufacturers or consumers alone will result in a disconnected world. Smart branding can help achieve a new market equilibrium by fulfilling the needs of both the sellers and the buyers. This chapter demonstrates how brands bring tangible value to users and make their lives hassle-free. In turn, users feed timely insights to brand-owners so that they can produce the right products without excessive inventory, hence achieving a desirable return on investment (ROI).
Today’s total media package includes paid, earned, owned, and shared media. Marketers must recognize the respective strengths and characteristics of these media to optimize their combination for effective brand promotion. Shared media has become especially important due to the significant time that consumers spend on social networking. Brands can monitor, defend, steer, initiate and conduct business on social media to their advantage. In sum, marketing has evolved from mass marketing, direct marketing, and integrated marketing to digital marketing. Consumers now play multiple roles as directors, reporters, and judges. Brands can be classified into functional, aspirational, lifestyle, and responsible brands depending on the roles they play in the lives of users.
