How Brands Can Balance Short Term (Direct Response) and Long Term (Brand Building) (#2)

Summary

In this episode of the Brand Builders Podcast, Tom and Preston discuss the paper 'The Long and The Short of It' by Les Binet and Peter Field. They explore the tension between short-term sales and long-term brand building, and the importance of finding the right balance. They discuss tactics for both short and long-term marketing, including the use of channels and creative strategies. They also delve into the concept of reduced price sensitivity and the impact of brand building on pricing. The episode concludes with a preview of the topics to be covered in the next episode.

Takeaways

Finding the right balance between short-term sales and long-term brand building is crucial for success.
Tactics for long-term brand building include building emotional connections, using channels that allow for storytelling, and focusing on value exchange in relationships.
Tactics for short-term sales involve targeting customers who are currently in-market and using transactional messaging.
Reduced price sensitivity is a sign of a strong brand, and raising prices can be a reflection of brand strength.
Building a strong brand requires patience and a long-term perspective, as well as the ability to weather brand resets and iterations.

Chapters

00:00 Introduction
00:24 Introducing 'The Long and The Short of It'
01:50 Framing the Discussion
03:22 The Tension Between Short and Long-Term Marketing
06:12 Defining Short and Long-Term
07:33 The Data Set and Methodology
08:59 The Importance of Patience in Building Brands
12:20 The Tension Between Short and Long-Term Marketing
16:20 Tactics for Long-Term Brand Building
20:25 Tactics for Short-Term Sales
26:43 Reduced Price Sensitivity and Brand Building
28:06 The Importance of Holding Price
32:23 The Value of Going Slow and Building a Strong Brand
39:06 The Importance of Brand Resets and Iterations
41:38 Section 2: Share of Voice and Brand Response

What is Brand Builders?

Brought to you by the founders of Chubbies (9 figure exit and 10-figure IPO) and Loop Returns, Tom Montgomery and Preston Rutherford have a single goal with this podcast: Give you new information, lessons and learnings, translated into specific tactics you can employ TODAY at your brand to help you build the strongest brand possible, which if you build that strong emotional connection, ALWAYS translates into more profit, if done well. It's our job to help you do brand building well.

You can expect 3 things from the podcast episodes:
1) share the best brand building knowledge from the best books on brand building,
2) talk with the founders and operators building the best brands today and
3) share share all our mistakes, lessons we've learned along the way.

After ever episode, you'll leave with 1-3 actions you can apply today, as informed by the best brand builders in the world (not us), our mistakes in building a brand that had an IPO, and founders of the world's best brands.