Jeff Fromm: Why The Old Definition Of Brand Value Has Died
To win over millennials, brands must incorporate participative benefits into their models.
In the new Millennial-inspired Participation Economy, the old definition of brand value — the one that worked for decades — is dead.
As marketers, we knew that the sum of our core functional and emotional benefits divided by price would give us a proxy for brand value. Stronger brands had more price elasticity. However, the old definition no longer holds if you want to engage Millennials or older generations that are adopting a “Millennial Mindset.”
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