#264: When the Analyst’s Toolbox Includes Assessing the Zeitgeist with Erika Olson
Feb 4, 2025
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In this engaging discussion, Erika Olson, co-founder of fwd., shares her expertise on brand strategy, drawing insights from her work with major brands like Nike and L'Oréal. She highlights the challenges of quantifying brand effectiveness when data is lacking and emphasizes the importance of intuitive judgment and cultural context. The conversation touches on the shift towards 'quiet luxury' in branding, the necessity of authentic brand strategies, and the evolving consumer narratives that influence marketing decisions. Erika's real-world examples illuminate these complex topics beautifully.
Effectively measuring brand impact requires a structured approach that combines qualitative insights with quantitative data to ensure alignment with market positioning.
Brands must navigate the complexities of shifting consumer perceptions while maintaining their core identity through strategic communication and consistent messaging.
Embracing a test-and-learn mentality allows brands to experiment with their strategies, leading to better understanding and adaptation in dynamic market environments.
Deep dives
The Challenges of Measuring Brand
Accurately measuring brand impact presents significant challenges for marketers. Many professionals suggest that branding is a top-of-the-funnel investment, often dismissing it as unquantifiable. The discussion emphasizes the need for a structured approach to assess brand effectiveness, which requires a blend of qualitative and quantitative insights. Without proper metrics, brands risk misalignment with their market positioning, leading to ineffective marketing strategies.
Diverse Perspectives on Brand Metrics
The podcast features a dialogue about varying perspectives on brand metrics and their significance. Different brands exhibit varied levels of investment and focus on brand marketing depending on their history and market position. Some organizations shift from being engineer-led to prioritizing brand value, recognizing its importance in their growth strategy. Acknowledging contrasting mindsets helps highlight how companies navigate the complexities of brand measurement.
The Role of Insights in Branding
Erica Olson from Forward discusses her consultancy's multifaceted approach to branding, which involves diagnosing issues, optimizing strategies, and predicting market trends. Her expertise emphasizes that successful brand measurement should align with an overarching strategy rather than relying only on traditional metrics. By understanding consumer culture and dynamics, brands can craft compelling narratives that resonate with their target audience. This approach underscores that branding is not solely about awareness but also about relevance and emotional connection.
Navigating Brand Perception and Identity
The podcast highlights the distinction between brand perception and intentional brand expansion. Companies often aim to shift consumer perceptions without compromising their established identity, which requires a gradual and authentic approach. For instance, brands known for specific traits may struggle to reposition themselves without losing core customer loyalty. This discussion reveals the importance of strategic communication and consistent messaging as brands evolve in response to changing market demands.
The Importance of Experimentation in Branding
To navigate the complexities of brand management, the podcast underscores the need for experimentation. Brands that embrace a test-and-learn mentality can better understand their market positioning and the effectiveness of their strategies. The conversation reflects on how experimentation-driven insights allow businesses to pivot effectively in dynamic environments. Such methods ensure that brands remain relevant and resonant with their audience, fostering long-term loyalty and engagement.
We all know that data doesn't speak for itself, but what happens when multiple instruments of measurement contain flaws or gaps that impede our ability to measure what matters on their own? Turning to our intuition and triangulation of what's happening in the broader macro sense can often help explain our understanding of our customers' ever-changing choices, opinions, and actions. Thankfully we had Erika Olson, co-founder of fwd. — which in our opinion is essentially the Freakonomics of marketing consultancies — join Tim, Moe and Val for this discussion to dive into some real-world examples of things that are inherently hard to measure and ways to overcome those challenges. For complete show notes, including links to items mentioned in this episode and a transcript of the show, visit the show page.
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