I saw this YouTube video yesterday in a meeting at UCI. "Did you know?" was designed as a wake up call to our education system. But it is also a sobering reality check for marketers. We are attempting to solve the unknown challenges of tomorrow with yesterday's tools and beliefs. True in education. True in business. Take a look.
I was thinking the other day about the DNA of premium brands . One thing is certain -- it's a relative idea. For example, Hyatt is not a premium brand if you're used to staying at a W or a Ritz Carlton. But if your vacations to date have been holed up in a Holiday Inn, then by all means a stay in a Hyatt is a premium experience. Another thing is certain -- a brand is considered premium only when we believe it is worth the price. And that's where we can dig deeper. Why are we willing to pay more for a product when there are others that provide the same service or function at a lesser price? I have spent a good part of my marketing career developing strategies and ideas for a wide range of premium brands, including American Express, Sony, Callaway Golf, Hilton, Jaguar, Land Rover – even the Toyota Prius. Through these experiences I have come to believe that a premium brand is built upon specific tangible and intangible attributes that give it a sense wort
And more to do with a decline in the creativity of its population. (great advances come from ideas which come from our people). Rising nations have learned from the U.S., ie attract foreign talent. This article said should we lose even 2% of our popluation to foreign markets, the effect on our economy would be huge.
The wake up call is certainly for academia, as well as for our government: Teach creativity, foster advances in education and welcome all those millions of college graduates from China and India into our human capital - then see what happens.
My point is that I hope Americans see the American innovation worth recaputuring is as much or more that of Thomas Edison, Henry Ford, Walt Disney and John Browing. Lasting innovation that is worth buying across the globe. And as a mature economy, with a highly developed middle class perhaps the German, Japanese and Italian approaches may be the better bet. vs. the seductively dazzling success of China or India.
One wonders how many Americans in marketing today would agree with Butzi Porsche's belief "A good product must be respectable. Good design is not fashion" - it may be a little dry but my god it has done well for them.
It reminded me of a tour we did at UCI a few years back.
In the morning the Business school presented projects they were doing in areas such as price elasticity, ROI metrics, share vs. profit... all important stuff.
In the afternoon the School of the Arts presented how theyy were using holograms to show a dance performance on a stage in California that was actually happening live in New York. They also showed us a multimedia presentation room with video screens and kiosks as an experiment in how we communicate with each other.
My future in marketing communications felt like it was coming to life in those projects at the Scool of the Arts. Very creative. Verry innovative thinking.
BTW - I agree with the previous post about the need for lasting innovation and a commitment to the long term. I also don't see more innovative, creative thinking in business as contradicting that.