WIKIBRANDS Chapter 4 Executive Summary

I believe that Brian Fetherstonhaugh, Chairman and CEO at OgilvyOne Worldwide summed it up very well.  Traditional marketing is like speaking to four or five-year old children; they may be rambunctious and misbehave, but they will eventually do what you tell them.  Modern marketing is more like speaking to an eighteen year old; your best bet is to guide them and make suggestions, but eventually they will make their own decisions.

Fetherstonhaugh has developed a new framework for marketing and that is replacing the four traditional “Ps” (product, pricing, place and promotion) with four “Es” being Experience, Everyplace, Exchange and Evangelism.

With Wikibrands, the goal is to develop media hubs where users actively seek content, entertainment, information and opportunity.  One of the leading benefits of Wikibranding has been in how companies get exposed and positively perceived by their audience.  Two separate studies conducted by McKinsey & Company and Thompson Lightstone suggest that more than two thirds of today’s consumer purchase decisions are primarily influenced by word-of-mouth recommendations.

More frequently, customers do not want the marketer to give up margin; many of them prefer to participate in the process, be included in a fan group or have access to premium product (or even a sneak preview to a new launch).

Key elements however will continue to anchor the brand to its sense of self and consistency of purpose; its logo, name, core idea belief system and community.

For further information visit: http://wiki-brands.com/