Ilana Manaster: Associate Partner | Prophet https://prophet.com/author/ilana-manaster/ Fri, 16 Aug 2024 16:00:20 +0000 en-US hourly 1 https://prophet.com/wp-content/uploads/2022/05/favicon-white-bg-300x300.png Ilana Manaster: Associate Partner | Prophet https://prophet.com/author/ilana-manaster/ 32 32 Three Ways Leading BRI Brands Stay Top of Mind for Consumers  https://prophet.com/2022/07/three-ways-leading-bri-brands-stay-top-of-mind-for-consumers/ Fri, 08 Jul 2022 18:26:03 +0000 https://prophet.com/?p=28049 The post Three Ways Leading BRI Brands Stay Top of Mind for Consumers  appeared first on Business Transformation Consultants | Prophet.

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Three Ways Leading BRI Brands Stay Top of Mind for Consumers 

Three things head brands do well to fulfill consumers’ fundamental needs and become an everyday go-to

Each year Prophet asks more than 13,500 U.S. consumers about the brands that matter most in their lives. We codify our findings in the Prophet Brand Relevance Index® (BRI), a tool to help companies understand the significance of relevance and how it can be harnessed to unlock growth. The 2022 BRI revealed the highly coveted group of relentlessly relevant standouts—brands that resonate by appealing directly to our heads and hearts. 

But some brands stand out because they appeal to our practical nature above all else. They’re the brands we rely on day after day—to help us problem solve, check off our to-do lists and keep our lives running smoothly. Brands that rank highly in our head category build relevance with consumers by reinforcing promises with performance and enabling autonomy.  

In addition to our overall BRI ranking, we have identified the top brands that speak directly to consumers’ heads.  

While top performers among head rankings excel at making the best products, delivering consistent experiences, and meeting important needs, among other attributes, we discovered three additional things head brands do exceptionally well to fulfill consumers’ fundamental needs and become an everyday go-to.  

1. Pursue Partnerships with Industry Leaders  

Top-performing head brands reinforce their positioning as a trustworthy, reliable solution by pursuing authentic partnerships with leaders in the space. Zelle (#9 in head rankings) enables easy, real-time transfers between hundreds of trusted yet “traditional” banks that have yet to get on the digital bandwagon. The Costco Next (#24 in head rankings) loyalty program allows members to purchase products directly from “hand-picked” suppliers. Brands like these take steps to surround themselves with trusted organizations and consequently appear legitimate to consumers when guaranteeing a job well done. 

Clorox (#65 in overall BRI rankings, #14 in head rankings) does this especially well. The leading cleaning brand appealed to consumers as a necessity for keeping our homes clean and safe early during the Covid-19 pandemic. Despite already offering household products with medical-grade certifications, the brand seized the opportunity to partner with hospital systems to stock their inventories and pledged multi-million-dollar donations to those working on the front lines. These extra steps helped position a brand already known for quality cleaning products as an active part of the solution. Clorox successfully bridged the gap between health and wellness and household maintenance, becoming a fixture in under-the-sink cabinets across the nation. 

2. Simplify Complex Tasks 

High-ranking head brands provide clear, easy solutions to complicated problems, giving consumers a sense of control and ownership. They understand daily errands can be time-consuming, confusing, and frustrating. So, they tackle these common tasks with enthusiasm—providing streamlined, accessible, convenient, customizable experiences, to keep things functioning. While brands like InstantPot, Tide, and CashApp have reinvented the way we cook, do laundry, and split the bill, one brand stood out for its ability to make one of the least flashy annual to-dos somewhat enjoyable.  

Filing taxes–it’s one of the most important interactions we have with the government each year, and yet it often leaves consumers feeling anxious, overwhelmed, and frankly, bored. Yet, enter TurboTax (#70 in BRI Rankings, #7 in head rankings), a tax preparation software that has succeeded because it was the first to solve such a tedious process, streamlining the many stages of filing traditional paper tax returns. TurboTax’s software relies on a recall method, prompting users at each step of the process to claim additional deductions or list additional work, eliminating human error associated with the process. Its partnerships with top investment brands and banks also mean consumers’ information can securely and automatically be uploaded into the return, with the click of a button. Customers can even input documents on their own time, as opposed to setting up a meeting with a traditional accountant. These innovative fixes help TurboTax remain relevant as the best-selling tax preparation software and take some of the sting out of filing taxes, which consumers are greatly appreciative of.  

3. Raise the Standard by Defining Your Own Grade of Excellence  

Many highly-rated head brands design trademarkable technologies to integrate with all their products. These brands underpin dependability with high-performing, trademarked technology and consequently reinforce their reputations as trustworthy, reliable options by championing it. Unsurprisingly, many automotive brands appear among BRI rankings– Tesla, Mercedes-Benz, Toyota, Honda—no matter how luxurious or basic, eco-friendly or gas-guzzling, cars are an integral part of life. At any point in time, they can be filled with kids, groceries, suitcases, camping gear, moving boxes, empty coffee cups, and memories. So, we rely on them to get us from A to B as safely as possible.  

Toyota (#23 in BRI rankings, #16 in head rankings), known for manufacturing top-notch vehicles with reliable performance, positions its cars as “built to last, created to perform and designed for life.” Similarly, Honda (#30 in BRI rankings, #22 in head rankings) rose to the top of the head category due to its cars’ long-term dependability. With products that consistently rank among the best energy-efficient options, rarely break down, and consider safety from the beginning, the brands could solely rely on their performance to make sales. Instead, both brands continue to innovate new driver-assistive technology and redefine safety standards with ownable, pervasive technology. Trademarked Toyota Safety Sense™ technology is standard on all new models, to complement its already award-winning built-in safety features. The Honda Sensing® suite boasts modernized safety and driver-assistive technologies featured in a range of its vehicles. So, when it comes to making a smart investment, consumers turn to the cars they know uphold the highest standards—even if those standards were set by the brands.  

What Lessons Can We Learn from Leading Head Brands? 

To go from an amenity to a necessity and build relevance in the daily lives of consumers, brands need to: 

  • Pursue partnerships with top leaders in the space to demonstrate your commitment and expertise
  • Find a way to simplify complex tasks—prioritize user experience and service design when creating your offerings to ensure consumers can use your products easily or quickly
  • Whether it’s messaging around a new technology or suite of offerings, continue to raise standards of reliability, performance, and experience, and find a way to talk about (or trademark) it that’s unique to the brand

FINAL THOUGHTS

Want to learn more about how the most relevant brands are tapping into the head and heart of consumers? The Prophet BRI serves as a roadmap for building relevance with consumers. Contact our team to learn how to apply the insights from the 2022 Index to your organization. 

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How Top Brands Get to the Hearts of Consumers https://prophet.com/2022/05/how-top-brands-get-to-the-hearts-of-consumers/ Thu, 26 May 2022 13:00:00 +0000 https://prophet.com/?p=24955 Brand Equity – Brand Value_1_A

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How Top Brands Get to the Hearts of Consumers

Three standout trends the top heart brands are doing to become relentlessly relevant to consumers.

It’s no secret that the brands consumers are obsessed with hit closest to our hearts–the ones that make up our identities and help express who we are. The brands we call “magic makers” make us feel true affinity and loyalty: the sneakerheads, gamers, Tesla owners and devotees get it. There is no logical explanation for this kind of love— the kind of love that has lines wrapped around the block at Gucci and people camping out to see the next Marvel movie, even amidst a global pandemic. In the 2022 Prophet Brand Relevant Index (BRI), our annual study which asks 13,500 U.S. consumers which brands are most relevant to their lives, we learned what the top-performing brands do to attract such devoted consumers. For one, they create emotional stories and connections that consumers just have to have and experience. Unlike their counterparts, brands that appeal more to our head and practical side, these brands, fill an emotional need that goes straight to our hearts.

In addition to our overall BRI ranking, we have identified the top brands that speak directly to consumers’ hearts.

Top 25 Heart brands, ranked:

So, what do the top heart brands do to be considered relentlessly relevant to consumers? We discovered three standout trends where brands appealing to consumers’ hearts are excelling.  

Bringing the Fantasy to Us

To create “magic,” brands need to do more than fill a need in our life—they must make us feel like part of something bigger and provide connection and stimulation to escape monotonous days. Gaming and platforms such as PlayStation, Nintendo and Xbox enable escape and connection, and respondents agree that they could turn to their consoles to engage in new and unexpected ways. Marvel, Disney, MLB and NFL joined our top ten for brands that “Connect with me emotionally,” making us feel part of something bigger than ourselves. The power of these “magic makers” is to transport us out of our lives and into the past, the future or another planet entirely—and recently that transport mostly happened in our homes.

Nothing gets you closer to a shared in-person experience than live sports and the NFL had an especially strong showing in its first year in the BRI. Despite a variety of controversies, the NFL had more viewers in 2021 than in the previous six years. Because the experience of watching a game depends on live viewership, advertisers could count on a present audience, a rarity in today’s TV market. Innovations in adjacent categories also helped NFL: Sports betting laws opened up and a record 45.2 million Americans are expected to bet on NFL games and wager more than $20 billion, according to CNBC.

Inspiring Authentic Expression

2021 was the year the “creator economy” exploded in full force. From Etsy and Pinterest to YouTube and TikTok, extra time at home coupled with the “Great Resignation” led to increased engagement with social platforms for both viewers and creators. There are over 50 million who consider themselves ‘creators’, according to Forbes, especially among younger generations with strong aspirations to maximize their platform as a career. Creators love these platforms because they allow them to monetize their personal brands and connect directly with their audiences in ways that were never possible before. 

Ranked 13th on “Heart” and 21st most relevant brand overall, Etsy helped connect makers with products they needed and wanted during the pandemic. Etsy reported in 2021 that they had sold an astounding $346 million dollars just in reusable face masks. These products not only fulfilled a need but also felt special and infused with the maker’s craft and love. 

Making Us Feel Special

While still stuck at home during the pandemic with nowhere to go, the 2022 Index shows that we embrace brands that make us feel alive and special, even when they are impractical to our current needs.  Some of our highest performing magic makers were luxury brands: Tesla, Gucci, Sephora and Mercedes-Benz were beloved by consumers and rounded out our top 20 for “Makes me feel inspired.” In the last year, luxury brands rebounded faster than many expected. In times of uncertainty, enduring status and quality symbols can feel reassuring.

Luxury brands have seen record levels of growth coming out of the pandemic. “Revenge shopping” or the phenomenon of those with means spending on luxury goods to fill a void left by canceled social and cultural events may explain the quick comeback of high-end brands. Luxury items aren’t just objects—they deliver a transportive experience that activates their brand. Luxury may not solve problems, but in a time when we sacrificed so much, it delivers the fulfilling indulgence that only a wildly expensive, exquisitely designed object or experience can.

What Can Heart Brands Teach Us?

To go from a commodity to relentlessly relevant, brands need to connect with our hearts. Top heart brands have found ways to connect with consumers’ emotions by:

  • Targeting micro-communities of fans who are obsessed with the same sports team or TV show. Instead of trying to appeal to everybody, narrow in on the people who are most likely to connect with the product or service offered.
  • Bringing together commerce and community. The best brands create loyal followers who look for every new product drop and turn up to every store experience: turn consumers into brand evangelists.
  • Delivering on personalization and quality, whether that’s highlighting the stories of artisans and innovators who design products or offering a customized experience through an algorithm or brand design, makes every person who walks through the doors feel special and loved. Magic.

FINAL THOUGHTS

Want to learn more about how the most relevant brands are tapping into the head and heart of consumers? The Prophet BRI serves as a roadmap for building relevance with consumers. Contact our team to learn how to apply the insights from the 2022 Index to your organization. 

Brand Equity – Brand Value_1_A

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Brand Voice in a Crisis: What to Say When We’re All Speechless https://prophet.com/2020/07/brand-voice-in-a-crisis-how-to-know-what-to-say-when-were-all-speechless/ Thu, 16 Jul 2020 17:36:00 +0000 https://preview.prophet.com/?p=9028 The post Brand Voice in a Crisis: What to Say When We’re All Speechless appeared first on Business Transformation Consultants | Prophet.

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Brand Voice in a Crisis: What to Say When We’re All Speechless

A strong voice gives messages power, making a sprawling corporation feel like a single human.

The first time I was hired to develop a brand voice for a company was in 2008. Times were tough for a lot of corporations, and my client—a big, famous, legacy tech company—was no exception. They were feeling the effects of the financial collapse. Bleeding capital. Losing customers. Even the headquarters seemed stuck in the glory of the previous decade.

At the time, brand voice was quickly rising as a tool every brand had to have in its arsenal.  Before that, people talked about “brand personality” or “tone”, but it usually only got a half-page in a hundred-page Brand Guidelines book that covered things like font kerning and logo lockup. During that same moment, floating through the zeitgeist, was a sense that companies needed to stand for something more than just profits. The importance of having and promoting a strong brand purpose was on the rise. The economic fallout had created a general distrust after so many companies had acted in bad faith.

Companies that were driven towards a higher purpose, could better weather the times. As Nikos Mourkogiannis wrote in his book, Purpose: The Starting Point of Great Companies, “Not all companies have a purpose—but enduringly successful ones do.” Of course, having a purpose is not enough on its own. The organization around that brand must bring it to life through action and expression.

Enter brand voice.

As a person, my word choice and the way I speak express who I am and what matters to me. Brands are no different than people in that sense. A strong voice gives messages power. When individual writers and communicators across an organization can effectively unite around a clear style, rhythm, and point of view, it resonates with the people they are talking to and makes a sprawling corporation feel like a single human. Audiences, in turn, feel treated humanely. And, depending on the nature of the company and its voice, consumers can also feel cared for. Or amused. Or understood. Or put at ease. It all depends on who the company is—really, truly, deeply—and what it stands for.

Back in 2008, my client needed its audiences to get to know the company again, to believe that their positive memories added up to a brand they could trust. And in order to create a voice that could do that effectively, we had to get to know the company at a soul level.  We developed a way of talking and writing that represented who they’d been and where they were going. We trained stakeholders to use this voice to connect with the needs, desires and emotions of their audiences, to help strengthen positive feelings and make the people they spoke to feel cared for and confident. And it helped the company know what to say and how to say it, even in a crisis, when a lot of the news was bad news.

“We trained stakeholders to use this voice to connect with the needs, desires and emotions of their audiences, to help strengthen positive feelings and make the people they spoke to feel cared for and confident.”

And here we are again. Another crisis—or crises. We see brands trying to insert themselves into the reality we all face daily. In the days after we were all ordered inside due to the pandemic, and then, again, after the murder of George Floyd, our inboxes were flooded with messages from brands. Some of these messages were drawn from the core beliefs of the company. For example, Ben & Jerry’s issued a call to “dismantle white supremacy” in the wake of the protests, and it did not feel like lip service because it aligned with who they had always been. Bratz dolls came right out with a statement that quoted Desmond Tutu—and people responded positively in part because Bratz dolls had always promoted diversity and inclusion. As one twitter user said, “Bratz was the first toy brand I remember that really popularized black/minority ethnic dolls…They’ve been amazing for years!”

These were the messages that felt human, leaving us with a feeling of warmth, and a strengthened sense of loyalty. They used a voice that came out of who they are, what they’ve been, where they are going, what they believe. They were authentically drawn from each company’s real sense of purpose. Other companies felt the pressure to come out with a statement, too. But when they did not have the history to back up their words, the message felt hollow and patronizing.

So, the ultimate question. How can a company find an authentic voice to connect with people in crisis? Like all great changes, it begins with learning—who you are as a brand, and what you stand for.

  • A brand voice makes it possible for communicators across an organization to express its core beliefs—which means that before you find your voice, you have to have a deep look at who you are and what really matters to you. Look at your history as a company. What have been the moments where you showed the world your true colors? When has your company taken an action because of a value other than profits? Make sure to build that purpose into the voice.
  • A brand voice is a living, flexible tool that anyone can use—not just those of us who self-identify as writers. Start with big ideas about how you want to sound as a brand, finding a single persona or a short list (no more than three!) of attributes. But then, get granular. Find the tactics that everyone can employ every time they express themselves as the brand. Remember that the tool has to work for all circumstances, so help users learn to flex depending on the message and the audience.
  • A brand voice can unite your employees and change the way you work for the better.  Invest in training for all stakeholders and partners—and emphasize the importance of using the voice every day. In our experience, when leadership is really behind the implementation of the voice, that’s when it becomes a company-wide habit that affects the way work is done.

FINAL THOUGHTS

Brand voice is not a trend. Brand purpose is not just a mural on the wall behind reception. As we see in today’s ecosystem, when they are real and true and prioritized, these tools enable companies to express themselves with strength and resolve.

Then, when a crisis hits, there’s no need for soul searching. There’s no need to panic. The only thing to do is to let the purpose guide and the brand voice do its work, enabling messages and responses that come directly from the company’s core. And, in times of chaos and uncertainty, those are the voices we hear most clearly—and the voices we desperately need.

Learn more about Prophet’s verbal branding work and start using communication tools to express your brand and business strategy. 

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Naming Strategies and Market Dynamics Will Tip the Scales in the Streaming Wars https://prophet.com/2020/05/naming-strategies-and-market-dynamics-will-tip-the-scales-in-the-streaming-wars/ Tue, 26 May 2020 22:21:00 +0000 https://preview.prophet.com/?p=8623 The post Naming Strategies and Market Dynamics Will Tip the Scales in the Streaming Wars appeared first on Business Transformation Consultants | Prophet.

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Naming Strategies and Market Dynamics Will Tip the Scales in the Streaming Wars

In the crowded world of new streaming services, name choice is one of the important decisions companies make.

Global stay-at-home orders due to COVID-19 have caused streaming traffic to surge just as the category once dominated by Netflix is seeing an influx of competition from industry veterans, tech giants, startups, and everything in between.

Launch momentum is vital to these subscription services, as the platforms rely on the buzz from early adopters to lay the foundations for success. For customers determining which of these nascent services to add to their monthly bills, the decision comes down to preconceived notions of the quantity and quality of existing content, as well as trust in future production capabilities. Brand perceptions are key to generating momentum at launch and in turn, to the long-term viability of these services.

“Brand perceptions are key to generating momentum at launch and in turn, to the long-term viability of these services.”

At this critical early stage, one strategic decision to leverage and build brand perceptions has been naming architecture: the extent and manner to which the service’s name links to the recognized parent brand. While startups will inherently launch with a new name, most streaming entrants represent a strategic investment by a larger company with entertainment aspirations. These players must determine whether the brand name should emphasize cohesion with the master brand – as in the case of Disney+ – or create a level of distinction from it – as in the case of NBCUniversal’s Peacock.

Of course, there is no one-size-fits-all answer to the question of naming architecture. Each brand must determine the optimal solution based on its unique equities, credible capabilities and strategic ambitions. Companies need to leverage the perceptions that will help them in this particular industry at this exact moment and build or partner to achieve the equities they lack.

These naming considerations play a key role in generating momentum and encouraging trial and subscriptions, but the impact of today’s market dynamics must be considered as well.

Let’s take a look at both the naming strategies of these new services as well as the potential impact of today’s unprecedented market conditions as they relate to the success of the platforms.

Disney+

In its first six months, Disney+ has been a success story.  Historically, Disney has at times named its owned brands to maintain the distinction, like with ABC and ESPN, and it continues to do so with existing streaming services Hulu and ESPN+. With Disney+, however, it appeals to children and adults of all ages by leveraging the strong equities of the legendary Disney brand name to instantly bring to mind its inspirational and emotional stories and characters. In fact, in the 2019 Prophet Brand Relevance Index, Disney ranked number one in the “distinctively inspired” category out of over 200 brands tested, with consumers praising the brand for its ability to make them happy and connect with them emotionally.

The Disney+ name draws an unmistakable connection between the new streaming service and this beneficial legacy, and consumers have heard the message loud and clear. With a stated goal of 60 to 90 million subscribers by the end of the fiscal year 2024, Disney+ exceeded all expectations and boasted 50 million members just five months after its launch.

While naming indeed plays a key role in initial launch success, we must acknowledge that the current global pandemic has thrown a Wreck-It Ralph-sized wrench into the industry, and Disney now faces an uphill battle with retention.  The launch strategy leveraged the Disney brand to connote nostalgia and the global pandemic delivered additional sign-ups, but the company was banking on original content in 2020 and 2021 to supplement its kid-friendly library with more new content for older viewers.

Now, with global productions shut down due to COVID-19, Disney is hungry enough for new content that the studio announced it will fast-track the release of its film adaptation of the Tony and Pulitzer Prize-winning Broadway show, “Hamilton,” straight to Disney+ July 3rd, over a year ahead of schedule.  With the flex, Disney sends a strong reminder to the industry that its arsenal of content is deep enough to sustain the service through the pandemic, and that it is willing to join the growing trend of releasing theatrical-quality content directly on home entertainment.

Apple TV+

If Disney+ demonstrates the opportunity in leveraging a strong existing brand name, Apple TV+ demonstrates the risk to streaming success.  Tellingly, the company hasn’t announced its Apple TV+ paid subscriber numbers, but bad reviews and the departure of its head of content a mere two weeks after launch, signal an underwhelming start for the service.  In a bid to accelerate momentum, Apple has included free Apple TV+ membership with every device it sells.  And yet, even with the streaming service available for free, Bloomberg estimates that only 10 percent have activated their free accounts. Google trends also show a lack of consumer appetite for Apple TV+. Launching within weeks of Disney+, Apple TV+ has consistently generated far less buzz.

Disney+ and Apple TV+ adopted quite similar naming strategies, but the varying success can be partially attributed to the specific equities that each name holds in the minds of consumers.  While Apple registered as the number one overall brand in the Brand Relevance Index, its strengths lie in innovation – it outperforms all other brands in measures of modernity and ability to push the status quo.  The revered Apple brand name instantly connotes sleek and cutting-edge technology and cross-product integration. Even when the company caught lightning in a bottle in reshaping the music industry, it did so through a game-changing integration between iTunes software and iPod hardware – it never became a record label itself.  In the streaming space, customers crave character development and intriguing storylines.  Device manufacturing capabilities are less relevant.

Even with the most powerful brand in the world, tying the streaming service so close to the master brand – and with a name that potentially creates confusion with the existing Apple TV hardware product – may have contributed to the lackadaisical launch.  Now, Apple is investing billions in deals with top-tier showrunners and production studios, including a production deal with former HBO CEO Richard Plepler, in order to build its perception as a content creator from the ground up. Perhaps in this case, Apple would have been better served by partnering with a respected industry veteran to accelerate the launch as it entered the new industry, a strategy it successfully employed in partnering with Goldman Sachs to launch the Apple Card.

HBO Max

How will WarnerMedia’s HBO Max streaming service fare when it launches tomorrow?

With a similar naming strategy driving cohesion with the existing entertainment brand, the new service will immediately remind consumers of the company’s legacy of captivating characters and content across genres, from The Wire and Game of Thrones to Curb Your Enthusiasm and Veep.  With relevant brand equities in the HBO name, the launch may see momentum closer to Disney+ than Apple TV+.  However, with two separate streaming services called HBO GO and HBO NOW already in the market, WarnerMedia will need to clarify its offerings to avoid confusion as it launches HBO Max.   

Once again, the naming decisions must be considered in tandem with market dynamics, which will hugely impact the service’s success. After paying $425 million for the exclusive streaming rights to Friends and offering each cast member over $2.5 million for a single new reunion episode, the pandemic disrupted production and forced the platform to launch without this marquee original content. HBO Max is forced to deal with pandemic-induced challenges even beyond the production issues of Disney and Apple, as debuting mid-pandemic also jeopardizes its initial marketing campaign.  Now, not only will the service enter the fray without its key Friends original content, the platform will also launch without its March Madness media blitz and other premiere advertising opportunities.

Peacock

As streaming entrants join the industry from all angles, we also see examples of brand names that create distance from parent companies or that are new to the market, both from established players and startups.

NBCUniversal will launch its Peacock streaming service on July 15, opting for a name that creates more distinction from the parent than the Disney, Apple and HBO services that carry the parent name.  The Peacock name is instead a nod to the NBC logo first introduced in 1956 to emphasize the network’s innovative new color TV capabilities and is a fitting homage as the company launches its next-generation content delivery platform.

In the case of NBC, this is an interesting decision. Consumer perceptions of the NBC name are less tied to the brand’s content, so Peacock may prove advantageous to a name like NBC+.  As popular as the content may be, many younger viewers don’t associate the studio with The Office or Parks & Recreation, as the shows have been syndicated to other networks and available on Netflix for many years.  Other shows produced by the studio, like Brooklyn Nine-Nine for example, aired on other networks from day one.  So, while customers may clamor for the shows they love, the NBC name wouldn’t be particularly helpful in gaining brand loyalty.

The same can be said for Universal Pictures – the average viewer doesn’t immediately associate the studio with movies like Jurassic Park, Knocked Up or Back to the Future.  The Peacock name can create distinction from NBC to allow the platform to encompass both NBC and Universal content, and the more contemporary feel connotes modern technology rather than just the digital arm of a TV network.

Of course, Peacock will face many of the same challenges as HBO Max in launching during a global health crisis.  The debut was positioned around the 2020 Olympics, with plans to promote the platform during the televised events, as well as air exclusive Olympic programming on the streaming service.  With the Olympics and other sporting events postponed, NBCUniversal loses thousands of hours of programming and ad revenue.  Further, while the ad-supported nature of Peacock differentiates it from other streaming players, it also creates questions in a post-COVID world.  Will customers prefer the service because it offers content without a monthly subscription?  Or on the flip side, will advertisers cut their ad spend without the Olympics drawing in viewers?

Quibi

Finally, Quibi launched in early April with a promise of premium content on the go.  The startup (if you can call a $2 billion investment a “startup”) was launched by Dreamworks co-founder Jeffrey Katzenberg and offers professional quality content in episodes no longer than 10 minutes. The content is created for viewing on mobile devices – think Netflix-caliber content for TikTok attention spans.  The Quibi name is a portmanteau meaning “quick bites,” a moderately coined name intended to describe the offering in the short-term and, if successful, eventually become common lexicon itself.  In addition to hinting at the short-form nature of its content, the name proudly asserts its startup status through its use of modern naming trends, beginning with “Q” and ending with “I”. Netflix took a similar semi-descriptive naming approach and grew into the biggest player in streaming, so the strategy can hardly be scoffed at – though Quibi’s descriptive meaning is not as immediately apparent as that of Netflix.

While Quibi arguably has the potential to change the streaming industry with its short-form content, it also has faced the strongest headwinds in launching mid-pandemic.  With a value proposition centered around on-the-go viewing, global lockdowns have hit the streaming startup particularly hard. Episodes are meant to fill gaps in consumers’ days as they brew their morning coffee or wait for the bus, so the relevance of this offer is questionable as commuting routines face permanent changes. Even before the pandemic though, the concept was far from a sure bet.  Does the appeal of short-form content platforms like YouTube and TikTok stem from the democratization of production that allows anyone with a camera and the internet a chance to go viral?  Or is there an unmet need for short-form content featuring A-list production and talent?  Quibi posits the latter, offering content featuring A-list talent from accomplished actors like Christoph Waltz and Kristen Bell and inspirational athletes like Megan Rapinoe and Lebron James.


FINAL THOUGHTS

The future streaming leaders will surely be determined in large part by content, user experience, pricing strategies, and market conditions out of anyone’s control. Nonetheless, as new entrants continue to saturate the streaming space, generating momentum will be imperative to long-term success. Naming choices will continue to play a key role in building brand perceptions to accelerate customer acquisition.

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