Wavelength’s Darren Coleman recently co-authored an article with Dr. Erich Joachimsthaler for WARC that outlined the initial steps required to build a platform brand.
- Digital business models create value by leveraging digital technologies such as social media, cloud computing, artificial intelligence and the Internet of Things. These technologies have created a hyperconnectivity of everything – companies, people, things, devices and other entities.
- There are three levels of maturity of digital business models: The Digital Interaction Model (i.e. Dominos Pizza), The Platform Ecosystem Model (i.e. Peloton) and the Interaction Field Model (i.e. Tesla)
- These models are powerful because they are built on first-party data. They will be important for marketers because they go beyond tracking, cookies and the unsavoury practices seen in digital marketing today.
- When building an Interaction Field Model start simple. Start by thinking about core intangible brand assets including brand values, brand essence, brand personality and brand positioning.
- Whether you build your own platform brand, or you build your brand on existing platforms or marketplaces, there is a need to carefully rethink your brand strategy, redefine the role of your brand, and how it connects with other brands to create value for customers and other stakeholders.
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