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.
If you subscribe to WARC the article can be accessed here. If not, don’t worry as here are the key takeaways:
- 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.
If you’d like to obtain a copy of the full paper please email darren@wavelengthmarketing.co.uk and he’ll see what he can do.
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