forbes.com
Performance Branding: The Evolution of Brand Strategy and Gen Z Engagement
Turo's Global Brand Strategy Director, Matt Kerbel, discusses the changing definition of brand, emphasizing the need for brands to act as catalysts for cultural conversations and community engagement, particularly with Gen Z, who will have $12 trillion in purchasing power by 2030.
- How is the definition of "brand" changing, and what are the implications for companies' marketing strategies?
- The definition of brand is rapidly evolving, moving beyond visual identity to encompass cultural connection and community engagement, prioritizing empathy and consumer values. This shift necessitates a Chief Brand Officer role, collaborating closely with the CMO to leverage brand expressions for competitive advantage.
- What specific actions should companies take to effectively engage with Gen Z consumers, and what are the potential benefits of doing so?
- This evolution emphasizes the three Cs—creation, collaboration, and community—to trigger consumer action and build loyalty, particularly among Gen Z, who will hold significant purchasing power by 2030. Companies must understand and engage with Gen Z's values to cultivate lasting relationships.
- How can companies leverage creator marketing to achieve their brand objectives, and what are the critical factors for success in this area?
- To succeed in this new paradigm, brands must act as catalysts for existing cultural conversations and empower individuals to add value, rather than dictating consumer behavior. Ignoring Gen Z's influence would be a considerable strategic misstep, given their projected $12 trillion in purchasing power by 2030.
Cognitive Concepts
Framing Bias
The framing heavily favors the perspective of Matt Kerbel and his approach to branding. While this is understandable given the interview format, it lacks alternative viewpoints or critical analysis of Kerbel's claims. The headline (if any) would likely reinforce this focus on Kerbel's perspective.
Language Bias
The language used is generally positive and enthusiastic towards Kerbel's approach. Words like "powerful," "intense," "unexpected," and "scroll-stopping" are used to describe Turo's branding, which may subtly influence the reader's perception. While not overtly biased, these choices create a more celebratory tone rather than a neutral analysis.
Bias by Omission
The article focuses heavily on Gen Z's purchasing power and the importance of engaging with them, but it omits discussion of other demographic groups and their relevance to Turo's brand strategy. While this might be justified by space constraints and the interviewee's focus, it leaves a gap in the overall analysis of Turo's branding approach.
False Dichotomy
The article presents a somewhat false dichotomy between "older, more traditional companies" and "smaller, nimble, digitally-native ones." While there are differences, it oversimplifies the spectrum of branding strategies and ignores successful examples of traditional companies adapting to new trends.
Gender Bias
The article doesn't exhibit overt gender bias. Both the interviewer and interviewee are mentioned without gendered language influencing the analysis or interpretation of their contributions. However, the lack of diversity in the examples used (mostly male-dominated companies like Google and McDonald's are used in comparison) may reflect an unconscious bias.
Sustainable Development Goals
The article emphasizes the importance of understanding and engaging with Gen Z consumers, who will hold significant purchasing power in the coming years. By highlighting the need for brands to connect authentically with this demographic and avoid overlooking their perspectives, the article promotes inclusivity and equitable access to economic opportunities for a younger generation. Ignoring this demographic could exacerbate existing inequalities.