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The
first speaker at 'The MTV and Brand Equity Youth Marketing
forum' was Teenage Research Unlimited (TRU) vice-president
Michael Wood. He spoke on 'Understanding the Teen Mind'.
Illinois-based
TRU's syndicated clients include Adidas, ESPN, Estee Lauder,
Pepsi and MTV. The company's key tracking and segmentation
study is relied on by over 150 of the globe's leading youth-oriented
brands.
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"A
brand is the identity core of a company's existence.
It signifies who you partner with and it is much more
than simply a product line."
Michael Wood
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Wood
began his presentation with a graphical slide which showed
that among teenage girls body piercing is most popular with
71 per cent opting for it. 'The Teen Study' conducted twice
a year covers 2000 teens. He divided his presentation into
three parts. The first was how brands catch on. The company's
Teen Value Monitor has shown that this age group is on a quest
for fun. The product needs to represent something that they
desire and aspire to become.
As
teens are constantly searching for an identity, the brand
defines the person they want to be. Interestingly, he said
that even if a brand is meant for fifteen year olds the marketers
can target nineteen year olds. That is because older teens
just before reaching adulthood are nostalgic about the past.
Teens
are compelled to rebel against certain established norms and
so the brand needs to evolve. Teens also need a firm reason
to stick to a brand over a period of time. They also yearn
to belong. He identified different categories into which teens
can be grouped.
'Edge' teens represent groups of subcultures. Constantly restless
they have disdain for anything that is mainstream cool. They
define a brand. However the 'influencers' are the most important
group. They
need to pick on the brand in order for it to catch on. In
this way they act as broadcasters. 45 per cent of teens are
'Conformers'. This group closely watches the 'influencers'
for signs of new trends or ideas.
Defining
a brand he said, " A brand is the identity core of a company's
existence. It signifies who you partner with and it is much
more than simply a product line."
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"Cult
brands have a niche base as well as cultural exclusivity.
Cult
brands exist in all markets but in matured markets they
pop up as niche brands."
Michael Wood
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The
third part of his presentation dealt with keys to success.
He stressed on affiliation as being key to a brand's success.
Successful brands spring from the gut and challenge teens.
A brand needs to connect on an emotional level. Teens will
sooner rather than later reject a product that is merely a
passing fad as they can see past it. It is also not enough
for a company to simply focus on marketing.
The brand needs to fit naturally into a teen's world. At the
same time it has to strike a balance between being interesting
while enduring. A slide displayed the coolest brand meter
across products. Nike and Sony headed the list. The latter
is seen as a tech leader.
He defined a cult brand as engendering a high level of loyalty.
Cult brands have a niche base as well as cultural exclusivity.
They take on a life of their own and inspire fanatical devotion
but this is not necessarily for the long term. Cult brands
exist in all markets but in matured markets they pop up as
niche brands.
He
warned that there was no magic formula to transform a brand
into a cult. He however gave a few suggestions
1 Know who you are. This means that companies should know
what clients' expectations of the product are
2 Do not try to be something you are not.
3 Dare to be different. Here he cited MTV as an example. 'The
Osborne Show' sees popular rock star of the 70's Ozzy Osborne
taking on a different role. In the 70's he was rebellious.
Now he has to cope with rebellion from his son.
4 Earn teens respect.
5 Establish a presence in relative areas of teens lives
6 Innovate when it comes to promotions and events
7 Take risks.
Click
for details of Lee Lynch's presentation
Click
for details of James Best's presentation
Click
for details of Baz Luhrmann's presentation
Click
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