How the market driving approach can create brand value through a digital platform

Lee, Yang-Im and Trim, Peter R.J. (2017) How the market driving approach can create brand value through a digital platform. In: 2017 GIKA (Global Innovation and Knowledge) Conference, 28-30 Jun 2017, Lisbon, Portugal. (Unpublished)

Abstract

This paper examines how the value of a brand is enhanced through a learning process that incorporates customer dialogue and results in co-creation and the incorporation of a consumer oriented relationship marketing approach. In doing so, we adopted the market driving concept and related it to how companies can strengthen their competitive standing by increasing the knowledge transfer capability by utilizing data collected through social media technology (SMT). A qualitative research strategy was deployed involving a critical friendship group and a group interview, and a number of constructs were identified and then grouped according to a number of underlying themes. It is acknowledged that only one critical friendship group and one group interview were used to collect data, however, the in-depth insights provided by industry experts were very valuable as they provided insights into how social media technology enhances a company’s market driving strategy. Our findings, a Digital Stakeholder Communication Platform (DSCP) framework, supports and explains how the concept of market driving enhances a pro-active strategic capability. It highlights the importance of learning and managing a value system that reflects on societal values and changes in the market place. It also highlights the need for companies to consider how they contribute to societal well being in the longer term. This is a new dimension to the existing market driving concept and is our contribution to how the existing market driving concept can be extended. By developing trust based relationships and implementing value co-creation with stakeholders, emotional attachment will be established that has both a positive and a negative side to it. The main advantage is that information will be forthcoming that can be used in the new product development process and the main disadvantage is that the same information may be supplied to competitors thus resulting in a convergence of product ideas.

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