I’ve read a great book, and I want to share. So here it goes.
The goal of the book, “Conversation Capital,” is to explain why some ‘things’ get talked about an others don’t. These ‘things’ could be anything, such as people or events, but the focus is on brands and consumer experiences.
What I love about the book is that the authors (Bertrand Cesvet, Tony Babinski, and Eric Alper of SID LEE in Montreal) get that you must begin designing a product or service with the end-user experience in mind. Strategically figuring out who you’re selling to and why. What do they love? What do they value? Who are they? Who do they want to be? Marketing — the marketing that interests me — begins on day one of product creation, not once the product is out the door. Great, successful companies like Apple, BMW, and (yes) Lululemon understand this.
Without going any further into the book, there are some important questions to answer:
What is a consumer experience? What is a brand?
A consumer experience encompasses all of the interactions a consumer has with a product or service, before, during and after they use it. Examples can range from seemingly insignificant: how easy and fun it was to open the box, to obviously important: how good the food tasted. From ambient: the smells, sounds and lighting, to in-your-face: the person who helped (or didn’t) help you.
The brand represents and symbolizes what the experience stands for. It sets expectations. It is a reputation. And, ideally, it stands for something meaningful.
Why would we talk about brands and consumer experiences?
It can be summed up in one pretty powerful sentence: “When products and services become intense experiences, they become fuel for conversations that consumers engage in to define who they are.”
Essentially, the experience means something to us. It’s more than the sum of its parts. It goes deeper than the superficial. The experience, and by extension the brand, becomes identity shaping — a part of who we are.
To us, consumers, what we consume (i.e. what we buy) and how we buy is a big part of who we are. When we talk about a aspects of brand experience we loved — attention to detail, slick design, authenticity, sustainability, quality, luxury — we are really talking about ourselves. We are embracing qualities that we feel represent us or emulating qualities that we aspire to have.
Why does it matter?
Simple. Word of Mouth. If my friend, whom I trust, or my colleague, whom I respect, tells me they loved something, I’m likely going to at least give it a try. If I love it, I’ll do the same, and so on and so on. This is the most powerful form of marketing there is. From the consumer’s point of view, it’s personal, it’s relevant, and it’s trust-worthy.
Why do I care? It’s how a company like Starbucks can sell the second most traded commodity in the world for $5 a cup. And it’s how a company like Lululemon can go from a ‘grass-roots’ operation to a multi-billion dollar, publicly-traded corporation in the span of a decade.
How does it work?
According to the authors, there are 8 Engines of Conversation Capital:
I started reading this book right around the same time I started working at Lululemon. And in keeping with my theory that things happen for a reason, my experience at Lululemon has proven to be a real-life case study of the principles of Conversation Capital. In fact, there are 8 Engines of Conversation Capital, and Lululemon employs every since one.
Over the next month, I’ll be using examples around me to explain how each of these engines work. Stay tuned!