Table of Contents
- Introduction
- The Need for Cultural Relevance
- Common Interest’s Unique Proposition
- The Role of Branded Entertainment
- Strategy and Execution
- Cultural Relevance in Action
- Conclusion
Introduction
In the rapidly evolving world of marketing, cultural authenticity is an ever-elusive target that brands aim to hit but often miss. The challenge of resonating with an audience on a cultural level is more pronounced now than ever before. Missteps by major brands like Bud Light, PepsiCo, Balenciaga, and Burger King show the difficulty in getting cultural reflection right. Against this backdrop, the emergence of Common Interest, a new agency group, aims to redefine cultural relevance in marketing.
Common Interest, spearheaded by industry veteran Anthony Freedman, seeks to fill the gap where traditional marketing flounders. By focusing on cultural authenticity rather than appropriation, they hope to build a coalition of businesses that empower Chief Marketing Officers (CMOs) to create content that genuinely resonates with contemporary culture. This post delves into how Common Interest plans to make this vision a reality and what sets them apart in a crowded market.
The Need for Cultural Relevance
The Pitfalls of Missing Cultural Marks
Marketing’s goal to reflect culture often falls short, leading to campaigns that are either tone-deaf or fail to engage the target audience. The infamous Pepsi ad featuring Kendall Jenner is a quintessential example of a well-intentioned campaign gone wrong. This disconnect isn't limited to small or inexperienced marketers; even seasoned brands stumble when trying to tap into cultural veins.
Why Cultural Relevance Matters
Cultural relevance is more than just a buzzword; it contributes to brand loyalty and personal connection. When done correctly, culturally relevant marketing doesn't just advertise a product; it tells a story, engages an audience, and becomes part of the consumer's identity. As the media landscape fragments and digital interactions increase, the battle for consumer attention intensifies, making cultural relevance a crucial competitive advantage.
Common Interest’s Unique Proposition
Building a Network of Specialized Businesses
Common Interest isn't just any agency; it aims to be a collective of specialized businesses that support culturally authentic content creation. The group currently consists of three divisions:
- TwentyFirstCenturyBrand: Focuses on brand consulting and management.
- Otherway: A creative studio acquired in April.
- CultureLab: A platform launched in the spring to provide cultural intelligence.
By weaving these entities together, Common Interest provides a holistic approach to cultural relevance. Each business within the group brings something unique to the table, enhancing their collective strength.
Future Expansion Plans
Common Interest is not stopping with its current lineup. By the end of the year, they anticipate adding a few more businesses, potentially expanding the group to seven or eight companies. Freedman envisions acquiring entities that bridge the gap between branding, entertainment, and technology, areas often ignored by traditional marketing services.
The Role of Branded Entertainment
A New Take on Advertising
Freedman’s vision includes developing an entertainment division, marking a departure from traditional advertising methods. Major advertisers are increasingly turning into entertainment financiers, embedding their brands in media content organically rather than through conventional ad breaks. This shift underlines the importance of content that pulls in consumers rather than pushing brands onto them.
Potential Acquisitions
Common Interest is eyeing two businesses—one a startup and the other established—that can straddle both advertising and entertainment. These acquisitions will bolster their ability to create original content aimed at entertaining rather than just selling.
Strategy and Execution
Moving Beyond Quantification
While metrics and quantifiable performance are important, Common Interest emphasizes the importance of strong, original content. Paid reach may amplify ideas, but it’s the quality of the content that will truly resonate and stick. This approach is a much-needed antidote to marketing’s current obsession with metrics and data-driven decisions.
Focus on CMOs Ready for Change
Freedman acknowledges that this approach won’t appeal to every marketer. Common Interest targets CMOs who already perceive cultural relevance as a critical competitive advantage. These are marketers who see beyond the immediate Return on Investment (ROI) and understand the long-term value of building a strong, culturally relevant brand.
Cultural Relevance in Action
Insights and Tools
By providing CMOs with both the insights to understand culture and the tools to create engaging content, Common Interest aims to offer a comprehensive solution. This assistance ranges from crafting the right message to finding the ideal medium for its delivery.
Creating Emotional Resonance
Successful branding captures emotional depth, driving both reach and relevance. It’s about generating hype and creating significant depth that pulls people to the brand. This requires a nuanced understanding of cultural dynamics and the ability to translate that understanding into compelling narratives.
Conclusion
Common Interest represents a revolutionary shift in how brands approach cultural relevance in marketing. By assembling a coalition of specialized businesses and emphasizing quality content over sheer metrics, they aim to offer a fresh, insightful alternative to the conventional marketing agency model. This approach not only aims to build strong brands but also ensures that these brands remain culturally resonant and emotionally engaging.
Frequently Asked Questions (FAQs)
Q: What types of businesses is Common Interest looking to acquire next?
A: Common Interest aims to acquire businesses that bridge branding, entertainment, and technology. They’re particularly interested in entities involved in branded entertainment.
Q: How is Common Interest different from traditional marketing agencies?
A: Unlike traditional marketing agencies that often focus on quantifiable performance metrics, Common Interest stresses the importance of strong, culturally relevant content and the role of entertainment in advertising.
Q: What is the role of TwentyFirstCenturyBrand within the Common Interest group?
A: TwentyFirstCenturyBrand focuses on brand consulting and management, helping CMOs develop culturally authentic strategies.
Q: How does Common Interest plan to support CMOs in content creation?
A: By providing insights to understand culture and the tools to create engaging content, Common Interest aims to empower CMOs to develop content that earns its own media.
Q: What are the planned expansions for Common Interest by the end of the year?
A: Common Interest plans to add a few more businesses to their group, potentially reaching a total of seven or eight companies by the year’s end.
