By now, many would've heard of buzz and viral marketing, experiential marketing, and the art of conversational marketing. Many would have also learned about three key marketing ideas: creating a Purple Cow, and pushing an idea over the Tipping Point, and the almost religious need to use social media in marketing.
What's the newest trick in the marketing bag? Enter Conversational Capital, a book written by Bertrand Cesvet, Tony Babinski, and Eric Alper from experiential brand collective SID LEE.
According to the authors, Conversational Capital can be seen in many leading "talkable" brands like Cirque du Soleil, Apple, adidas, Red Bull, IKEA, and the Volkswagen Beetle. It is about designing and creating products and services that are so meaningful and engaging that one's consumers feel personally invested in sharing stories about the brand.
At its core, the concept is embedded in the eight engines of Conversational Capital:
1) Rituals: These are behaviours or rites that one engages in that mark an "exalted" experience. Examples include the clowns interacting with audiences prior to each Cirque du Soleil show and the squeezing of a fresh lime into a Corona beer bottle.
A special category - Initiation - may even involve some degree of work (think of the first time you went swimming). Resonant rituals help to enrich experiences.
2) Exclusive Product Offering (EPO): This occurs when a consumer experience is specially customised and individualised such that it appears to be tailored just for you. When it is created in such a personal fashion, it helps to strengthen the salience of the brand. Examples include having monogrammed napkins with one's name for first time diners at the Regent Hotel in Hong Kong, and Starbucks allowing you to order coffee anyway you like it.
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