What do you see as the biggest challenge for brand growth?
AD: A lot of brands that come to us don’t understand the value of what certain things cost. In the current landscape, people are activating and spending a lot of money on big programs, but their budgets are out of date. They aren’t spending it properly. Brands have to reshuffle their spend after they meet with us because some of budgets don’t matter anymore. We want to educate the Presidents and CEOs that the landscape is changing and your budgets need to change with it.
JW: Another challenge is creating newness. Especially in the experiential space and on the press side. We always say, “What’s the news?” What are we talking about and what story are we telling? At Coachella for example, brands have been activating for years, but the brands that are successful are growing and adding on top of their events to create something new. The people that attend know what they’re going to get but they know they’re going to get something new. The ones that fall off the radar are the ones that continue to repeat. We’re constantly encouraging our brands to step out of the box and create dynamic conversations with their consumers.
What’s one piece of advice you would give to a brand that doesn’t have a big budget to work with?
AD: Have your product on lockdown and your brand identity and messaging solid. One thing money doesn’t buy is the core identity of who you are. You need to come to the table with unique, thoughtful, and forward-thinking products that are going to entice the customer and get them coveted. There needs to be a brand presence in the marketplace that’s hard to replicate.
JW: If you do have a smaller budget, it’s important to be wise on your spend. This is where goals are the most important to be able to achieve what you want with what you have. You need to have complete clarity on the goal.
*This article was originally published for Forbes.com.