How did Bloomberg become a powerful brand without laid
out brand strategy?
Q&A with Michael Marinello, Head of Global Communications, Technology, Sustainability, and Brand at Bloomberg. 4/11/16
Unlike many tech giants, Bloomberg
became the most successful tech startup that strives to make markets more fair
for the global economic benefit. For such an ambitious task that many of its
employees tackle on a daily basis, it is surprising to find out from Michael
Marinello, during our Q&A conference that they never laid out brand
strategy. According to Marinello, “the brand is a bit undefined” and has no
narrative that dictates what it is about. On one hand, I find this quite
intriguing but also in line with the business Bloomberg is engaged – technology
and financial markets. On the other hand, none of these ecosystems have clearly
defined narratives as they take unexpected turns that happen by the hour.
Therefore Bloomberg’s brand strategy shifts according to be able to meddle with
the currency of the markets.
Another interesting aspect brought up during this conference had to do with the brand’s ethics and storytelling. As a privately owned company, Bloomberg has no shareholders or external market to report to each quarter which makes them take a different approach to how their employees conduct themselves. According to Marinello, they support neutral broker transparency and openness while turning their employees into advocates for causes related to global markets.
Furthermore, what I personally found most fascinating is the company’s focus on employee retention and philanthropy. Through instilling great pride within its individuals, Bloomberg succeeds in making them proud to work in an environment that encourages their own role’s sustainability and contribution in the philanthropic initiatives. Consequently, even without traditionally defined code of ethics and brand strategy, Bloomberg stands strong as a brand that practices what they preach and never holds its employees accountable for goal the company’s leaders themselves cannot achieve. They live or die striving to be good people who want consumers to benefit from their content.
Some additional take-aways from the conference:
-Bloomberg has always been their own native advertiser by pushing ads to terminal subscribers
-Brand wants to be seen as "the source" of advertising
-Insights based on behavioral response
-User experience lab where they bring their customers in and watch them work. Then they ask them how things work with functionality on different terminals to address any user notes based on behavior and desired outcome.
-Using popular culture ("Billions","The Big Short", "The Newsroom", "Money Monster") with high tech software for the purposes of recruitment and retention. Promoting both the technology brand and also the media entertainment brand reporting on what's going on with the "fictionalized" brands within the shows (I.e. "Hule" on Silicone Valley)
Predictions for 2020:
-no longer a debate about climate change
-renewable energy will be dominant
-sustainability within companies
-big hill to climb about railroad system -long hauls trips within the US; it will make huge difference how states compete btw each other and how we compete internationally
-cities will have huge influence in global media sphere
-music industry is going to be like it was 20-30 yrs ago
-real money to be made from music lies in experiences
-concept of music being free is ridiculous
-music should go back to the experience; investment in vinyl
-focus backing purchasing audience
-biz model of what works for the artist combined with experience -Vinyl, residency, concerts
-what does consumer interaction with the product enable them to do
If you ever wanted to work for Bloomberg, here are some of the qualifications they look for in candidates:
-how do you do content placement in media
-inside out story telling- using external media to make company and employees to feel proud and look good
Alexander Dean
Another interesting aspect brought up during this conference had to do with the brand’s ethics and storytelling. As a privately owned company, Bloomberg has no shareholders or external market to report to each quarter which makes them take a different approach to how their employees conduct themselves. According to Marinello, they support neutral broker transparency and openness while turning their employees into advocates for causes related to global markets.
Furthermore, what I personally found most fascinating is the company’s focus on employee retention and philanthropy. Through instilling great pride within its individuals, Bloomberg succeeds in making them proud to work in an environment that encourages their own role’s sustainability and contribution in the philanthropic initiatives. Consequently, even without traditionally defined code of ethics and brand strategy, Bloomberg stands strong as a brand that practices what they preach and never holds its employees accountable for goal the company’s leaders themselves cannot achieve. They live or die striving to be good people who want consumers to benefit from their content.
Some additional take-aways from the conference:
-Bloomberg has always been their own native advertiser by pushing ads to terminal subscribers
-Brand wants to be seen as "the source" of advertising
-Insights based on behavioral response
-User experience lab where they bring their customers in and watch them work. Then they ask them how things work with functionality on different terminals to address any user notes based on behavior and desired outcome.
-Using popular culture ("Billions","The Big Short", "The Newsroom", "Money Monster") with high tech software for the purposes of recruitment and retention. Promoting both the technology brand and also the media entertainment brand reporting on what's going on with the "fictionalized" brands within the shows (I.e. "Hule" on Silicone Valley)
Predictions for 2020:
-no longer a debate about climate change
-renewable energy will be dominant
-sustainability within companies
-big hill to climb about railroad system -long hauls trips within the US; it will make huge difference how states compete btw each other and how we compete internationally
-cities will have huge influence in global media sphere
-music industry is going to be like it was 20-30 yrs ago
-real money to be made from music lies in experiences
-concept of music being free is ridiculous
-music should go back to the experience; investment in vinyl
-focus backing purchasing audience
-biz model of what works for the artist combined with experience -Vinyl, residency, concerts
-what does consumer interaction with the product enable them to do
If you ever wanted to work for Bloomberg, here are some of the qualifications they look for in candidates:
-how do you do content placement in media
-inside out story telling- using external media to make company and employees to feel proud and look good
Alexander Dean
