Marketing, marketing, and more marketing. Except for those who have lived like hermits for the last 50 years, today almost every professional and consumer knows for sure that marketing is part of their daily lives. "Our job as marketing professionals is to understand how consumers want to buy, and to help them do so," according to a quote attributed to author Bryan Eisenberg. Although this seems easy, and despite the tons of ink, both printed and digital, that have been spilled on this discipline, those responsible for it continue to face increasing difficulties every day, as evidenced by the latest survey by the renowned consulting firm Gartner on the three biggest challenges facing marketing executives.
As we delve into these challenges, we will also see how closely marketing and some of BRAINTRUST's specialties, such as Customer Experience, Competitive Intelligence, and Digital Transformation, go hand in hand today. If we accept Eisenberg's quote as valid, understanding the consumer means providing them with a unique experience; and, likewise, providing that experience is closely linked to knowledge of the competition; and, to close the circle, none of this will be possible if we do not equip ourselves with the tools that today's digital society places at our disposal and whose use is demanded of us by the market. Everything is connected, in a mechanism that punishes inaction. As Goth Sedin also stated: "The cost of making a mistake is less than the cost of doing nothing." We must move forward, take note, and act accordingly.
It is no coincidence that the majority (58%) of those surveyed by Gartner consider branding to be a critical factor in converting prospects or potential customers into actual customers; and that is where the real headaches begin, given that for an even higher percentage (65%), it is also a critical factor in retaining existing customers. These are relevant data, as they come from the responses of 393 chief marketing officers (CMOs) from companies with annual revenues of $500 million or more, and from a wide range of industries: financial services, high technology, manufacturing, consumer products, media, retail, healthcare providers, and travel and hospitality.
According to the responses provided by these senior executives, the biggest challenge they face is managing a global brand, as stated by 7 out of 20 respondents (35%). This is a "complex and multidimensional" task, as "even brands that may not see themselves as global are operating in a more closely connected global ecosystem," according to the consulting firm's vice president of research, Chris Ross. As a result, the challenges of being a global brand are part of the daily concerns of many marketing leaders today.
The same percentage points to keeping the brand relevant as the biggest challenge. In other words, most of these leaders are "frustrated" by how demanding it is to keep a brand relevant and aligned with the needs and interests of its target audiences. Interests that, as we know, are often changing. At the same time, marketing managers have to demonstrate that their brand is in tune with what is happening in the world: what is trending, what is new, what will be the next big wave that will cause a stir. You have to be there and you have to know how it can affect you.
Therefore, globalization and consolidation are two sides of the same coin: the biggest concerns for the most influential marketing managers in our economy. But they are far from being the only ones. In fact, rather than a coin, we should talk about an irregular polyhedron with more or less similar sides. The top ten concerns are as follows:
- Measuring the impact of brand investments – 31%
- Create a compelling brand vision – 30%
- Effectively integrate the brand into all communications – 29%
- Communicate the value/impact of the brand to internalstakeholders – 24%
- Managing a multi-brand portfolio – 23%
- Defending brand value in relation to a program or campaign – 23%
- Brand management and governance – 23%
- Connect brand messages to organizational values – 21%
- Connecting the brand with corporate culture – 20%
We are thus left with a multifaceted reality, not only because of the relative balance of these top concerns, but also because of the close relationships between each of the points expressed. To overcome these challenges and improve brand performance, the survey firm itself has issued some recommendations that we endorse, as they also connect with some of our most recognized areas of work:
- Attention must be paid to what new competitors are bringing to market, whether in our usual location or elsewhere in the world; and attention must also be paid to regional or cultural trends that may impact our product or service portfolio, regardless of our size or scope. "Marketers must strike the right balance between maintaining brand consistency while responding and adapting to individual market needs." In other words: Competitive Intelligence.
- There must be a commitment to continuously seek relevance for our market, to stay in tune with the trends, preferences, and cultural factors "that shape the collective mindset." Therefore, it is important for marketers to gauge their impact on their environment, both through their own research and through the knowledge that customers can provide. It is a commitment to diligently measuring and observing the impact of brand activities. It is a commitment to the customer experience.
- And all brand investments must be measured... that can be measured, but we must also be open about what "cannot be measured." Being ambitious in quantifying is essential, but so is being aware that there are expenses that cannot be easily evaluated. In other words, you have to have an open, thoughtful, and analytical mindset, but also embrace the possibilities of cultural change. And if we talk about cultural change today, we are necessarily talking about Digital Transformation.
Some people argue that marketing is everywhere and affects everything. But it is logical to accept that there are multiple variables in our corporate life that directly influence marketing decisions. These are critical factors, both in attracting and expanding the market, and in capitalizing on efforts to generate revenue and profits.
Photo byJukan TateisionUnsplash
