A recently released study by Prophet, a strategic brand and marketing consultancy, exposes how apprehensive senior marketers are about their ability to build brand in the “complex new ecosystem of influence.”
The survey of more than 150 executives, half in marketing and the remainder in non-marketing roles, revealed that the C-Suite believes "their organizations are not well-equipped with the skills that are needed to build brands in the near future."
Their primary concern (55% of all respondents) was the ability to establish a differentiated brand position.
Other primary areas of concern were: “Growing awareness with new customers (40%)” and “identifying new paths to growth (41%).”
A key question was “Who owns your brand?” The majority of executives believe that the company (not the customers) still owns the brand, but they realize that an increase in the number of brand influencers, like word-of-mouth, are causing corporate control to erode, and the ability to stand out is increasingly difficult in a multichannel, multi-segmented, long-tail environment.
- 84% of the group felt the need for more innovative approaches to targeting and marketing.
- 68% cited capabilities in digital media strategies.
- 57% said marketing must be approached from a P&L mindset.
This reminds me of one of my first blog posts that shared a wonderful video illustrating “The New Marketing Reality.” It humorously shows how, in a multi-brand, multichannel world, the consumer has control.
In summary, the report identified 5 shifts needed to drive organizational transformation:
- From creating marketing strategies to driving business impact
- From controlling the message to galvanizing your network
- From incremental improvements to pervasive innovation
- From managing marketing investments to inspiring marketing excellence
- From an operational focus to a relentless customer focus