Managing a brand is a complex task and not getting any easier. In the latest Gartner Brand Survey* of 400 marketing leaders around the world, three major brand challenges were reported:
Managing a global brand
Keeping the brand relevant
Measuring the impact of brand investments
Some 35% of the survey’s respondents find global management as most challenging. According to Gartner, managing a global brand is a difficult, multidimensional task. And many brands may not see themselves as global, even though an online presence makes the brand part of a global ecosystem. So, global challenges now extend to a larger number of marketing leaders today.
The same percentage also noted keeping their brand relevant was difficult. This is understandable considering consumers’ receptivity to trying new brands**. Relevance can be extremely fluid based on constantly changing consumer requirements. Consumers value brands based on price and value, trust, reliability and tradition, just to name a few. This means marketers who want to stay relevant must be highly attuned to their customers and competitors, as well as larger cultural and economic trends.
About 31% of leaders responded that measuring the impact of brand investments remains a significant challenge. Despite advances in technological tools, and more sophisticated attribution models, not every element of brand expenditure can be precisely valued. This is not surprising, since earlier this year The CMO Survey*** found that U.S. CMOs are finding it challenging to prove ROI, although they have been increasing their brand investments with some payoff success.
To overcome these core challenges in today’s disruptive, advanced technological world, Gartner recommends:
- Watching for new competitors launching in other parts of the world, being aware of regional factors that may impact a product category—regardless of size or reach.
- Monitoring the marketplace for trends, preferences and cultural factors that shape the collective mindset.
- Measuring brand investment where possible, but remaining open and realistic; not all spending can be easily assessed.
The Bloodhound Group has the skills and services to help you overcome any of your core brand challenges, including new offerings on digital media attribution and maintaining relevance with the changing requirements of today’s consumer. Contact us today.
* Gartner Brand Survey
**Marketing Charts, New Stats about Brand Loyalty
***Marketing Charts, Driving Growth is the Biggest Challenge for US CMOs