Earlier this month, the Gartner Group published a recent survey they conducted with CMOs. The results were very intriguing. One of the key takeaways (as shared with Marketing Dive) was the fact that ‘brand strategy’ has shifted as the primary objective for many companies. In fact, it states that it is being prioritized ahead of analytics, personalization and marketing technology. 33% of CMOs surveyed ranked brand strategy as one of their top 3 priorities going forward, up from “near the bottom of the list” in 2019. Brand relevance has become more important than ever in these tumultuous times and CMOs are recognizing the importance of ensuring their brand’s messaging and value proposition are finely tuned and authentically connected to the customer journey. As the pandemic has caused consumers and businesses to pull back on spending, brand takes on a larger role in the purchase decision. Consumers seek more confidence in the products they associate with and brand plays an important role in signaling that confidence.

This is great news for strong heritage brands with storied histories connected to earlier (and more comforting) days. Newer brands without that weighty brand equity can benefit as well from a renewed focus on brand strategy. In trying times, consumers prefer brands they understand and can identify with; which is made infinitely easier with clear, concise messaging that is focused and consistent. That becomes even more important in a digital environment with its inherent clutter and continual distractions. The fact of the matter, is that we are in an environment that requires patience, empathy and understanding. Right now, it is crucial for all companies, big and small, to look inward and evaluate, amend and adapt their brand to their consumers mindset in an authentic, human and approachable way.

Inevitably, it’s about the foundational act of connecting with your consumers, your audience and your people. Think of it as ‘getting back to the basics’ and that’s never a bad thing.

If Brand Strategy has become one of your top three priorities, we’d be happy to help you get started with a review of your current brand portfolio. Contact us at sales@bolinagency.com.

 

 

Gartner: CMOs prioritize brand strategy amid pandemic-related budget cuts