Brand Strategy Vital
In the latest Gartner CMO Spend Survey, brand strategy has leap-frogged to the top of marketing capabilities, from its lowly position near the bottom of the list in 2019, with one-third of CMOs now placing it in their top three capabilities that are essential for business success. CMO stands for Chief Marketing Officer.
The survey is conducted annually with over 400 marketing executives across North America, UK, Germany and France in a variety of industries.
The demand for brand strategy has never been greater. It’s not just that most companies are struggling with brand strategy – that’s been the case for decades. It is that these companies now know they are struggling and are actively seeking assistance.
Importance of Brand Strategy
If companies have been struggling with this for decades you could ask why has this become important now and just how are we going to tackle this?
The answer to first part of the question is to look at the old adage that states: “When times are good you should advertise. When times are bad you must advertise.” Brand awareness and relevance in times of strife are more important than ever. Covid-19 has certainly delivered strife!
The answer to second part of the question is to look no further than the teachings from Professor Mark Ritson. Mark is not only a professor of marketing but has been a marketing consultant to some of the top global brands for over 20 years. It’s his practical yet brilliant approach to brand strategy that has allowed these brands to continue to grow over decades.
I have been fortunate enough to learn about brand strategy from the guru himself. What is has taught me is that brand strategy really is not as complex or as difficult as many would have you believe. If you follow the process of diagnosis – strategy – tactics you can develop a decent strategy that will deliver the right results.
Source: Gartner CMO Spend Survey 2020, https://www.marketingweek.com/mark-ritson-brand-strategy-marketing/
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