How do you strike the new brand balance?
17 Dec 2018
Recently we've released our latest thought leadership report, New Brand Balance. In partnership with Longitude Research, we spoke to a number of leading external experts and DAN leaders to find out how brands can embrace disruption in the search for enduring brand value.
A lot of recent commentary on marketing would have you believe that marketing used to be easy, while digital disruption has turned everything on its head. Our report tells a different story. Some elements of marketing have clearly changed. But there is also much that endures. The challenge for brands is to combine the best of both worlds and strike a new balance in their strategy.
Brands matter now more than ever. The digital era may be making life tough for brands, but they neglect long-term brand building at their peril. There are three key reasons why brands matter today: valuation, differentiation and resilience.
Firstly, brand value accounts for a significant part of the balance sheets of the world's top economies. With intangible value at around 90% of the market value of the S&P500, the brand is often the largest item on the balance sheet.
Secondly, competitive differentiation can be found from a brand that has strong values that resonate with consumers and reflect their identity.
Finally, investing in more traditional approaches to brand-building can help strengthen reputation and boost resilience.
"Digital economy businesses, which are very performance-led, eventually have a TV moment, where they realise they have to invest in their brand to achieve longer-term sustainability", says Nigel Morris, Chief Strategy and Innovation Officer at Dentsu Aegis Network.
So how can brands embrace the potential of disruption?
There are some key strategic questions that brands can use to gauge their readiness to take advantage of the opportunities offered by the changing marketing landscape:
*Who are our brand champions? CMOs, CEOs, employees and consumers all play a role.
*Is the C-suite on board with investment in brand building? Make sure there's a clear understanding of the benefits.
*Is our business model built around the consumer? Consumers now initiate contact with brands so businesses to re- organise around the consumer, not just push messages to them.
To learn more, scan the qr code to download the full report.