Marketing is in trouble, and I mean deep trouble. More and more brands are losing share to private label and can’t measure their programmatic ad buys.
So you might wonder why I think marketing is in trouble. Well, consider this..
1ne: Compared with the closing quarter of 2016, when private label was trending negatively,[inlinetweet prefix=”” tweeter=”” suffix=””] store brands were posting dollar growth of more than 3x the rate of branded products by the end of 2017[/inlinetweet]. But this doesn’t spell the end for manufacturers; it just signals heightened competition and the need to evaluate all levers for growth in 2018, price points included. (Source: Nielsen)
2wo: [inlinetweet prefix=”” tweeter=”” suffix=””]Most digital marketers are finding it challenging to accurately measure their programmatic media buys, and they think it’s their agencies’ fault.[/inlinetweet] That’s the finding of a survey of more than 200 digital marketers conducted by Infectious Media, a digital agency specializing in — you guessed it — programmatic media-buying. Only 28% of the respondents said they were satisfied with the state of their measurement, and 66% said they found it “very challenging.
3hree: A global survey of chief marketing officers (CMO) conducted by NewBase, the marketing and advertising consultancy, has delivered some interesting findings – chief amongst them the fact that[inlinetweet prefix=”” tweeter=”” suffix=””] 60% now plan to halt further increases in ad spending or even reduce expenditure.[/inlinetweet]
So what in the wide world of a sports is goin’ on here?
1ne: Too many followers and not enough leaders. They jump on every hyped trend.
2wo: Too much focus on digital not enough focus on channels that really drive sales. I mean is someone really going to go online for frozen pizza?
3hree: Too many agencies trying to make overhead margins and not being held to metrics that matter.
4our: Too much focus on Millennials, while ignoring wealthy Boomers.
5ive: The only thing that big data has done is to increase Power Points and meetings.
6ix: Making marketing too complicated.
[inlinetweet prefix=”” tweeter=”” suffix=””]Consumers are smarter than most brands and no, they don’t want to have a “relationship” with you; they want a good product at a fair price and they don’t want to pay for your ad budgets.[/inlinetweet] Then there are the B school MBA’s who like to analyze the shit out of everything, forgetting that consumer behavior can’t be quantified.
We are now starting to see the arrival of premium store brands, hell, even Target is selling their own brand of wine.
Can it be corrected? I’m not sure. Too many followers, not enough leaders and too many marketers trying to make a name for themselves while agencies help them inflate their ego’s.