KEY THOUGHTS: The CMO Council has published a report based on a survey of marketing executives, and it clearly shows why there is so much bad marketing out there. Instead of getting their names in trade magazines, perhaps they should be fostering a culture of learning and retaining talented people.
QUICK READ: Consumers don’t have time to follow all the brands in their pantry but to say that “in the real world, consumers are massively not joining conversations about our brands. They are not committed to having relationships with them. They do not want to “engage with our content,” and are not fascinated by our “brand stories.” They do not consider themselves part of a “community” or “tribe” that has our brand at the center” is a mistake.
SUMMARY: Through an improvement in perception and offerings, private label products have become sought after instead of afterthoughts. In the past year, 55% of shoppers have made a private label purchase. The top reason for doing so was liking the product (56%), followed by the product being cheaper (52%).
QUICK READ: McKinsey still acts like they know everything but just out of college analysts don’t really know how to quantify consumers’ behaviors in an era when they can’t be quantified. Some changes in the way consumers shop are taking place but if you respond too much to the other side you’re going to lose market share.
QUICK READ: Behind what brands report to the street, behind every decline in sales, behind each drop in customer satisfaction scores, there are millions of independent decisions taken by consumers on what they want to buy and how they want to buy it. Unfortunately, most brands will miss the warning signs. Here are some findings from a Deloitte Report on changing consumers.
QUICK READ: Some marketing reports issued online assume that brand marketers are stupid. The latest one is a report from Profitero which is an embarrassment.
QUICK READ: With nearly all public gatherings called off, Americans are seeking out entertainment on streaming services like Netflix and YouTube, and looking to connect with one another on social media outlets like Facebook and they’re doing it on PC’s not smartphones or tablets.
QUICK READ (By Larry Light CEO of Arcature brand consultancy focused on growing brand value)
- Marketers are confusing “clicks and listens” to buying.
- Just because a commercial garner’s views does not mean there is brand impact.
- Capturing impressions is not the same as creating an impact. An impression is just a media unit. It has a cost. It can be viewed or heard. But viewing is not a substitute or synonym for impact.
- Only about 25% of this year’s Cannes Lion award-winning ads provided actual brand impact meaning the ads did not effectively generate brand sales.
- Loving an ad is not the same as buying a brand.