SUMMARY: Companies want a great brand because it attracts new customers, gets current customers to spend more, and keeps customers loyal. Great brands dominate the markets they compete in but bigger ad budgets or shifting dollars to digital is not the way to grow brands.
Marketers who are still focused on market share are missing the reality of today’s consumer power. Consumers are both trying new brands and moving to private label products at a record pace. Brands should be doing two things right now. First, remove costs from the supply chain and second focus on keep existing customers happy.
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: Some brands understand that this is a time to give back to the community rather than use the pandemic as a marketing position. Consumers will remember and some a lot of brands are going to be left sitting on the shelf because they thought about profits first.
QUICK READ: During this pandemic brands need to fight for ever customer and sale. They can’t afford to delay things like customer service and communications with their current customers.
Every year business magazines talk about the top brands but most of the brands on their list are in serious trouble. Coke and Pepsi, for example, are always on the list, but as consumers move away from soda their sales continue to decline. So is brand equity dead?
Retailers are hurting for help. All over the country retailers are posting “help wanted” signs, but with our economy approaching full employment there aren’t many people who are willing to put in 8 hours waiting on customers for small paychecks.
You would think that brands have the fundamentals of digital marketing down to a science, but our consulting group keeps seeing the same mistakes over and over. Here is a list of some of the mistakes we see.