7 Reasons Your Brand Growth is Stalling
We are in dire need of a New Brand Growth Playbook. One that is updated for modern consumer expectations & behaviors. One that utilizes the technology available to us that’s being utilized by our consumers. One that takes a longer term view of the customer relationship. In order to get to this new strategy, we first need to come to terms with our reality.
To get to the core issues of stalling brand growth, we need to diagnose the problems effecting it. These problems are putting CMOs in the toughest spot in the C-Suite. According to a Harvard Business Review study, 74% of CMOs believe their jobs don’t allow them to maximize their impact on their business. These very CMOs have to shift to a strategic focus to bring the power back to their position to drive real results for the business. After all, they are the external and internal voice of the customer and the business.
So what is standing in the way to massive success for the Modern Day CMO? What does the New Brand Growth Playbook need to overcome for true results?
After several discussions with leading CMOs, we’ve identified the Top 7 Challenges Facing Brand Growth.
- Demand is Fragmented: We’re in a world saturated with choice and options. Our sales and marketing models haven’t kept up with the consumer shifts in what they want, how they want it and how they buy, causing demand to become extremely fragmented.
- Insurgent Brands are on the Rise: Competition is coming from all sides. Not only are consumers defecting for more quality products or services, but for new experiences and differing ways to consume and interact with companies. Insurgent brands have the ability to focus solely on a new experience or category, while traditional organizations must maintain revenue goals in traditional categories.
- Personalized Consumer Experience (Product / Service): The ‘experience’ is becoming a driving force in a consumer purchase decision. The expectations of personalization are rising dramatically. We as brands have yet to effectively respond.
- Legacy Thinking & Systems: Let’s face it, we’re in a tech driven world. One that is highly connected, consistent, and uses technology as a means to solve problems, not as an end. However, a lot of our organizations are stuck in the land of legacy with how we approach using technology and the IT systems we need to employ.
- Using the Wrong Tech Stack: Building off #4, most likely we’re using the wrong tech stack to fulfill our strategy and our brand promise. Not to mention the rise of MarTech solutions in market. We need to know how to use technology to fulfill our brand experiences. We need to curate the right stack to execute against the strategy.
- Quality & Connected Data: Tying a consumer experience together is a systematic and effective use of data. This includes the capturing, storing, evolving and usage of data to create a consistent and growing relationship with our consumers. The rise of AI and its effect on our brand relationships will need this data as well.
- Innovation / Speed to Market: If the last 5-10 years have been any indication in the future of business, we see that innovation and getting to market quickly is crucial for any success. Not only do we need to effect our current products and services, but identify new categories and opportunities to build for our future success.
These problems vary from company to company and CMO to CMO. But we’ve found the challenges are stronger in more traditional organizations than startups or insurgents. Not only do they have the legacy thinking and systems issues, but they also have the challenge of keeping current product / service offerings afloat while innovating new categories to fend off insurgents and increased competition.
What challenges is your organization facing as it relates to growing your brands? We’d love to know. Leave a comment below or drop us a line.
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