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Where Does It Hurt?
By: Alisa Marie Beyer
Posted: January 5, 2010, from the January 2010 issue of GCI Magazine.
page 5 of 5
As executives brainstorm next steps in this economy, some ideas simply didn’t resonate. Traditional outlets for reaching the consumer, such as print collateral campaigns took a backseat in magnitude to creating robust social marketing platforms or funding research into the next “big thing.” Ditto for training expenses and launch plans, which ranked at the bottom (14% and 8% respectively) for brand marketing service needs. Importantly, executives overall still have confidence in their brands and in their brand’s ability to meet all of these new challenges. In fact, more than 54% of executives were so confident in their brands they felt a total brand audit was unnecessary, rather only certain areas needed attention—not the entire brand, which is a good sign.
The industry has recognized that a new consumer has emerged, and rather than fragmenting, the industry is instead rallying behind this new metric synergistically to meet her needs and lay the foundation for continued future growth.
Often, the industry studies consumer preference for brands, however, with 85% of purchases still made at the store level, the focus should shift to getting more insights on the shopper. She is still going to the store and mentally comparing your brand offering to the one next to it, or the one that she currently has in her mind.
Alisa Marie Beyer is the founder and creative director of The Benchmarking Company (TBC), a global beauty consulting firm offering business, strategy, consumer intelligence and branding. As publishers of the “must read” Pink Report and WomenTrends, TBC keeps its fingers on the pulse of the industry and offers unparalleled consumer insights and intelligence. E-mail: firstname.lastname@example.org; www.benchmarkingco.com