Marketing is constantly evolving, because your customers are. It continually begs the question: what is currently working to grow brands?
I interviewed three brand owners from Expedia.com, the Ritz-Carlton Hotel Company and Ancestry who are leaders in digital marketing to understand what’s working and what’s not for brand growth currently.
First of all, what is a brand owner? Those who build, grow and sustain brands that reflect their company’s principles, values and value proposition, to ultimately influence consumers to believe in and purchase their product/service.
And these brand owners are definitely feeling the squeeze.
“We all live in a world of limited budgets and need to make those dollars extend as far as possible,” Vic Walia, Senior Director of Brand Marketing, Expedia.com, said.
According to Kathi Skow, VP Brand Marketing, Ancestry, “With the measurement tools now available, we can see near real-time results on marketing efforts. But brand marketing’s influence is measured through a more qualitative and longer-term lens, so we’re having find new ways to prove its impact on the business.”
“The biggest challenge is how we are leveraging digital platforms,” Lisa Holladay, Vice President, Global Brand Marketing, The Ritz-Carlton Hotel Company, said.
The top issues facing brand owners right now include:
- Needing more/better insight from data to understand customer journey
- Needing better predictive data models for behavior (i.e., who is likely to buy?)
- Proving the ROI of brand investments with results/data
- Needing to better connect and communicate with customers
- Growing new markets/growing outside the U.S.
- Building trust with customers and overcoming customer skepticism
- Profiling customers and understanding/influencing their customer journey (use of data)
So what’s working to overcome these issues and help brand owners to grow their brands?