It is the age-old tale with a singular name: impatience. I encountered it many times in my previous life as a consultant. The client pays and the client wants results… yesterday. It is a mantra that holds true for external and internal clients. Unfortunately, as we all know all too well, it doesn’t work that way. And this holds particularly true for marketing, which demands time. A lot of time, before yielding results that are more than just a flash in the pan. In other words, Rome wasn’t built in a day, and a brand can’t be constructed overnight.
Raconteur recently reported about a new chapter of the saga. At the Cannes Lions International Festival of Creativity, Raja Rajamannar, Chief Marketing and Communications Officer of Mastercard, and CFO Sachin Mehra highlighted a prevailing issue: a lack of alignment between the marketing and finance functions in many companies.
They cited a survey by Forrester Research, revealing that only 37% of marketing chiefs consider it crucial to nurture a strong relationship with the CFO. This disconnect underscores the necessity for enhanced communication and collaboration between these two departments.
Rajamannar also acknowledged that many CMOs grapple with connecting long-term marketing initiatives to tangible business outcomes. A survey conducted by the B2B marketing agency Transmission substantiates these observations. It found that 72% of surveyed finance chiefs believed their CMOs struggled to gauge the efficacy of brand programs, with 81% opining that these measurements could be concluded within a year.
To confront these challenges, business leaders must establish realistic expectations for their brand-building endeavours. They proposed a hypothetical three-year roadmap for an effective brand-building strategy, synthesed in 6 steps below.
1. After Six Months: Create and Align
The initial six months are dedicated to strategic formulation, culminating in a well-defined roadmap for the brand. It is imperative to allocate resources between brand and performance while instituting tracking mechanisms to assess impact and comprehend progress.
2. After Twelve Months: Express and Connect
Between six and twelve months, short-term indicators like share of search, consumer sentiment, and site traffic should display improvement. Steer clear of the misconception that brand-building conflicts with tactical performance. Instead, strive to create tactical communications that harmonize with the brand’s aspirational identity.
3. AFTER Eighteen Months: Establish and Measure
At this juncture, develop the complete brand experience across diverse platforms, while gleaning insights from consumers and in-market results. Define the brand’s unique positioning, complete brand experience, and key equities, paving the way for long-term evaluation and planning.
4. After Two Years: Expand and Diversify
By the end of the second year, the brand’s identity and values should be firmly entrenched in the minds of the target audience. Consider expanding into new markets or exploring partnerships and collaborations to augment brand presence.
5. After Three Years: Nurture and Grow
In the third year, the brand should be primed for growth, safeguarding its equity while nurturing its bonds with customers. Focus on unlocking further opportunities.
The clue? Managing expectations.
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- Source: https://thisisoliver.co/2023/09/27/brands-arent-built-in-a-day-the-art-of-patience-in-marketing/
