We are excited to launch our Consumer & Retail market report 2020. With this year presenting unprecedented challenges for the consumer and retail sector, we at Carter Murray wanted to understand how marketing functions were affected, how they responded and what skill sets will be the most important in the months ahead, across all the jurisdictions we operate in. Below is a snippet from the report.
Businesses have ridden the wave since the 2008 recession and as marketing, digital, performance has evolved so has the unquenching desire for revenue, ROI and financial measurables. This is definitely a strong message of how far marketing has come with regards to the board room, with marketing no longer seen as a cost centre or a “nice to have” function. Marketing, now more than ever, is being seen as the rudder that can steer a business through troubled times.
With brand authenticity, businesses can set themselves apart from their competitors by letting their customers know that they will be there for them in the future, not just through their marketing, but more importantly, through their actions.
“Corporations have been reorganised to prioritise social responsibility ahead of profit. Purpose has moved further up the agenda and people are looking to companies and brands to ‘do the right thing’. During this period of uncertainty, many brands have made huge altruistic business decisions in support of the greater good and the betterment of public health. We have even seen companies that were once former rivals, park their competitive position and work together towards a common goal and a greater cause – for example, Apple and Google working toward a track & trace technology. Purpose-built brands are being recognised by belief-driven consumers, who are holding companies accountable for the future of our world and deciding with their wallet”
Joanna Botwood, Head Of Brand at People Against Dirty | ecover + method, Europe.
ROI is great when customers are spending money…but what about when they stop? Marketing has come a long way, but every business unit needs to justify its worth during a downturn. And with marketing activities being increasingly measurable and justifiable, how is this done other than financials? Website clicks, engagement, there are several success metrics, however, what we are seeing is that brands that really value marketing are being patient. Parking traditional measurables for now and using the time to revaluate their brand strategy, purpose and what they represent to their customers. When consumers are spending less money, they are also conscious about where they spend it. CSR, equality and ‘doing the right thing’ have never been more important to the general public. Businesses that can demonstrate the CSR section of their website accurately reflects their company values will find themselves at the forefront of customers minds before any purchases are made.