Recent survey finds that more than a third of marketers see brand strategy as most important amid uncertain times.
The Annual CMO Spend Survey 2020-2021 research provides detailed insight into how top marketers are adjusting their budget and marketing investment plans due to Covid-19.
Amongst the juicy insights, there seems to be a significant shift by some of the leading CMOs in how they navigate through uncertainty.
Of the 400+ CMOs surveyed, 33% indicated their number priority is brand strategy. This is a massive shift in the space of a year. Last year, most marketers ranked brand strategy way down the list of priorities.
Digging further into the data, it also shows that brand strategy is now being prioritised over digital, social, analytics and advertising.
These insights align with many of the strategic discussions we’ve been having with clients. It is more important than ever that brands have a clear purpose and proposition and this may need to refined or reset to ensure it remains compelling and relevant in the post Covid world.
The report recognises that companies are likely to be juggling priorities and struggling with significantly reduced marketing budgets but recommends investment should focus on long-term outcomes, not just short-term wins.
For some brands, the pandemic has been the final nail in the coffin and many others are already struggling. Now is the time to make sure your brand not only has the best chance of survival but comes out stronger on the other side.
If you want to sure up your brand for the future we’d love to chat. You can also take advantage of our free diagnostic session.
Get the full report of the Annual CMO Spend Survey; download a copy here.
Michael is Managing Partner and Strategy Director at Truly Deeply, a brand agency with 25 years’ experience working with brands to position them for growth. His deep expertise is in unlocking the strategic power of your brand to create a differentiated, compelling and authentic brand proposition that will engage all your audiences. Michael has extensive experience working across Australia and the Middle East working with leading Australian and International organisations across just about every sector.