Brands failing to innovatively target customers in multichannel market

While the average marketing team may have traditional brand-building skills, all too many are failing to come up with innovative new approaches to targeting and marketing in an increasingly multichannel world.

A survey among 150 C-level, marketing or business unit managers undertaken by brand and marketing consultancy Prophet revealed that supporting business growth via a well-differentiated and relevant brand positioning strategy was now top of the agenda.

Nonetheless, two thirds believed that the company rather than customers or other stakeholders remained that brand’s primary ‘owner’ despite "increasing evidence to the contrary", Rune Gustafson, president of Prophet’s operations in Europe, the Middle East and Africa said.

A further third felt that quality product or service offering would continue to be the most important driver of brand equity over the next three years, while one in five indicated that word-of-mouth would be key.

But three quarters of respondents acknowledged that they were failing to target customers effectively in the new progressively multi-channel world. Nine out of 10 were targeting more than one segment, with more than half of the sample positioning their brand in similar ways but using multiple tactics.

Although 46% said that their marketing teams had the traditional marcom skills required for brand-building such as in-market advertising and messaging, 84% wanted to see the adoption of more innovative approaches to targeting and marketing. Just over two thirds also felt their teams needed to develop better digital skills.

Rune said: "Adjusting to this changing landscape will be a process. Our findings show that marketers must adapt a more visionary orientation to more effectively guide their organisations through it."