Some Marketers Don't Fully Understand Brand ValueThe majority of senior marketers (55%) lack a quantitative understanding of their organisations' brand value - and may miss opportunities to leverage the brand to drive business growth, according to a survey from the Association of National Advertisers (ANA) and Interbrand, writes MarketingCharts. The survey polled 118 chief marketing officers and senior marketing execs at ANA member companies and found that 64% say brands do not influence decisions made at their organizations. Though marketers reported a range of reasons why brands don't factor into the decision-making process, misalignment of incentives and budgets, lack of metrics and overall lack of branding knowledge are top reasons:
- Incentives do not support the importance of brand (51%).
- Inability to prove brand's financial benefit (49%).
- Current branding expertise is not widely accepted (40%).
- Metrics do not support the importance of brand (39%).
- Budgets are focused on communications activities (32%).
- Brand is not included in the "sphere of influence" (28%).
- Lack of CEO endorsement (25%).
- Branding expertise does not yet exist (15%).
- It will afford a greater influence across the organization for overall alignment and change (79%).
- It will create more leverage for marketers hoping to secure additional investments from the board (69%).
- It will provide active data that can then be used to fine-tune messaging (60%).
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