Growth, it's on every CEO's agenda. Businesses have emerged from the great recession ready to reclaim the losses of the past few years. But the economic landscape has changed dramatically and growth will require a disciplined and strategic approach that focuses on both internal and external stakeholders.
In order to determine whether or not today's brands are really ready for the growth they are seeking, Interbrand asked marketers at all levels — from the C-suite to marketing managers — across 20 industries what challenges they were facing and how prepared they were to meet them.
The results are surprising.
Although the number one challenge facing today's brands is creating growth, most are not prepared to achieve it.
Companies are neglecting two of the most important qualities of strong brands that deliver growth: responsiveness and relevance.
The Internal Disconnect
Today's brands aren't leveraging one of their best assets for driving growth — their employees. Although most understand the importance of a strong internal brand, the C-suite is deceived in thinking the troops are on board.
The customer is being ignored in the quest for growth. Few marketers know how to create new customer needs and innovate to meet them. This could be due to the fact that few brands actually invite the customer to actively participate in shaping the brand.
Too Slow to Grow
All successful brands are quick to respond to change. Today's brands have become too inflexible and will not be able to turn the corner quick enough. Adding to the challenge, the C-suite again appears to be out of touch with their employees.
The Digital Learning Curve
Creating a strong digital brand strategy that can drive new revenue is still a challenge for most brands — one they do not feel prepared to address.
Corporate Citizenship: Brand's Blind Side
Corporate citizenship, a critical challenge for many organizations, is not seen as a tool for developing the brand and driving growth.
Although the path to growth has become more complicated to navigate, the principles behind creating a strong brand remain true.
Is your brand ready? We invite you to click here for the full study results and a custom audit of your brand's readiness for growth. We look forward to hearing from you!