Our research reveals that while brand values have risen steadily over the past decade, brand awareness has declined 20%, brand esteem 12%, perceived brand quality eroded by 24%, and trust in brands is down a staggering 50%. (See Chart 1.)
The world is changing around brands, yet business doesn’t get what’s happening. Most companies aren’t aligning brand strategy with business strategy, consumer insights with capital allocation and marketing with c-suite decision-making. Marketing is often removed from the c-suite, leaving business decision making ponderously out of touch with the marketplace. Managers are too slow to anticipate trends, to invest/reinvest or bring innovation to their brands. Brands simply aren’t creative enough to hold attention. Brand experiences (the function of integrated marketing communications) fail to live up to the promise of its advertising.