Almost nine out of ten (87%) of U.S. CMOs and marketing managers believe branding initiatives need to be more adaptable in today’s market than in the past.
Of those surveyed by the Verse Group and Jupiter Research, 63% of marketers and CMOs think traditional brand positioning and advertising are not as effective as they once were and are “broken.”
Survey findings also revealed that most marketers credit the recession for pushing them to become more innovative and discover new ways to position their brands on various marketing platforms. The economy is also the main reason behind the increased scrutiny marketers are getting from their managers to deliver better marketing ROI.
Other key findings of the survey include:
- 62% of marketers say traditional advertising efforts are no longer as effective as they once were in attracting new customers.
- 62% are seeking breakthrough methods that are more effective than brand positioning.
- 89% say that marketing is under greater scrutiny than ever before.
In response to the findings, Verse Group said “that companies that adopt narrative-based branding strategies that cut across many delivery platforms have greater success potential than those who don’t.”