How brands are thinking differently to find growth
Brands chasing growth in the context of 2020 need to be prepared to take ‘calculated risks’ and experiment with new formats, without losing sight of the long-term plan.
Marketers will be glad to see the back of 2020 where the normal rules of being in control, planning campaigns and long-term strategic thinking have gone out the window.
With budgets now tight and consumer behaviour continually changing, brands face a massive challenge. How do they uncover growth opportunities in a world where marketers are expected to react to an ever-evolving cycle of unpredictability?
Former group marketing director at Trinity Mirror Group, GoCompare CMO and current CEO of Look After My Bills, Zoe Harris, believes this is the time for marketing teams to step up. After all, she says, it has always been marketing’s job to grow the business as efficiently as possible.
What has altered in this hunt for growth in an unstable environment is the need to get the balance right between short-term immediate gains and longer-term brand building.
“It’s fair to say a number of brands have leapt on the lockdown bandwagon, with some throwing away carefully built up points of differentiation in activity that hasn’t delivered much and certainly won’t payback over the long-term,” she says.
