This Monday is Memorial Day in the US, when Americans everywhere think back to those in the US Armed Forces who gave their lives in the line of duty. I too am thinking back, but to all the marketing plans and ideas that have been sacrificed!
The reasons why some plans are accepted and others aren’t are many. Non-alignment with corporate plans is one of the most usual, but lack of clarity, consistency, preparation or budget are also common. And even when accepted, they aren’t always executed as planned. So I thought that it would be useful to take a look back at our own marketing plans that we set earlier this year and review what is and isn’t working. We still have time to make changes and meet our 2014 targets, so which of the following is your current issue?
Declining market share
Firstly, you should be ashamed that you’ve let your brand slide so much that you are actually losing share! Brand equity measures would have given you a clear warning that something was going wrong, months if not years ago! Did you ignore the numbers or were your efforts too small to have the necessary impact? Either way, it’s time to start working out what’s going wrong. Review the 5P’s of marketing for starters and prioritise actions based on what you find.
Stable market share
So your brand’s growth is slowing? This happens in the normal life-cycle of a brand, so no panic, but you do need to take action to renew growth. But don’t think that small tweaks will be enough. Competition is ruthless these days and you will need to create some buzz around your brand. Surprise and delight is the name of the game to win (back) consumers. Start from your strengths and then ramp one or two of them up a couple of levels.
As mentioned above, your brand image will start to weaken before market share is affected (>>Tweet this<<), so in theory you still have time to prevent significant share loss. But you must act now! It is more effective to review your image ratings by experience group, to see what you need to do to recover lapsed users or convert more trialists. In my experience the answers should be clear from a regularly run and thoughtfully analysed brand image study using a well-developed attribute list.
Losing consumer trust
This is a serious issue. (as if the others aren’t!) Trust in companies and brands is what enables consumers to forgive mistakes or accept higher prices. (>>Tweet this<<) And it tips the balance in your favour in product comparability when performances are similar. Trust is a complex principle built out of a number of influencing factors, such as integrity, reliance, confidence, quality and worthiness. Which of these has resulted in your consumers’ loss of trust? Once identified, you will need to review how you can influence it. It will take time – sometimes a lot of time – to change perceptions.
Since most companies have one product manager or group in charge of each brand, this shouldn’t happen and yet it still does. Multiple suppliers with differing interpretations of the brand promise, and annual revamps of simply the previous year’s work, makes for communications that gradually slip from the original positioning and message. Instead of just looking at the latest or planned communications, it is vital to also review the previous five years’ work. It then becomes obvious how messaging has shifted. (>>Tweet this<<)
Inconsistent product performance
As with communications, most product testing compares current to the proposed new product and sometimes also versus the competition. Unfortunately small changes made can be undetectable to consumers even in direct comparison, or are within statistical errors and so are ignored. But over time, consumers are likely to come to realise that the product to which they have been loyal for many, many years, is no longer what it used to be. Therefore it is useful (essential) to compare product ratings to those from previous years, as well as to the current product.
No emotional attachment
This is a dangerous situation to be in, since if consumers have no emotional attachment to your brand, they can switch without too much thought. In fact your brand is no longer a brand, it’s a commodity! It needs to stand for something in the hearts and minds of consumers, so that they will choose you rather than a competitor. Especially in categories where performance differences are minimal, emotional attachment is what keeps consumers loyal. (>>Tweet this<<)Review how your consumers feel about your brand and what you can do to build more emotional attachment. The stimulation of the senses is a great way to do this. (read more here).
Confusing brand hierarchy
Your line extensions are like family members. There should be a well-defined parent brand and each variant should have clear resemblances to it. As mentioned above concerning product and communications consistency, line extensions can drift away from the look and feel of the parent brand, especially in dynamic categories where innovation and renovation are vital. When was the last time you looked at your whole product range – together? Differences in fonts, colours, sub-brand descriptions and design become quickly obvious. Make the changes needed to get the family back in line.
Lack of (the right) social media presence
I couldn’t end this list without including social media and the internet as this is where most consumer product brands “live” today. (>>Tweet this<<)It is not enough to launch a website and Facebook page for every brand and promotion. Living is the operative word here, so it’s much better to have one site that is regularly updated than tens that are visited by twenty people a month (and yes I’ve found that in many major CPGs in the past). Also make sure that your tone online fits your tone offline and portrays the same personality. Social media is not new media, it’s just another channel, so it must fit into your overall communication’s strategy.
Hopefully this list has given you some food for thought and ideas on which to take action this week. If you are facing a different challenge I’d love to hear about it and possibly offer you some solutions. Just drop me a line here.
C³Centricity used an image from Kozzi in this post.