People premium is critical to realising brand value in a world where CMOs struggle to secure long-term investment.
That’s one of the key messages Christine Removille, Carat Global President, writes about in The Times this week. But—surprise, surprise—execution is not easy. How can brands get started? Our recent CMO Survey reveals a couple of areas that marketing leaders can tackle.
First up, brands need to understand that the definition of media has changed. It used to be about distribution channels and content. But now CMOs recognise a far broader suite of touch points (see Figure 1) that can all provide potential insight about the consumer. The challenge for brands is to ensure that they are capturing all this intelligence on one platform that allows it to be analysed and converted into action.
Figure 1: CMOs define ‘media’ broadly
How do you define ‘media’ within your organisation? (% selecting each option)