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)
Second, the potential brands can extract from media investments is changing. Enlightened brands use media as a tool of strategic planning, using intelligence gleaned across multiple touch points to re-orient themselves more closely around the consumer. However, as Figure 2 shows, there is still some way to go before this benefit is as commonplace as other, more traditional sources of value such as sales growth and brand enhancement.
Figure 2: CMOs measure the value of media differently
How do you measure the value you derive from your investment in media? (% ranking in top 3)
Redefining media and increasing the value from media investments are two areas where Carat is ideally placed to help our clients. Assets such as the CMO Survey are great ways of kicking off a conversation with clients about how we can help. So get talking!