According to a report conducted by Deloitte with Facebook Australia, shared stories are how Australian businesses can build their brand in the digital age. Strong brands create emotional connections between a business and its customers. Yet despite its importance and clear value to a business, only 17% of Australian marketers see brand as their most important objective.
Building brand is fundamental to building business
Being more than just a rational product solution in the minds of people is highly valuable. It protects companies when times are hard, it helps to maintain employee engagement, and extends the long-term prospects of a firm. Facebook Australia engaged Deloitte to better understand how the digital era is changing the nature of brand building as we know it, and highlight how businesses can build a brand in today’s modern world.
Deloitte surveyed the Australian marketing community about their views on brand and their perceptions for the future. We found five trends that are shifting the paradigm and shaping brand building today:
- Consumers are not where they used to be
- The fight for attention is real
- Measurement has not sufficiently evolved
- Organisational structures are not always aligned to deliver a consistent experience
- Businesses are focused on the short term at the expense of the long term
Those taking the steps are reaping the rewards
Digital and social media are platforms where you can build brands where consumer attention is, but also enable businesses to communicate in new ways. More than half (51%) of Australians agree that a business’s use of social networking sites has improved their perceptions of the company or brand (Deloitte 2016). Our survey revealed that businesses that spent an above-average proportion of their marketing budget on social media reported 7% more revenue growth on average.
Take the first step towards reaping the rewards that building a strong brand can do for your business.
To cut through, brands need to rethink the way they tell stories, and consider omni-channel approaches
Leading companies use a combination of traditional and digital techniques to better measure success against a core objective. But there is a long way to go. Less than half of the businesses surveyed (44%) use cross-channel measurement to quantify marketing success. This could create misunderstandings of what is actually driving impact, hindering future planning. Nearly 58% of businesses see the inability to measure across channels as the highest barrier to developing more effective campaigns. Yet businesses understand its importance – accurate measurement across
channels is expected to be the number one driver of change in marketing strategy in the future.
Read the full report by Deloitte.