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Firms must invest in marketing to survive - branding expert

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Marketing

Firms must invest in marketing to survive - branding expert

27.01.2010
Leading international branding expert Professor Leslie de Chernatony has told a workshop in Galway that brands will only thrive if firms continue to invest in marketing. 

Speaking at the ‘Growing Brands through a Recession’ masterclass in the JE Cairnes School of Business & Economics at NUI Galway today, Professor de Chernatony (pictured) explained that during previous recessions, firms who survived had spent more on marketing than less successful firms.

“Research has shown that firms who invest in marketing recovered three times faster when economic conditions return to normal,” he said. “As customers do not change their values during a recession, the challenge for brand managers is to listen to customers, find out what customers value about their brand, and take a fresh and long-term view when investing in marketing expenditure.”

Examples of growth areas, he said, include in-home eating and low-energy lighting, which are thriving as customers seek different value during a recession. “Customers value assurance above indulgence during a recession and brands should revise their messages to meet these emotional needs. Strong brands understand the one motivator driving customers and excel delivering this desired benefit. These brands stay relevant to customers, and are correctly positioned. They know what they mean to consumers, and they have long-term support."

 

 

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