Brand growth theories identify mental and physical availability, salience, and differentiation as key growth drivers. There is some debate about whether the ‘rules’ of brand growth are changing in the digital age.
Brand growth theories outline the most effective and efficient approaches to growing brands in terms of sales, market share and profits.
1. Marketers who consistently drive growth share five strategies
Research from the CMO Council, the executive network, and Deloitte, the consultancy, studied the habits of marketers that have proved effective at driving growth. The study identified five characteristics of this elite cohort.
- Growth over gains – marketers should distinguish “gains” (short-term “pops” in engagement or transactions that follow sales or demand-generation programs) from growth (a long-term, sustainable expansion powered by strategic, revenue-focused decisions).
- Speaking the language of business - to become recognised as growth drivers rather than cost centres, it is essential that marketers look beyond metrics, such as engagement rates and clickthroughs, and embrace the factors (think: revenue, market share, customer lifetime value, margins) that senior management favours.
- Overcoming silos – Independent divisions can hamper growth, marketers should actively build connections across the business.
- Senior management support – these elite marketers were aligned with leaders such as the CEO, board and line-of-business heads, and ensured all functions have a shared view of the customer, journey and goals.
- Thinking like a CEO – Ambitious marketers should focus on core drivers of P&L, be a brand-equity and business driver and translate complexity into simple growth opportunities.