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After enduring several challenging years of the pandemic, when they found themselves in survival mode, brands are now at a turning point. Companies are shifting their focus towards brand marketing as a key strategy for long-term growth, moving away from previously dominant performance marketing approaches.
That was a key finding published in an industry white paper titled Unlocking Brand Marketing’s Potential in Asia, jointly published by SCMP Advertising+ and the Interactive Advertising Bureau of Hong Kong (IAB HK), a not-for-profit organisation that develops standards and best practices in digital marketing to shape the future of digital marketing in Hong Kong. The purpose of the white paper is to inspire marketers to capture the huge growth opportunities that lie ahead.
Brand is back
One key takeaway from the white paper is a marked shift in strategy, showing the importance of building strong, lasting relationships with customers and the need to differentiate in a crowded marketplace. By prioritising brand marketing, marketers are diversifying their media channels and focusing on the narrative and storytelling to drive resonance and recognition. With such renewed focus, marketing effectiveness and strategic business metrics are set to grow: successful marketing execution will require confidence and conviction so that brands can be a uniting force in a divergent world, the study showed.
These and other findings were the result of qualitative research conducted in the form of round-table discussions hosted by SCMP Advertising+ across two groups of chief marketing officer-level representatives, one group in Hong Kong and one in Singapore. In addition, quantitative research was conducted across IAB HK’s membership database of marketers whose founding members include big names such as Google, Yahoo!, Meta, comScore and South China Morning Post Publishers Ltd.
“In May 2023, we worked with our industry partner IAB HK and surveyed and met with leading marketers across Hong Kong and Singapore, and one common theme emerged: brand is back,” said Kevin Huang, chief operating officer, South China Morning Post.
Industry thought leaders took part in the round-table discussions. They included Suresh Balaji, global head of marketing and communications, Standard Chartered Bank; Hilda Chan, head of marketing, Hong Kong Science and Technology Parks; Brian Hui, head of customer propositions and marketing, wealth and personal banking, Hong Kong, HSBC; Adrian Warr, vice-chair of APAC practices and sectors, & APAC head of employee experience, Edelman. In all, 25 people took part in the round tables.
Industry leaders, pioneers and veterans gather
To celebrate and highlight the findings of the white paper, an event was held in Hong Kong on June 8, hosted by SCMP Advertising+. Industry leaders, pioneers and veterans were in attendance, eager to share their own learning experiences.
“Today, we are at a turning point,” the Post’s Huang said in his opening speech. “The last three years have seen too much focus on performance marketing and short-term thinking. Now brand marketing is taking centre stage with a focus on storytelling, real-world experience and partnerships.”
The audience was also told that the round-table discussions revealed people are talking about and actively engaging with brands, fuelled by social media and technology, while CMOs and business leaders are leaning into these conversations to get their stories out there.
Marketing driving growth
One thing is clear: “Marketing is the driving force behind growth and that is also being reflected in budgetary allocations,” said Victor Cheng, executive committee member of IAB HK. He noted the majority of IAB HK members surveyed for the white paper cited budget increases, with another 20 per cent citing a substantial increase of 20 per cent or higher in marketing investment.
As the restrictions of the pandemic recede and life returns to normal, marketers now realise they must adapt by diversifying their media channels. According to the white paper, 37 per cent of marketers plan to increase their spend on local news media, while 40 per cent intend to invest more in out-of-home advertising.
“As marketers focus on growth, we’re all going back to the office, going on holidays, we’re all hanging out a bit more today – and that requires us to re-evaluate our marketing channels and the way we spend our budgets,” said Paul Phillips, the Post’s insights & strategy director and research lead on the white paper project. “With this white paper, that’s what we set out to do – to inspire and help businesses capture the growth opportunities ahead.”
Further to sharing the topline findings of the white paper, the event also included a fireside chat about the significance of brand marketing in today’s world. HSBC’s Brian Hui and the Post’s Kevin Huang – both pioneers in the industry – exchanged insights on how their brands, which have been around for more than a century, have shaped their stories to withstand the test of time. The engaging discussion shed light on how effective brand marketing can help companies grow and succeed in the long run.
Every business needs to be engaged in brand
Following this was a lively panel discussion on why every business needs to be engaged in brand. Matthew Miller, the Post’s senior production editor, moderated an entertaining yet enlightening conversation between Simone Tam, group CEO of dentsu Hong Kong; Rudi Leung, director and founder, Hungry Digital; and Alex Law, marketing director, foodpanda. The speakers discussed how the role of brand is changing and how they’ve managed their brands in a time of evolving consumer behaviour. They also spoke about why brands lack self-confidence, and the value of real-world experiences and partnerships.
“During Covid, real-life experience was not possible, but now it’s possible, so real-life experience is giving us the opportunity for a marketer to amplify or even extend an experience,” Tam said. “These real-life experiences are actually giving us an opportunity to engage with the consumer so much more intimately.”
The panellists agreed: “Today, we’re not just selling a service, but I think storytelling is about humanising the brand, and it’s a way to communicate,” Law said.
Throughout the event, one message was loud and clear: the importance of brand marketing can no longer be put off or dismissed. Customers and stakeholders are engaged and conversing about brands, and businesses need to lean into that and get their business stories out there. To future-proof the long-term growth of brands, marketers must find ways to effectively bring their brands into the conversation.
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