HOW THE C-SUITE CAN BUILD

THE BRAND OF THE FUTURE

 CONTENTS

EXECUTIVE SUMMARY 5

THE NEW BRAND LANDSCAPE 6

USE GLOBAL LEADERSHIP FOR LOCAL IMPACT 10

FOLLOW THE BUYING POWER 14

BUILD LIFETIME RELATIONSHIPS 18

ACKNOWLEDGEMENTS 25

REFERENCES 26
EXECUTIVE
SUMMARY
How the C-Suite Can Build the Brand of the
Future provides an overview of the global
landscape for brands and what they can do
to make the most of opportunities while
mitigating challenges. CNBC Catalyst, the
commercial division of CNBC International,
has interviewed marketing leaders and
analyzed dozens of studies, distilling them
into the trends that matter. We had written
this pre-COVID-19 and want to acknowledge
the current state of play whilst bringing the
focus onto how smart thinking and decisive
action taken now can help companies
position themselves powerfully for the
future.
The guidance in this report is written for
Catalyst’s key client community, global
brand leaders that need to connect with
diverse customer bases around the world.
Whether your company manages a single
brand or has a complex architecture,
serves businesses or consumers, or deals
with products or services, this new global
landscape will inevitably require new
approaches for brands to succeed.
As businesses seek to adapt to the
new world ushered in, they are seeking
information and insight from trusted
sources. In this report, we illustrate best
practice approaches that are relevant now
and in the future: many of the key actions
entailed that were important pre-COVID-19
will continue to maintain their relevance in
the long-term.
Whilst brands globally contend with
economic uncertainty, it is essential to
maintain trust and demonstrate through
action how they live up to their values
and promises. While emerging markets
provide an opportunity, economic growth
has been muted and is precarious. A
decade after the financial crisis, growing
inequality and income stagnation has led
to a climate of falling trust. Demonstrating
values and building respectful one-to-one
relationships while delivering on brand
promises are all vital.
The average CEO tenure has fallen from
eight to five years in the space of a decade,
while the average CMO tenure is now just
43 months, indicating that the pressure
of short-termism is on the rise as time in
role drops. It is critical that those within
the C-Suite communicate to stakeholders
that real brand performance comes from
avoiding short-termism. Brand-building
takes time and companies with a long-term
focus outperform their peers.
To win, the C-Suite must structure global
and local leadership appropriately to
achieve the maximum impact.
With external pressures heightened, those
in the C-Suite need to work closely together
and see the CMO as a vital strategic partner
to navigate through the changing business
environment. While values and purpose
should be set globally, senior leaders need
to give local teams autonomy to market in
the right ways to connect with the unique
and changing needs of their customers.
Both B2C and B2B brands need to shift
to new centers of buying power. Shifts
in previous years mean that brands need
to reconsider both their key customers
and how they reach them. In advanced
economies, wealth is more concentrated
in older (and perhaps less glamorous)
demographics. China is expected to see
consumption growth more than the US and
Western Europe combined. Retail spending
in emerging markets is expected to exceed
$8 trillion by 2022, though figures could
change once the impact of COVID-19 is
clearer, and close to half of that will be
digitally-influenced. At this present time,
the ways companies do business are being
impacted heavily. From disrupted supply
chains and remote working, to a sudden
pivot to ecommerce, they are having to
swiftly adapt to a transformed business
environment. Investing in brand marketing
can also help to connect with the rising
number of purchase influencers and
address the challenge of connecting with
time-poor professionals.
More so than ever, lifetime relationships
require demonstrating values through
action, delivering on brand promise,
making sustainability commitments, and
the careful use of data and technology to
connect repeatedly at scale. In an age with
falling trust, brands need to work harder
to demonstrate that they do what they
promise and that they are socially aware.
While data can be used to connect at scale,
privacy must be respected.
As markets react to the spread of COVID-19,
CNBC is at the forefront of giving our
global audience the understanding and
context they need. At the heart of all CNBC
content is actionable intelligence: insight
that our audience can practically apply to
their business, and that is the same lens we
are bringing to How the C-Suite Can Build
the Brand of the Future.
Please get in touch if you have any
questions, comments or feedback. We’d
love to hear from you.
David Evans
Head of Data and Insight
CNBC Catalyst
The study shows that, more than ever before, countless opportunities exist
for brands to think globally, with an unprecedented number of consumers
worldwide connected to the internet, with increased spending power. But
economic uncertainty persists, and global CEOs are prioritising growth in
the face of this and flat consumer confidence. Brands will also need to work
harder on trust and move away from short-term thinking.

TAP THE ASCENDANCE IN IN A CHALLENGING ECONOMY,

CONNECTED, EMERGING MARKETS
Those working for global brands will likely
spend almost all of their personal and
professional time being connected to the
internet. As such, it is easy to forget that
this is a recent development and that much
of the world is either yet to come online or
has only done so as smartphones proliferate.
With this change being both rapid and
new, brands are yet to have reaped the
potential that this offers. Since the start of
the Millennium, the number of internet users
has risen by more than 11-fold to 4.5 billion
consumers, meaning that 59% of the world
is now online, typically via smartphones.1 As
the cost of data and smartphone technology
continues to fall, an even larger swathe of
consumers will be within the reach of brands
wherever they happen to be.
Emerging markets account for the vast
majority of newly-connected consumers,
who are also seeing their spending power
increase at a much faster rate. 2 In 2020,
these nations will account for some $90
billion in purchasing power, compared to
$59 trillion in advanced economies. 3
With this change underway, all global brands
should make sure they are positioned to
take advantage of this shift for the long
term, particularly as 2020 looks to be the
year where 5G ramps up, especially in China. 4
Those that do not may see newer players
snapping up market share, necessitating
either costly acquisitions or accepting lower
rates of growth. As explored later in the
report, many brands such as Guinness are
taking a ‘glocal’ approach, enabling them to
reach and connect with such consumers.
MAINTAIN INVESTMENT AND PUSH
FOR GROWTH
Although long-term potential looks positive
as more consumers come online across the
world, the current picture is more muted.
According to the IMF’s October 2019 outlook,
global growth for 2019 is forecast at 3.0% -
its lowest level since the financial crisis of
2008-09. 5 Even though 2020 is expected
to be stronger, bets should be off, as the
IMF describes the outlook as “precarious”;
the spread of COVID-19 will only exacerbate
this.
Brands may see the impact of this in their
revenues. An uncertain view on the economy
has led to flat consumer confidence
globally, as shown in The Conference Board®
Global Consumer Confidence Index, with
softening in markets such as China, the US,
India and Indonesia. Echoing caution from
elsewhere, economist Bart van Ark remarks
that “the increase in the number of markets
experiencing declining confidence and
somewhat increased concerns about job
prospects bears watching.” 6
So how are business leaders responding?
Despite these uncertainties, the answer
appears to be to move forward rather
than pulling investment. Research by
Gartner shows that CEOs are prioritizing
growth, whilst communicating a clear
set of priorities and maintaining ethical
standards towards customers. 7 For CMOs,
adapt the marketing plan and take action,
without waiting for problems to develop
or the market to point in a clear direction. 8
So while the wisdom of crowds is far from
infallible, brands will likely need to keep up
their spend as competitors do the same.
 Today, the most Asia
(50.7%)
significant growth opportunities
Europe
to reach new consumers exists (16.0%)

Africa
outside of the Western world, (11.5%)

particularly in Asia, Lat. Amer./Carib.

(10.0%)

which accounts for North America

(7.2%)

half of all internet users. Middle East

(3.9%)

Oceania / Australia
(0.6%)

Internet users today now increasingly

have connectivity everywhere they
go through mobile devices.
As of the end of 2018,
90% of the world’s population
now lives in an area with
mobile broadband coverage,
47% have access to an
internet-connected mobile device 4
and 43% access
3%
47 %
mobile social media.

There’s a lot of thinking going on at the moment about how you balance the need
for short term sales with long term brand building. It’s long term brand building
that’s going to get you over the line year after year after year, but if you’re only
investing in the short term your effects are going to decay very quickly.

DAVID TILTMAN
HEAD OF CONTENT,
WARC
AS TRUST FALLS, BRANDS WILL
NEED TO WORK HARDER
Back in 1972, Nobel Prize-winning economist
Kenneth Arrow remarked that “virtually every
commercial transaction has within itself an
element of trust, certainly any transaction
conducted over a period of time.” 9
Overall, income inequality is on the rise
in several markets 10 and a wide body of
research shows a negative correlation
between inequality and trust.11 Indeed, the
inequality following the financial crisis
has eroded trust, creating a challenge that
brands must overcome.
As highlighted in Edelman’s Trust Barometer
for 2019, while global levels of trust have
risen slightly this year, distrust among the
general population is persistent. In addition,
the gap in trust between the “informed
public” the “mass population” has widened
to its highest recorded level.12
Brands should be concerned as studies
have linked trust to brand performance.13
Indeed, some 95% of CMOs surveyed by
Brand Keys claimed that “establishing trust
between my brand and the consumer” was
an issue keeping them up at night.14
So, what should brands do to build and
maintain trust in such a climate? Surveys
suggest that corporate social responsibility
is becoming an increasing factor and can
no longer be simple lip service. In the US,
roughly 9 in 10 consumers say they would
buy from a company that leads with purpose,
while 8 in 10 say they feel they make a
positive impact when buying from purpose-
driven brands.15 Globally, a survey of 30,000
consumers by Accenture Strategy found
that two-thirds said they were attracted to
a brand because “the company has a great
culture — it does what it says it will do and
delivers on its promise.”
FIGHT AGAINST SHORT-TERMISM
Amazon’s investor reports are well-known
for including Jeff Bezos’s original 1997
letter to shareholders, which states that
Amazon “will continue to make investment
decisions in light of long-term market
leadership considerations.” 23 But outside of
Amazon, “the belief that short-termism (aka
quarterly capitalism) is seriously damaging
our economy is so widely accepted it has
become a veritable truism.” 24
Indeed, this is more than just a feeling
among C-suite leaders. Analysis of financial
data by McKinsey shows that short-
termism is on the rise. 25 Furthermore, the
pressure is compounded as time in role
drops. Average CEO tenures have fallen
from eight to five years in the space of a
decade 26 while the average CMO tenure is
The same percentage also stated they were
attracted to a company that is transparent.16
Putting such practices into effect is not
something that can happen overnight.
Brands should monitor trends to pre-
emptively align themselves to social causes.
For example, beer brands such as Heineken
are reducing their use of plastic rings and
packaging.17 However, in a connected age,
brands need to use technology to respond
quickly to both large crises and individual
consumers. The widespread use of social
media means that trust can rapidly evaporate,
as can be evidently seen in China. Following
a 2008 milk scandal, Chinese consumers
are particularly weary about food safety
and have placed a premium on international
brands.18 So when an employee of a French-
owned boulangerie revealed the use of stale
flour, within 24 hours there were more than
6 million mentions of the brand on Weibo.19
But on a positive note, brands that respond
effectively to crises see positive impacts on
shareholder value. 20
Finally, while technology offers the potential
for reach, it also creates the potential
for distrust in the perceived misuse of
data. Globally, the misuse of personal data
is leading to 64% of consumers to lose
their trust in tech firms. 21 The good news
is that when it comes to trust, brands are
prioritizing both respect for people’s data
and its security 22 while CIOs are increasingly
helping rather than hindering marketers. 8
now just 43 months. 27 But brand building
takes time and companies with a long-term
focus outperform their peers. 25 Therefore,
it is critical that those within the C-Suite
communicate to stakeholders that real
brand performance comes from avoiding
short-termism.
An example in point can be seen from Paul
Polman’s efforts at Unilever. On becoming
CEO, he set a goal to double turnover and
focus on sustainability. At the same time,
Polman made the decision to stop full
reporting on a quarterly basis, even though
it led to an 8% drop in share price. 28 Ten
years after Polman took control, Unilever’s
total shareholder returns were 282% with
dividends reinvested, versus 131% for the
FTSE index. 29
COMPASSIONATE TECH
Since its founding in 2009, Pinterest has
grown to become one of the world’s largest
social networking platforms. However, only
in 2018 did the platform hire its first CMO,
Andréa Mallard to help it on its next phase
of growth. Having come from the long-
established clothing brand Gap, Mallard
reflects that “as we surpassed 300 million
monthly users, we realized we had stepped
up to a global stage. We needed to be a
little bit more thoughtful about building
an iconic global brand that was going to
resonate around the world to the degree
that it had naturally resonated in the US…
I had a very healthy business, but I didn’t
have a functional marketing team.”
In addition to creating a high-performing
marketing team, Mallard has made
educating the executive team about the
benefits of long-term brand building a
priority. “They should hold us accountable,
but they also need to take a leap of faith
along with us to say brand building won’t
deliver immediate short-term ROI… I think
a modern CMO needs to be extremely
whole grain and would paint the art and the
science with equal clarity to the executive
team, to take them on both a science-based
and faith-based journey as we try to scale
the business.”
In this way, Mallard describes herself as
“half rabbi, half scientist”.
Using local teams has also been a key
aspect. “Data only gets you so far, so by
opening offices on the ground with locals,
we’re getting so much more subtlety
and nuance than we’d ever get just through
data.”
Pinterest also recognizes the importance
of communicating their values, by using its
technology for public good. “Where we’re
getting a lot of support right now is that
we’re taking clear stances on important
topics that people care about, like anti-
vaccination or misinformation. So we know
a lot of people were searching for anxiety
and depression on Pinterest and now we
serve them up incredible resources. We
call it compassionate search. We can solve
the problem with them, not make it worse
through our technology.”
Such an approach has kept Pinterest’s
growth strong. As of Q3 2019, revenue
was up 47% year over year, the tech firm’s
adjusted EBITDA margin has expanded by
8% and double-digit growth is present in
nearly all international markets. 30

KEY TAKEAWAYS

Consider long-term strategy in emerging markets where large

numbers are coming online. Rising incomes and connectivity
in poorer parts of the world open opportunities to brands
that can sell at the right level.

Maintain marketing spend but take preventative action

against an economic downturn. Brands will likely need to
keep up their spend as competitors do the same

Use technology to engage with customers but respect their

data to maintain trust. Using digital communications means
that responsiveness and connections can both drive loyalty
and mitigate the impact of a crisis on stock performance. And
while data is critical for today’s marketing, its collection and
use needs to be carefully managed.

Be bold in communicating the benefits of a long-term

approach. Multiple studies show that this approach adds the
most value for shareholders.
Addressing the key challenges and opportunities for growth requires skilled
leadership. But how can those in the C-Suite make sure their brands have an
impact at the point where they meet the customer? Collaboration, setting
purpose and freeing local teams to do what works are the key ingredients for
success.
START WITH C-SUITE
COLLABORATION
In their seven rules for creating successful
brands, T.C. Melewar and Christopher M.
Walker list rule number one as “a brand must
be inextricably linked to the overall corporate
strategy. If it is not, then the company
is in danger of offering an inconsistent
level of service, inconsistent quality and
communication, and, more importantly, of
having no real brand quality.” 31
As corporate strategy is inherently
collaborative, global brand performance
cannot be the exclusive remit of the CMO.
The complexity of today’s marketing
landscape requires close collaboration
between members of the C-Suite. The CMO
and the CIO need to work together to make
the best use of data and technology, while
being compliant and respectful of privacy
laws. The CMO and CFO need to use data
to optimize media spend, in addition to
balancing short-term expenditure that
drives sales with long-term brand equity
building.
However, a problem for many firms is that
those in leadership do not work in such
a close-knit fashion. A study by Deloitte
has found that “many CMOs struggle with
C-Suite acceptance… [as they are viewed] as
senior tacticians rather than vital strategic
partners.” 32 Meanwhile, separate research by
the Financial Times finds that even though
digital transformation efforts have increased
collaboration, responsibilities have become
blurred – and alignment between different
CxO roles varies. 33 That being said, there is
now evidence that CIOs and tech leaders
are now champions of marketing rather than
barriers to performance. 8
Making sure that leaders at the top are
united and have good working relationships
is a critical first step. While it’s impossible to
eliminate all tensions, the good news is that
those at the highest echelons are looking to
improve engagement and relationships with
their colleagues in the C-Suite. 34
SET COMPANY-WIDE PURPOSE,
VALUES AND PRINCIPLES
In recent years there has been a tendency for
large global brands to talk of disruption in
worried tones. As one Harvard academic put
it in The New Yorker, “disruptive innovation
is competitive strategy for an age seized by
terror.” 35
While many brands are now rightly
considering how to adapt, global leaders
should remember that the foundational
stage for building a strong brand with value
is to create and maintain a strong identity. 36
Recently, issues of social responsibility
have become a key part of that identity, and
those within the C-Suite should make this
clear at the highest levels. As an example,
Unilever communicates this loudly to its
investor base, stating that its purpose “is to
make sustainable living common place. We
believe that this is the best way to deliver
long-term sustainable growth.” 37
An alternative approach can be to emphasize
values. In interview, P&G’s Chief Brand
Officer Marc Pritchard said “We actually
got into the purpose world about ten years
ago. But purpose can sometimes be as very
broad and disconnected from the brand.
[Instead], we focus more on things like
citizenship values.”
Purpose, values and principles act as a
guiding light for those further down the
management chain, where they come to
life in campaigns and messaging. For P&G,
this can be seen in the #LikeAGirl campaign
for Always, which was followed by its End
Period Poverty initiative to distribute free
sanitary products to girls in need.
Values can also take the form of making
a firm commitment to customers, which
can be particularly powerful for B2B firms.
IBM’s Global Chief Evangelist Nancy Kramer
gives a clear example, stating “IBM will never
monetize our clients’ data for our benefit…
The client owns all the data and we will
never monetize or compromise that data in
any way.” This principle then sets behaviors
across the business which builds trust in the
brand as a whole.
DO YOU KNOW YOUR PLATFORMS?
Baidu 2bn
WeChat 1bn
Tencent QQ 889m
Toudou Youko 500m
Tmall 493m
Meitu 456m
Sina Weibo 445m
Meituan-Dianping 290m
Fliggy 200m
Zhihu 160m

Baidu Meitu
Search, and network of services Photo editing and sharing
WeChat Sina Weibo
Al purpose messaging, content China’s version of Twitter
and shopping Meituan-Dianping
Tencent QQ Discounts, reviews, shopping
Instant Messaging Fliggy
Toudou Youko Travel and shopping
Video Zhihu
Tmall The Quora of China
B2C shopping

Our CEO Dave Hoffman put forward a blueprint for growth and it covered all aspects of the
business and what I really wanted to have was a team that would interpret that and deliver it in
fresh ways at speed and scale. And so some of the folks that came in really have an understanding
of how to move at speed… Every business is being disrupted either by technology or a new set of
consumers or a new set of players. It’s easier than ever to build a business and disrupt and everyone
is facing that... I think customers reward bravery. I think they respond well when you do something
that is an unexpected or bold move but it’s really important that you do it consistent with the
brand’s core values.

MARK PRITCHARD
CHIEF BRAND OFFICER,
P&G

We need to have a creative way

of engaging in China the way it works there.
So we don’t direct a lot from the center in terms of
what we do there.

ROEL DE VRIES
SENIOR VICE PRESIDENT MARKETING,
NISSAN
EMPOWER LOCAL PEOPLE WITH
AGILITY AND AUTONOMY
Once global leaders are united on a plan
and have set key values, the question is
how this should be implemented at the local
level where the customer interacts with the
brand.
But with digital technologies having
increased the speed at which opportunities
and risks can emerge, management
methods that worked previously are not
necessarily fit for purpose. Rigid, top-down
management can now be more of a liability
than a guarantor of results. In his book
Agile Transformation, Neil Perkin states
that incumbent firms “need leadership and
cultures that support moving fast, greater
experimentation and a wholly different way
of operating.” 38
Global leaders need to hold back from
overly burdensome management and
give more freedom to those closest to
customers. This is both true for CEOs and
CMOs. Corinne Sklar, CMO at IBM iX, is
adamant in this regard. “You have to give
autonomy to the individual markets. But in a
lot of companies, there’s a corporate overlay
and you push down strategy. But you have
individuals in these markets who know the
markets… you need to make sure you give
the individual marketing organizations in
those countries autonomy.”
This doesn’t mean global brand consistently
needs to be removed, but rather that local
teams should be empowered to make
messaging relevant. Nissan’s Senior VP Roel
USE LOCAL DATA AND PLATFORMS
– ESPECIALLY IN CHINA
Markets have always had different media
outlets and channels through which to reach
consumers. In traditional media, TV channels
and newspapers will reach local audiences.
But today’s consumers all over the world are
engaged with technology at a growing rate,
allowing reach from anywhere. As OMD’s
CEO John Osborn notes, “personalization
is really important. But there are also new
opportunities we have to speak to a larger
group of people than perhaps ever before.”
However, this reach potential shouldn’t
shadow the need for localization. Brands
should use local data to improve the impact
of messaging to local audiences. Osborn
adds, “it’s incumbent on us… to make sure
that the content is representative of the
context in which we plan it. All of that is
fueled by data.”
There’s one key market in which localization
is a critical factor for success. China
requires a unique approach as it stands
out for both the size of its market and in
the uniqueness of its platforms. As Oracle’s
De Vries remarks “I’m a firm believer that
brands are global. I don’t think you have
brands that are fundamentally different in
one market to the other. But how you deliver
that and engage with people has to be
tailored to the market.” Such an approach
has been termed “glocal” – where global
brands customize both their products and
promotional strategy to fit local markets. 39
Diageo’s Andrew Geoghegan provides two
useful examples of this. “In Europe, Guinness
is synonymous with Ireland where the draft
pint is part and parcel of Irish culture. But
some of our biggest markets are in West
and East Africa, where we use the same core
positioning and idea, which we then bring to
life through the energy of Africa… For Haig
Club, David Beckham is powerful because
celebrities like him are so well-known across
the world. But we also recognize our main
influence is bartenders, so we have a program
called the Bar Academy which turns those
bartenders into an army of advocates.”
Local products should also be considered
as part of growth initiatives. Indeed,
analysis published in the Harvard Business
Review shows that in 2017, 75% of the top
three brands in the categories and markets
studied were small, new or local brands. 40
CMO Amanda Jobbins notes, “In China there
are a number of new emerging platforms
that very much mirror some of our own.” As
an example, Baidu could be compared to
Google. But some products such as WeChat
are far more. “WeChat is more than just a
messaging platform; it really is a full online
experience.”
For the largest brands, close working
relationships with the tech players is
essential. Raja Rajamannar at Mastercard
remarks, “you need to have partnerships
with these local platforms which are at a
gigantic scale.”
Overall, it may be better for brands to
manage consumer data locally rather than
look for the efficiencies in centralization.
This can help in complying with local
regulations (such as GDPR and the California
Consumer Privacy Act) and provides local
teams with the data they need as is relevant
for them. CIOs and CTOs will need to enable
this to happen.
BURGER KING’S WHOPPER DETOUR
Initiative, data and creativity all came together for Burger King with the Whopper Detour
campaign, which won the top prize at Cannes 2019. Consumers were offered a Whopper
burger for 1 cent if they opened the app whilst at McDonalds. “It was completely brilliant...
just pure genius” said the Cannes jury president. The campaign generated 3.5 billion earned
media impressions and drove 1.5 million downloads of the Burger King app. Fernando
Machado, CMO of Burger King, tells CNBC Catalyst how the idea was fostered:

Our agency came with an idea that was similar to the Whopper
Detour but not exactly the same. We gave feedback to them, we
helped them understand what we needed, and then they took
a couple of months of going back and forth with us around the
idea and sure it became Detour. Which is normal. Many times
people present an idea to us and we look at it and we think, ‘Oh,
there is something there.’ Sometimes you dont even know what
it is at first, but we nurture that. We dont kill it, we nurture it.
Because we believe that ideas need to be nurtured to grow and
thats why we invest so much in having creative partners. You
need that relationship to nurture an idea and that’s what exactly
happened to Detour. It grew, grew and grew until it became the
monster that ate the Titanium Grand Prix at Cannes, which is
mind blowing and unbelievable.

FERNANDO MACHADO
BURGER KING CMO

KEY TAKEAWAYS

Prioritize developing relationships with your colleagues in the C-Suite.

Setting global standards, values and ways of working is a collaborative effort.

Communicate the importance of social responsibility to external

stakeholders and investors. As an inherently long-term activity, it can be
difficult to demonstrate immediate value under short-term pressures. Be
clear and firm on why this is important, even if there may be an impact on
share performance when you do so.

Set values at a global level, but allow local teams freedom in their approach.
Local teams have intimate market knowledge about how consumers want to
align with their brand. Allow them to pursue what works and to tailor their
approach to the market.

Consider localizing data to empower local teams and assist in compliance

with local laws and regulation.
While centralization has its benefits and Safe Harbour Privacy Principles
permit sharing of data between the US and EU, it might not be the optimal
approach for global brands.

International brands in China need to understand and use local technology

and platforms. While each market will have differences, China stands out both
in terms of its opportunity and in the unique nature of its tech landscape.
The previous section discussed some of the working practices that global
brands will need to adopt to address the challenges and opportunities in
reaching customers globally. But where is the buying power concentrated?
Changes in consumer attitudes, market opportunity and buyer decision
making may mean strategies need to change.
IN ADVANCED ECONOMIES,
BE CAREFUL ABOUT OBSESSING
OVER YOUTH AND ASPIRATION
Brands have coveted youth since at least
1944, when LIFE magazine discussed how
businesses were targeting the “teen-age”
market. 41 But various indicators suggest that
the relative wealth and spending power is
declining among younger consumers.
In the US, the generational wealth gap
between “Baby Boomers” (often defined
as those born in the two decades after
the Second World War 42) and those in
their twenties and thirties has grown
dramatically. 43 In countries such as the UK,
this situation is even more pronounced. 44
In the US, there are also twice as many
consumers in the Boomer group than those
ages 25-34 and on average, they spend 15%
more on non-housing expenditure each
year. 45 Brands should make sure they do not
forget older consumers with higher wealth
and more disposable income.
But there’s another change in consumer
finances that brands should be aware of.
In advanced economies, real wage growth
is lagging and middle class earners are
more likely than ever to fall back into lower
earning segments. 46 Furthermore, lower and
middle class consumers are seeing their
share of income falling. 47
In addition to falling trust, this shift has
had an impact on how consumers view
their living standards. A survey from the
Pew Research Center shows that among
G7 countries, 48% believe that the financial
situation of a person is worse today than
20 years ago. 48 In advanced economies,
brands should adapt to perceived drops in
financial standards, both in which groups
they target and in careful use of their
messaging. On the former point, consumers
are looking increasingly at private labels to
save money. 49 On the latter, messages of
aspiration should be carefully considered
to avoid being seen as out-of-touch. As
an example, Peloton’s Holiday ad was
widely mocked for perceived undertones
of classism and sexism, resulting in a rapid
drop in its share price. 50
TARGET CHINA FOR THE GREATEST
CONSUMER POTENTIAL
As issues with consumer finances paint a
lacklustre picture in advanced economies,
China presents a standout opportunity. Even
as the nation’s economic growth slows, it
is still adding the equivalent of the entire
Australian economy to its GDP annually –
while its forecast consumption growth over
the next decade will be as much as Western
Europe and the US combined. 51
But to capture this, digital plays an even
larger role. China’s online retail sector is both
faster growing and larger than in markets
such as the US, 52 meaning that brands need
to put digital efforts front and center. As
mentioned in the previous section, local
knowledge of both the consumer landscape
and the unique tech ecosystem is critical
here for driving success. The differences
mean that piecemeal or supplementary
growth efforts are unlikely to have much
success.
Brands will need significant investment
and local talent. But starting from a blank
slate with technology can be helpful. Fiona
Noble at Quintessentially notes there is “the
benefit of not having had many of the legacy
technologies and indeed many of the legacy
approaches to marketing and advertising.”
At the top end of the spending scale, China
also sees a growing number of high net
worth (HNW) shoppers. The good news
here is that the HNW and luxury segments
may prove easier to reach with established
methods and similar messaging. Analysis by
Credit Suisse shows that China dominates in
the middle percentiles for global wealth, and
HNWs in general “tend to share the same
lifestyles – participating in the same global
markets for luxury goods... even when they
reside in different continents.” Wealthy
Chinese consumers are also spending more
of their luxury dollars locally rather than
making purchases abroad and account for
33% of global luxury spend. And in contrast
to the market as a whole, the vast majority
of luxury spend is done offline. 53
 In the USA,
Boomers have
than their Millennial counter parts.

Boomers
52 - 70

Millennials
20-35

SA
U

In the UK
it is as much as
Boomers
52 - 70
Millennials
20-35
K

The first thing to recognize with

China has got its own
China is the market is different.
unique characteristics and what
Ecosystems are different. The way
it means to people may not necessarily
consumers are using media and
be exactly the same as what happens
technology is different. In many
to people in some other country or
ways they are far ahead of many
some other continent. So the first thing
other parts of the Western world
you’ve got to be cognizant of is
in how they have managed to use
how relevant audio is when you’re
technology to deliver to consumers
producing content from the Chinese
and customers much more
audience. Extremely critical.
meaningful content, and a much
[Also] you need to understand usage
more meaningful way of managing
habits and consumption habits where
their lives right.
content is concerned.
SITAL BANERJEE
RAJA RAJAMANNAR
GLOBAL HEAD OF MEDIA
CMO,
& MARKETING PERFORMANCE,
MASTERCARD
PHILLIPS
EXPLORE THE LONG-TERM
OPPORTUNITY IN OTHER EMERGING
MARKETS
For brands looking to develop further afield,
there is positive news in terms of the size of
consumer wallets. At a global level income
inequality between countries has been
falling since 1990, 54 meaning that consumers
in emerging economies are catching up,
making them of increasing importance to
global brands.
BCG estimates that by 2022, the total value
of retail spending in emerging markets will
reach $8.3 trillion, with ecommerce making
up 20% of the total. In addition, close to
half (47%) of all spend will be digitally-
influenced as consumers turn to the internet
for information, regardless of whether they
buy online or not. 55
Providing products and services can be
created for consumers with local incomes
by global standards, there is a long-term
opportunity in serving them, as internet
penetration continues to rise and the
opportunities for brands to reach them
grows.
Brands across all categories should
consider the growth potential in emerging
markets as it can be seen across almost
FOR B2B, BUYING POWER
DEMOCRATIZES AND MOVES TO
SELF-SERVICE
In 1987, an article on ‘B2B Selling Methods’
lamented the fact that “an average of 5.5
calls are required to close a single sale” using
“new selling techniques such as national
account management and telemarketing.” 62
Today, achieving such performance with so
few phone calls would likely be outstanding.
The use of digital technologies has
had a number of profound changes in
the distribution of B2B buying power
and decision making. While traditional
approaches to B2B marketing would speak
of a “decision maker”, today that is more
likely to resemble a committee. Research
from the CEB shows that the number of
people involved in B2B solutions purchases
climbed from an average of 5.4 people in
2015 63 to potentially more than 10 by 2018. 64
B2B brands must therefore market to a
wider target audience, including junior
members of staff. A study by Google
found that 18-34-year-olds accounted for
almost half of all researchers throughout
the buying journey. It also found that while
64% of the C-suite have final sign off, so do
all areas. For example, sales growth in
consumer packaged goods is two to four
times higher in emerging markets. 56 By
2024, these countries will see more than 1
billion people using smartphones for mobile
financial services, from microloans to money
transfer. 57 Lifestyle spend is also on the rise,
in areas such as food delivery, streaming
services and online gaming. 58
However, brands should also act tactically in
choosing countries for investment as there
are significant differences in opportunity
between countries and regions. In Africa for
example, seven countries—Nigeria, Ethiopia,
the Democratic Republic of Congo, Egypt,
Tanzania, Kenya, and South Africa—will soon
hold half of the continent’s population. 59 In
Latin America, Brazil, Mexico and Argentina
account for over two-thirds of purchasing
power. 60 In Asia, India is set to become the
third largest consumer market in the world,
reaching $6 trillion by 2030. 61 As such,
markets in smaller countries may not yield as
much, particularly if differences in language,
culture and regulatory conditions pose
significant barriers to entry and expansion.
almost a quarter (24%) of the non-C-suite.
Furthermore, around 8 in 10 of this latter
group have a say in purchase decisions. 65
As the internet is increasingly used for
B2B purchase research, B2B brands need
to provide online experiences that allow
potential customers to self-serve. Forrester
has found that three times as many buyers
want to self-educate rather than speaking
with a salesperson – and if they know what
they want, 93% prefer to just buy online
rather than talking to sales. 66
The self-serve trend is clear as the B2B
ecommerce market grows rapidly. It now is
six times the size of the B2C market, with
the Asia-Pacific region accounting for the
large majority of global share. 67 Therefore
that it should be no surprise that Amazon
has muscled in on the act, and by 2018 it
grossed $10 billion in sales for its business
marketplace. 68
ORACLE’S EFFORTS IN CHINA
AND ASIA PACIFIC
When brands want to run campaigns in new markets, it is not enough to simply
translate them. Oracle’s CMO Amanda Jobbins describes how she approached
the issue:

At Oracle I ran an international brand campaign and that entire campaign

had to be localized for all our markets both in the EMEA and Japan and
Asia Pacific. That means not only the language but also translating the
creative. So making sure that it really makes sense to the customer not just
translated... we have to see ourselves in any advertising or any engagement
materials online, otherwise we’re not going to interact with it.

This meant that both the imagery and visuals had to make sense in order to drive
engagement. “I have seen that we do need to have a different visual identity.”

Distribution and promotion also required local channels, particularly in China.

These included Baidu for search and WeChat for customer engagement.
This included webcasts broadcast via WeChat, which has had significant success.
“We’ve had 400,000 people on a video cast on a Tuesday evening for one of our
technology shows. How incredible.”

KEY TAKEAWAYS

Avoid the allure of youth in advanced economies. Buying power and

wealth is shifting to older consumers, making them a more attractive
market.

Be mindful of changes in income in advanced economies. With

the malaise of perceived falling living standards, brands should be
careful in how they present themselves, particularly if they are strong
on aspirational messages. Exploring private label options may be a
way to keep hold of spending.

Target consumers in China for the greatest potential growth, but

make sure to invest in local tech and marketing. With the digital
ecosystem being so different, an approach that works in other
markets may not be easy to carry across without the right efforts.

Explore other emerging markets for the long term, but be strategic
in choosing the right countries. Not all emerging market countries
have the same scale of opportunity.

For B2B firms, reach more broadly across buying units and provide
opportunities to self-serve. Buying decisions are now more broadly
spread with junior staff having a say. Furthermore, buyers want to
research and make purchases increasingly by themselves without
involving a salesperson.
Brands need to move away from short-term thinking to grow for the future.
But what actions should be taken to create lasting customer relationships?
Demonstrating values, building respectful one-to-one relationships while
delivering on brand promise are all vital.
DEMONSTRATE VALUES THROUGH
ACTIONS TO WIN TRUST
Regardless of where a firm’s customers
are, trust is a key ingredient for success
in the long term. Brand marketers have
acknowledged this even before the digital
age in terms of how a buyer’s predisposition
impacts their attitude. 69
But where brands had more control of
messaging previously, the internet now
provides a way for consumers to both search
for information and share it with others. In
addition, general falls in consumer trust
create a situation where distrust can spread
more quickly. This has a real impact. An
analysis of more than 7,000 companies by
Accenture Strategy quantified the impact of
a fall in trust, in that it reduces its competitive
power and has a disproportionate impact on
revenue and EBITDA.16
As such, it is even more important now
for brands to demonstrate how they live
up to their values and brand promises –
and to build trust as a result, particularly
as consumers are sceptical. One survey by
Deloitte found that of the 13,000 Millennials
they surveyed, 27% say businesses should
try to improve the environment, but only
12% believe business is doing so.70
As mentioned earlier, campaigns and
initiatives that bring their values to life are
one method to demonstrate values – such
as the #LikeAGirl campaign for Always. But
efforts should also stretch over a longer
time horizon. Since 2004, P&G’s Children’s
Safe Drinking Water Program has provided
more than 15 billion liters of clean water to
people in need across the world.71
But brands should also build trust through
their actions with individual shoppers.
Customer reviews also have an important
part in purchasing decisions, so brands
demonstrating attempts to fix a problem
can both benefit from higher individual
loyalty and the public demonstration of
making things right.
BUILD ONE-TO-ONE RELATIONSHIPS
AT SCALE – BUT RESPECT PRIVACY
While large scale initiatives and campaigns
help to demonstrate values of social
responsibility, brands also need to connect
at an individual level. Today’s technology
offers significant potential here.
Social media offers the chance for
consumers to connect directly with brands.
More than seven in 10 shoppers aged 18-34
say that they would be more loyal to a brand
that replies to them, while half say they are
likely to post negative experiences to social
media.72 Brands should make sure they
have resources to engage with individual
customers. Philips acts an example here,
as they have an in-house social media team
available 24/7 for both optimization and
responding.
When it comes to reach, brands should
also use data to tailor their ads down to
an individual level. For advertising efforts,
personalization and targeting based on
purchase intent can have a dramatic impact.
Analysis by IRi finds that purchase-based
targeting improves campaign return on
advertising spend (ROAS) by up to 20
percent and achieves significant sales lifts.
Furthermore, real-time measurement and
optimization can lead to return on ad spend
improvements of up to 80 percent, even for
bricks-and-mortar purchases. 49
That being said, personalization can
become “creepy” when done poorly, with
one study finding that two-thirds of US
consumers claim to have stopped buying
from a brand because of such practices.73
As a result, data should be used carefully
for personalization, and short-term gains
should not make brands lose sight of long-
term relationship building.
The use of data becomes even more
important considering the impact of
legislation. From GDPR in the European
Union to California’s privacy laws, brands
face stiff penalties if they do not comply.
 of c

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We consider ourselves to be a data company and we consider our

customers privacy paramount. There’s also this question in media and
advertising and marketing around how much personalization is creepy and
how much is acceptable… We definitely want some personalization. We
want it to be relevant to us and the data gives us that opportunity. But we
also at the same time have to make sure our customers trust us. And that
we provide them with the utmost security and privacy.

AMANDA JOBBINS
CMO,
ORACLE

We’ve thrived and survived because of the trust and transparency that we
have with our clients and we help them get from here to there. We and
our partners have our own kind of initiatives about how do we do good in
the world to build that relationship with audiences… Tech for good is not
just an IBM thing but a thing that we all participate in.

GEORGE HAMMER
CHIEF CONTENT OFFICER,
IBM
DELIVER ON BRAND PROMISE THROUGH
CUSTOMER EXPERIENCE
Consumers are sceptical of the messaging
that brands put out. According to a survey of
6,000 consumers globally by Jack Morton,
more than half believe that “brands today
rarely live up to the promises they make” –
with 60% in China feeling this way.74
While living up to socially responsible values
is one aspect of improving customer lifetime
value, the individual experience is also
key. Older generations can be particularly
discerning, as 44% of Boomers say they
would walk away from a brand after a single
bad experience.75
As such, messaging alone cannot build long-
term customer relationships. Instead, brands
need to develop holistic and creative ways
to improve the customer experience. Each
touchpoint provides an opportunity to
assess the experience and offer something
new.
The exact experience of a brand will differ
depending on the market in which it is
INVEST IN BRAND MARKETING TO CONNECT WITH
CHANGING NEEDS OF PURCHASE INFLUENCERS
As buyers increasingly engage in self-
serve behaviors, providing information that
helps make decisions is key. Around half of
business leaders say content has triggered
a buying process, second only to vocalizing
a pain point or challenge. 77 However, cutting
through the noise is a key challenge. Around
three-quarters (73%) of B2B buyers say
they have less time to devote to reading
and research,78 with many also stating that
the amount of trustworthy information they
encounter is overwhelming. 79
For content to cut through the noise,
deploying technology carefully can be
particularly fruitful. Marketing automation
can deliver the right content at the
right time to relevant prospects, helping
nurture sales. Account-based marketing
and personalization also allows brands to
tailor messages and optimize their media
spending. These can all help increase sales
opportunities.
However, B2B brands should also be
aware that the use of some technology is
becoming less effective with overuse. For
example, email open rates have been on a
consistent decline for a number of years 80
in, so teams with local knowledge can
provide recommendations beyond simple
advertising. These can even extend to
products that are seldom sold online. As an
example, Chinese produce brand Nongfu
Spring launched its ‘17.5° digitally traceable
orange’, which allows consumers to scan
a QR code in order to find out where their
orange comes from, how it was grown,
its growing process, and other details
regarding its quality. This allows it to prove
it is delivering on its brand promise and
sell its oranges at double the price of its
competitors. 76
while more than three-quarters of buyers
feel uncomfortable about sharing their
phone number online as they download
content. 81
So in addition to using technology to
generate more leads, B2B marketers should
also look for opportunities to build their
brand. Analysis by Les Binet and Peter Field
shows that B2B brands drive the greatest
efficiency when they spend 46% of their
advertising budget on brand building. 82
As the number of purchase influencers
continues to rise within B2B environments,
brand marketing helps to achieve a wider
reach and can help to address the challenges
involved in connecting with time-poor
professionals.
Social responsibility should also play a
role in B2B brands. Schneider Electric has
aligned its actions with UN development
goals and assesses impact throughout the
value chain. As the CMO Chris Leong states,
“we feel that as a brand what differentiates
us is our purpose. It’s why we come to work
every day.”
HOW IBM HELPS CLIENTS
DELIVER EXPERIENCE
Bringing around lasting change can be particularly difficult. To assist with
this, IBM focuses on the principle of business design. As Billy Seabrook and
Nancy Kramer explained:

“By business design we mean working on the employee experiences as well

as the customer experiences and bringing it all together to ultimately drive
business outcomes. And that might require reinventing the way people
are working or reinventing away companies operate when we say business
design.”

But in practice, there are often common challenges. “When it comes to

working with our clients, many of them come to us with two challenges. They
want to grow their business and they want to change their business. And
often that means simply changing how they work inside their own company.”

Using approaches from innovative startups, IBM provides a variety of

different methods, from design thinking, to agile or dev ops, that represent
more nimble ways of working. To do this, IBM co-locates with the client in
what they call a garage. “That teaches these assembly skills. When we co-
locate with them, we then create new ideas to change their business. We then
execute with them and then we co operate. Those new business products
that we’ve developed together can then scale at an enterprise flight level.”

From this, incumbent brands can become more efficient and develop new
customer experiences that help them adapt in a changing world.

KEY TAKEAWAYS

Avoid mere lip service to brand values and purpose. Take actions to
bring them to life. Both large scale campaigns and interactions with
individual shoppers are an opportunity to build trust.

Have resources in place to speak with your customers one-to-one.

Whether on customer review sites or through social media, consumers
want brands to interact with them.

Assess customer experience across all touchpoints. Remedy issues

and think creatively to surprise your customers.

For B2B firms, invest in brand marketing even if other approaches

demonstrate short-term ROI. Increased noise and reduced effectiveness
of some digital marketing methods mean that B2B brands should cast
a wider net.
WHAT CNBC CATALYST
CAN DO FOR YOUR
ORGANISATION

CNBC Catalyst is the in-house advertising

agency of CNBC International, created
to be the secret door for brands
to access the C-Suite.

We connect brands to the world’s most influential business

leaders, investors and innovators. By combining CNBC’s unique
actionable intelligence proposition with our exclusive ABCDE
advertising solutions, we deliver compelling campaigns that spark
change with the most powerful people on the planet.

As we solve our clients’ most important

brand challenges, it is critical to
understand the intrinsic needs of the
target audiences we cater too, which
enables us to produce compelling
content and connections that provide
the utmost value and importance
to their working lives, delivered in
relevant formats, across the platforms
they use most frequently.

MAX NEWNHAM
DIRECTOR OF BRAND & CREATIVE STRATEGY,
CNBC CATALYST
ACKNOWLEDGEMENTS

CNBC Catalyst would like to thank the following CMOs for their help with this report:

Amanda Jobbins, CMO, Oracle

Andréa Mallard, CMO, Pinterest
Billy Seabrook, Global Chief Creative Officer, IBM iX
Chris Leong, CMO of Schneider Electric
David Tiltman, Head of Content, WARC
Fernando Machado, CMO, Burger King
Fiona Noble, CMO, Quintessentially
George Hammer, Chief Content Officer, IBM
Marc Pritchard, CMO of Proctor & Gamble
Nancy Kramer, Global Chief Evangelist, IBM iX
Pedro Earp, CMO, Anheuser Busch InBev
Raja Rajamannar, CMO, Mastercard
Roel De Vries, CMO, Nissan Japan
Seng Yee Lau, Chairman of Group Marketing and Global Branding, Tencent
Sital Banerjee, Global Head of Media and Marketing Performance, Philips
Tony Weisman, CMO of Dunkin’
Laila Mignoni, Global Creative Excellence Director, Bacardi
John Osbourne, CEO, OMD USA
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