More than a quarter of companies regret not investing more money in 2007 into developing a greater understanding of their customers and will address this shortcoming in 2008, new research shows.

The first annual Brand Strategy Trends survey from Next Level SMG (NLSMG), indicates that 28 per cent of respondents would like to understand their customers better in 2008 while 18 per cent want to take more risks with their business.

Some 16 per cent of marketers want to pursue more creative ways to reach their audience, while 12 per cent of marketers expressed a desire to be more externally focused, looking to direct competition for growth categories.

The survey also reveals that marketers believe new products will have the greatest long-term impact on their business in 2008.

“The need for creativity and change was driven by marketplace realities,” said Heidi Krauss, director of NLSMG.

“Marketing executives who repositioned their brands or launched new ad campaigns told us that they did so for a number of reasons [including] to support an on-going strategy to stay competitive,” Ms Krauss added.ADNFCR-8000151-ID-18415499-ADNFCR

Related Topics: General Marketing