In a devastating 2011 study of 600 CEOs and decision makers by the London-based Fournaise Marketing Group, 73% of them said that CMOs lack business credibility and the ability to generate sufficient business growth, 72% are tired of being asked for money without explaining how it will generate increased business, and 77% have had it with all the talk about brand equity that can't be linked to actual firm equity or any other recognized financial metric.
Although it's a sad trend I'm happy to see that I'm not the only one that has noticed. While brand equity is great, it should be the natural by-product of effective marketing -- not an end in itself.
Build. Sell. Measure. Optimize. Repeat.