August 22, 2014 10:06 am
Worldwide mobile-ad spending will reach $6.4 billion this year and more than $23.6 billion by 2016, according to EMarketer. But… more>>
Marketing can be downright self-indulgent. Too many marketers are still caught in the “business of marketing” and by that I mean that they love the eye candy too much and the press releases that mention their names so they can add a nice line item on their resumes. According to Sean Duffy “CEOs need to hire competent CMOs. These CMOs need to be able to explain their approach to marketing, be held accountable to marketing objectives and be able to show a result for their investments.” I could not agree more.
If you want proof that most CMO’s are clueless look no further than the social media bubble. The hype sucked in a lot of marketing dollars and only now are brands starting to really question the value of a “fan” or a “follower” on social media. In the meantime a national retailer recently stated that, in the food channel, POP displays placed in aisles increased conversion by more than 50% and he wondered why more brands were not focusing in on purchase decisions which are often made in the store.
As for undisciplined a lot has to do with “branding” which has become synonymous with spending money without any accountability. I’m talking about the money that marketers waste on things like sponsorships. I mean is anyone really going to purchase a product because a brand is sponsoring an event ? And now the Rolling Stones Geritol tour !
The other issue is that too many marketers want to be rock stars and are a legend in their own minds. These are the people that consistently lobby to get their names in business publications to compensate for not providing real bottom line results. That’s why I never take the stories that run in Ad Age as fact because too many of them are just too damn self promotional.
Marketers need to be held accountable and that means that they need to get buy in from the C suite as to what marketing success is, in their eyes, and ensure that every dollar they spend drives towards that success. Forget about terms like reach, frequency and CPM. Today it’s about winning at the moment of truth and putting your marketing dollars where it will do the most good for you not your agencies.