QUICK READ: Marketing is not going to get better until we eliminate the “business” of marketing that doesn’t add value to your brand and its customers.
Business of marketing
SUMMARY: Instant gratification takes too long might be the motto of today’s consumer. When they want something they want it NOW and brands that take too long to respond are going to lose customers. To increase response time review your processes and stop having so many meetings and team-building exercises.
All marketing organizations evolve over time. Whether that change is successful in the long run depends on whether it’s planned or reactionary. Above all, what’s needed is less reliance on hype and more emphasis on digital marketing disciplines.
The research findings are consistent: senior executives want proven ROI from marketers. This is not only the new mandate for marketers it applies to agencies as well. (78 per cent) CEOs do not trust their advertising and media agencies to create effective campaigns because they have lost faith in their ability to deliver performance-driven results, according to a report. More than three quarters (76 per cent) of chief executives feel agencies are too “inward looking” and talk too much about “creativity as the saviour” without being able to quantify the impact their work has had on business results, according to the Fournaise Marketing Group. It reveals bosses believe their advertising partners are “too quick” to take credit for results they can not prove they have had a direct impact on and are often “too opportunistic. Add it up it means the “business” of marketing has to change.
It should come as no surprise to anyone that senior management is demanding more accountability from marketers. Even though, for some companies, profits are at record levels other brands are struggling to get and keep fickle consumers. Marketing, at its heart, is still about getting consumers to purchase your product. What has changed is that consumers have too many devices and have the attention span of someone with a severe case of ADD.