According to research by the Washington-based Marketing Leadership Council, 63% of their blue chip members are dissatisfied with their marketing performance measurement systems. They reckoned that, on average, they were wasting 26% of their marketing budgets. And it’s true. Most firms do not have a clear picture of their overall marketing performance which may be why they cannot assess it. They prefer to fumble around in the dark. It’s easy to see why: fumbling has a lot going for it. More adventure, more creativity, more surprises and more fantasies are possible. But you may not like what you see when the lights do go on. Continue Reading…
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Marketing during the Recession
When recession strikes, most companies cut their expenses and usually the first to go is the marketing budget. Most Finance guys do not believe in marketing, specifically advertising, and see it as an expense rather than an investment or a profit generator. As a marketer, I find this very difficult to believe. In the first place, we are able to determine expected revenue by setting the marketing budget. When you get the word out there about your product or brand, you get higher expected revenue vs just waiting for customers to discover you (if they ever do). Continue Reading…