The marketing profession has the unfortunate reputation of being seen as esoteric. This has been the result of an execution led approach, where strategy has often been shoe-horned to justify tactics. In contrast, a strategic led approach explores the desired impact and then identifies the tactics that enable these outcomes.
Marketing is often one of the first functional areas to be downsized during tougher economic times, largely due to it being seen as a cost centre from a financial perspective. Embedding metrics into marketing, enables the ability to identify revenue outcomes, as well as costs, demonstrating the overall level of impact. Similarly, there is a need to measure the right results. The number of followers on social media is secondary to the level of engagement. The number of website visitors, should be considered the context of your target market and conversions through to your call to action.
The advertising industry, and marketing by association, has always been tarred by the comment “Half the money I spend on advertising is wasted; the trouble is I don’t know which half” attributed to US merchant John Wanamaker.
Such comments should not be the case. Marketing as a function, should be focused on building the capacity of your business, by aligning your goals with outcomes. Begin by understanding what you want to achieve and benchmarking the potential outcomes.