What value does marketing deliver? This is the number one question any Chief Executive or Chief Financial Officer asks of marketing. Unfortunately, more often than not, the answer is not forthcoming.
This is why marketing is often the first department to be downsized during economic uncertainty, despite logic stating it should be one the of the last. Why is this? Ultimately, it is because marketing has failed to justify its own value.
This situation will not change while marketing follows an execution based approach, lurching between tactics; whether they be social media, content, events; or concepts, like the customer journey or customer experience, which have become so over utilised, they have been severed from any basis in marketing.
This situation is rife across all sizes of organisation; whether for-profit, not-for-profit or government, and yet the traditional approach is rinse and repeat, further eroding the credibility of marketing and its capacity to deliver value.
Since our formation in 2009 we have demonstrated the value that is created through a strategic approach, leading to recognition in the Australian Marketing Institute’s Awards for Marketing Excellence and our designation as Certified Practising Marketers.
Unfortunately, the word strategy has been hijacked by execution led agencies, who have tarnished the term for their own needs. This is despite the fact that the only strategy you will receive for example from a social media agency is social media. This does not provide a marketing strategy that integrates each element of marketing communications and the remaining marketing mix.
In 2016 we want to be able to stop saying we told you so, by preventing the litany of costly marketing mistakes that never should have occurred in the first place.
This is why we developed the Syneka Marketing Performance Methodology , which delivers an accountable and measurable marketing approach that is aligned with business goals. The Syneka Marketing Performance Methodology delivers continuous improvement within the marketing function and brings it back to its core definition of delivering value; the same way other business areas have been expected to strengthen outcomes and returns.
The Syneka Marketing Performance Methodology commences with a Marketing Audit, which reviews existing activities through stakeholder consultation and internal analysis. The Marketing Audit defines the metrics required to measure marketing outcomes and establishes the foundations to deliver marketing performance.
The Marketing Forecast considers the external environment, identifying competitive pressures, customer demographics and market potential to achieve campaign or marketing goals. The result are outcomes that are optimised to deliver returns, supported through implementation schedules that identify metrics, outcomes and areas of responsibility.
The Marketing Audit and Marketing Forecast are designed to deliver results within the existing resource requirements. The Marketing Plan, the third component of the Syneka Marketing Performance Methodology , is designed to align business goals with marketing outcomes. The Marketing Plan considers both the short-term opportunities and the positioning that is required to achieve results into the future. The Marketing Plan defines the metrics that are required to measure marketing outcomes over the life of a business plan.
Marketing Execution is the last element of the Syneka Marketing Performance Methodology . This is because tactics and execution need to be guided through a strategic approach and not the other way around.
In the financial world the auditor never undertakes the day-to-day bookkeeping function due to the obvious conflict of interest. Marketing needs a separation between strategy and execution to ensure the delivery of accurate and measurable outcomes.
Our delivery of the Syneka Marketing Performance Methodology is undertaken through consulting services and training to build the capacity of marketing teams. Download our free guide of Syneka Marketing Performance Methodology to discover how we are re-defining marketing.