Just a quick one on a Sunday evening from me. Marketing, I love it, you should if you’re reading too, but how important is it to business growth?
Now if you know anything about business and business growth, you’ll know that you need to market your business to generate leads, no brainer right? However, an article i read in the Marketing week some weeks ago suggests businesses are still not recognising the importance of Marketing. The article by Charlotte Rogers says “Despite efforts across the industry to break down internal silos and encourage inter-departmental collaboration, 61.8% of marketers believe marketing is only somewhat understood or not understood at all by their business as a whole.”
So is the problem a lack of understanding?
Understanding plays a role of course. ROI has always been difficult to pinpoint when it comes to Marketing spend and maybe this is the problem. Financials nutbags in corporations simply can’t justify the spending on Marketing given that it’s difficult to link it to return, but aren’t we missing the point? How did the business get where it is now? Did people simply start walking through the door because ‘i’ve got this new innovative idea’. No. Of course it didn’t, Marketing pushed people through the door and created growth in the first place, so why do organisations neglect it’s importance once established?
Growth, a fad? What is Marketing really doing?
It’s obvious that Marketing promotes growth, but the importance and scope of growth is constantly underestimated. If I was a startup, looking for business growth from a consultancy firm, I can guarantee you Marketing is one of the first thing’s they’d suggest (obvious right?). They’d then probably give me a Marketing plan drawn up by them in order to spread the word. From setting up that initial tacky website, to becoming a multi million pound corporation, Marketing played a part every step of the way. It seems we forget this as businesses grow sometimes. Knowing your customer, and changing your business when they change is all a part of good marketing and effective marketing communications so why do businesses sometimes stray away from Marketing and why is it the first thing cut in times of uncertainty? I guess it all falls down to ROI really and the lack of a link, but next time you want to cut your Marketing spend just think, what is it that got us to where we are today?
But hay, what do i know?