Why Sluggish Economic Growth Is Forcing Marketing to Show Its Worth

The Direct Marketing Association’s (DMA) recently appointed Chair, ex-Disney Vice-President Tony Miller has noted that sluggish growth has constrained marketing budgets, increasing pressure on marketing departments. They are feeling that they have to constantly prove their worth.

He says this pressure explains why marketing measurement is crucial to board buy-in and industry professionalisation. It also appears that over the years not much has changed. Marketing – whether with technology or not – has all too often been seen as the poor neighbour of sales. Yet it should be the engine that drives the sales car.

OVER-REPORTING

His findings nevertheless find that marketing departments have over-reported their marketing activities to justify their existence – often by utilising the most abstract measurements. Now, yes there is a need to measure to assess sales, marketing, and corporate performance, but there is also measuring for just the sake of it – without any rationality. He says this leads to a loss storytelling and clear objectives. Such issues don’t lead to the most productive and successful board meeting – they just turn sour.

So, do you think it’s time for the marketing industry to step back to prove it’s worth to the entire business function? It seems, there is an ever-greater need for focus – on the deliverables that really matter.

Send me your article ideas for Engage MarTech on topics like this, and don’t forget to check out the Marketing Engagement Summit 2024, which will be held in September 2024.

By Graham Jarvis - Editor