“Marketing is a Revenue Generator - NOT a Cost Center!” If you’ve been involved in marketing for any length of time, it’s likely that you’ve heard something like this before.
I can’t count how many times I’ve sat in on meetings where I felt compelled to defend my marketing budget. “It’s an investment in growth,” I said, as the others on the senior management team rolled their eyes.
Does nothing change???
The Economist Intelligence Unit’s newest study, “The rise of the marketer: Driving engagement, experience and revenue,” found that “business owners view marketing both as revenue drivers (69% agree, 19% strongly) and cost centers (68% agree, 26% strongly). At most companies, the business owners know that marketing drives revenue, but the view that marketing is a cost is just as widespread.”
Huh? Can it be both?
Over the next 3-5 years, respondents expect that the marketing function will migrate from the cost side of the ledger to the revenue side. And, what will drive that? Several things…
Case in point… Dutch Bros. Coffee. Maybe you’ve never heard of this company - it has 200 company and franchised locations in only seven U.S. states: Oregon, California, Washington, Idaho, Nevada, Colorado and Arizona. However, I wouldn’t be surprised if one day, it will be as ubiquitous as Starbucks. The reason? They made my brand experience amazing! Continue reading
Marketing orchestration - a new buzz phrase coined by Forrester research for Responsys. What is it?
“An approach to marketing that focuses not on delivering standalone campaigns but instead on optimizing a set of related cross-channel interactions that, when added together, make up an individualized customer experience.”
Hey, Forrester, have you seen my speaking topic, entitled: The Internal Marketing Symphony Orchestrating [Department Function] Marketing Across the Organization?