If you’re like most CXOs, you see marketing as a cost. And while it’s true that there are associated costs to marketing — such as hiring staff, creating and distributing content, etc. — the return on investment (ROI) for many companies doesn’t justify the expense. So what’s wrong with marketing?
There are a few things at play here. First, if you’re not careful, you can end up spending more money on marketing than you ever expected. Second, your company may not see a lot of immediate returns from investing in marketing — which can have a negative impact on morale and productivity. Third, other areas of your business may be getting more attention than marketing, and if this is the case your brand may be taking a back seat.
If these concerns sound familiar, it might be time to reassess your stance on marketing. After all, there are plenty of ways to create successful content without having to spend a fortune on advertising!
When the sales are poor CXO tries marketing, why this is wrong?
It’s no secret that most CXOs see marketing as a cost rather than an investment. In a recent study by Forrester, only 36% of respondents said their company invests in marketing to improve its market position. What’s more, only 22% of CXOs believe that investing in marketing is key to the success of their company.
There are a few reasons why marketing can be seen as a cost for many CXOs. The first reason is that there is a perception that marketing is expensive. This isn’t always true, but it can be difficult to justify spending money on marketing when profits aren’t growing. Furthermore, some companies feel that their customers are already well-served by the company’s products or services and don’t need additional help from marketing.
The second reason why marketing can be seen as a cost is that many CXOs believe that their customers are already interested in what the company has to offer. However, this isn’t always the case. Marketing efforts need to be directed at those customers who may not have been reached yet or who haven’t been reached in the past with traditional methods such as advertising. Additionally, companies should consider how they can integrate marketing into their overall strategy
Campaign & lead generation is not only considered marketing
When most chief executive officers (CEOs) think of marketing, they often think of it as a cost. This is in large part because marketing is one of the most expensive functions within a company. But is this really the case? In fact, if you look at it from a strategic standpoint, marketing can be one of the most profitable functions your company performs. Here are four reasons why:
1. Marketing creates customer relationships.
The first reason marketing is important is that it creates customer relationships. When a customer comes into contact with your company, you have already created a bond with them. You now have an opportunity to create future customers by continuing to provide value and service to the current ones. Additionally, good marketing can help attract new customers who may not have been interested in your product or service before.
2. Marketing builds brand awareness.
Second, good marketing can help build brand awareness. This means that people will know about your company and what you offer even if they have never heard of you before. By creating visibility for your business, you’ll attract more potential clients who are looking for businesses like yours.
3. Marketing drives traffic to your website and other online channels.
Third, good marketing can drive traffic to your website and other online channels. This means that not only will people know about your company, but they’ll also be able to find information about you and purchase your products or services. In addition, effective marketing can help you gain new customers through social media, email marketing, and other online channels.
4. Marketing creates leads and converts them into customers.
Fourth, good marketing can create leads and convert them into customers. This means that you are able to identify potential customers who may be interested in what you have to offer and then convert those leads into actual customers. By doing this, you’re ensuring that your company continues to grow and prosper in the future.
Overall, effective marketing can be one of the most profitable functions your company performs. By understanding the reasons behind this, you can start to develop strategies that will maximize your company’s potential.
Most CXO think they are marketing experts, so ignore the following branding Rules
- Always be authentic
- Don’t oversell
- Address the customer’s needs not your own
- Think about what you want people to think about you before you say it
- Make sure your message is consistent with who you are as a company
Marketing is not done when you are in trouble
It's a long-term development! It is a strategic tool that helps you achieve your vision and mission. It supports your organization’s overall marketing effort. In order to be successful, you need to align marketing with the rest of your business strategy.
One of the most important factors in marketing success is understanding how much it costs. According to a 2016 study from respondents at the annual CMO Summit, most CXOs see marketing as a cost.
The study revealed that only 10% of executives see marketing as an investment with potential rewards. Seventy-eight percent of respondents say that they view marketing as a necessary evil that must be balanced against other priorities like product development and revenue growth.
When you view marketing as a cost, it becomes difficult to justify investing in it because it’s not seen as a priority. You may also find yourself struggling to budget for it, which can lead to ineffective or inefficient campaigns. If you view marketing as an investment, you can better allocate resources and make sure your campaigns are effective and profitable.
The benefits of investing in marketing include increased brand awareness, more leads and sales, and increased customer loyalty. When you understand how much it costs to achieve these benefits, it becomes
Hiring unskilled or cheap freelancers to kill you more than you can think of
The irony of hiring an unskilled or cheap freelancer is that they almost always cost more in the long run than if you had hired a skilled staffer. Here are seven reasons why:
- You will get less value for your money. A skilled professional will be able to produce more engaging and effective content than a freelancer, regardless of the budget you set.
- You’ll have to manage them better. A professional will be more likely to hit deadlines and deliver on quality work, whereas a freelancer may not have the same motivation or commitment.
- They’re bound to slip up. A professional will have been through extensive training, whereas a freelance worker may not have had the same level of experience or education required for the position. This can result in poorer quality work and mistakes being made which could damage your reputation.
- You’ll incur additional costs associated with their work, such as wages, taxes, benefits and pensions. Additionally, if they’re injured on the job then you’ll need to bear the expense of their rehabilitation.
- They may quit unexpectedly which can lead to lost time and money. A professional is more likely to be retained if they’re doing a good job, whereas a freelancer may be replaced at short notice if they don’t meet expectations.
- They’re unlikely to stick around for very long. A professional is likely to have a longer and more satisfying relationship with their employer than a freelancer, who may be less committed and loyal.
- They may not be up to the task. Skilled professionals are often highly trained and have years of experience behind them, which means they are better equipped to carry out the specific tasks involved in the job. A freelance worker may not be up to the same standard, which could lead to dissatisfaction and potential turnover.
Ultimately, hiring an unskilled or cheap freelancer will almost always end in disappointment and financial loss. Instead, invest in a skilled professional who will deliver high-quality work at a fraction of the cost.
The problem is everyone in the company thinks marketing is an easy skill
Marketing is a complex skill that needs to be done well in order to reap the rewards. In a recent study by Forbes, it was found that most CXOs see marketing as a cost rather than an opportunity.
The problem is that many people in a company think marketing is easy and they can just slap some ads on the internet and presto-change-o, they’re successful. But this isn’t the case. Marketing is a complex process that requires planning, strategy, execution, and measurement. And unless you have the right team in place, it will be difficult to succeed.
So if you’re looking to hire a marketing professional, make sure to ask them what their experience has been in the industry and what types of strategies they use. And remember: marketing isn’t easy, but it’s definitely worth it!
The issue is everyone tries to advise on branding without adequate knowledge
Since most CXOs are more knowledgeable about business than marketing, they often take the position that marketing is a cost. However, this viewpoint is not justified when you consider the full cost of branding.
When you analyze the full cost of branding, you will see that it is not only a cost but an investment that can pay off in the long run. When you brand your company, you are creating a unique identity for yourself and your company. This identity can help you attract customers, generate leads, and increase sales.
However, branding is not free. You will need to invest in marketing tools and resources to create a successful brand. Additionally, you will need to devote time and energy to maintaining your brand identity. If you neglect your brand, it will lose credibility and potential customers will abandon you.
Therefore, branding is not only a cost; it is an investment that can pay off in the long run. So don’t underestimate the importance of branding — consider it an essential part of your business strategy.
The company closed down because of this Adhoc decision taken by incompetent managers
Most CXOs see marketing as a cost. This is because the majority of marketing decisions are taken ad hoc, without due diligence or thought. This often leads to wasted resources and ineffective campaigns. Ineffective campaigns can result in lost customers, lowered brand awareness, and decreased revenues.
The following are some of the reasons why ad hoc marketing decisions are often made:
- Lack of planning — without a plan, it’s difficult to determine what needs to be done and how much it will cost. This can lead to ineffective campaigns that waste resources.
- Focusing on short-term results — oftentimes, managers focus on short-term results rather than long-term goals. This can lead to ad hoc marketing decisions that prioritize immediate gains over future success.
- Ignorance — not all marketing efforts require specialized knowledge or experience. In fact, many campaigns can be carried out using simple methods that are available online or through other sources. However, without proper knowledge or research, these campaigns may not be as effective as they could be.
- Misunderstandings about marketing — many people misunderstand what marketing is and how it works. This can lead to misguided decisions about which campaigns to pursue and how to carry them out.
- Lack of clear communication — without clear communication, it’s difficult to understand what needs to be done and why. This can lead to ad hoc decisions that are not aligned with the company’s overall objectives.
- Unrealistic expectations — many people place too much emphasis on the immediacy of marketing results. This can often lead to campaigns that are not sustainable or that do not meet the company’s long-term goals.
Ineffective marketing can have a negative impact on a company’s overall performance. If you notice any of the above symptoms in your organization, it may be time to take a closer look at your marketing strategy.
If you would like help creating a marketing plan that is tailored to your organization’s needs, please contact our team. We would be happy to provide you with a consultation.
If you’re experiencing issues with ad hoc marketing decisions, it’s important to consult with an experienced marketing consultant. They can help you determine the best course of action for your company and provide guidance on how to maximize your marketing efforts.
Ad hoc marketing decisions are often made without proper planning or consideration. This can lead to wasted resources and ineffective campaigns. In order to avoid these problems, it’s important to consult with an experienced marketing consultant. They can help you create a plan that is tailored to your company’s needs and maximize your marketing efforts.
So if you’re unsure about what kind of consulting firm that can guide you through data-driven marketing is best for you, take some time to reach out to us . We can help your organization transform digitally step by step in 18- 20 months' time with outcomes-based Performance.
Our deep-dive knowledge & experience in digital across 75+ industries will help you avoid the common problems that come along with your Digital Transformation Bottlenecks / Hurdles.