Even though it’s in the news every day, it’s really not news anymore. It’s more of an update: Our economy has fallen on some pretty hard times. The news (or updates) simply lets us know about the most recent layoffs, budget freezes or bailouts. Yes, these are uncertain times, but there is one thing of which you can be sure: smart companies are going to make certain that their investments return value.
This demand of value will especially be true of marketing. Traditionally, marketing at many companies is viewed at best, as an expense. At worst, it’s a necessary evil. But this view is changing as marketers take a process-based approach when developing and implementing their strategy. The process based approach includes planning, testing, measuring and analyzing. With this approach, smart marketers can show the value they bring from an ROI perspective.
In the economic downturn, some executives will call for marketing expenses to be slashed. However, true survival, and even success, will come when companies take a process-based approach to marketing and sales, ultimately improving the return on these investments. Marketers who do this will prove marketing’s value, and generate a higher rate of return….even in a down economy.