"Marketing is in a deep existential crisis right now. If you look at the traditional definition of marketing, it had 'the four Ps': product, price, place and promotion. Today, product resides outside of marketing - marketers don't handle products anymore in most companies, barring a few packaged goods companies. They don't handle the pricing - it's done by sales, product teams or finance."
"'Place' is distribution, and marketing does not handle that. So marketing is barely hanging on to one of the four pillars of marketing. And that's not cool. Marketing today is actually a very minimalized function compared to what it was meant to be. [At the same time,] many chief marketer roles are being eliminated. New titles are being created, such as chief growth officer, chief revenue officer or chief customer officer. If you take away growth, revenue and customers, what is left in marketing?"
"Finally, when chief execs of major companies were interviewed, 70% of them said that they have zero to low confidence in their chief marketers and in their marketing teams to be able to drive business growth. Why? The fundamental reason is because when marketers are asked questions like, 'We have spent so many million dollars on these campaigns - what exactly did the company get by way of return on its investment in marketing?'"
Marketing has lost control of several traditional functions: product, pricing and distribution have moved outside marketing, leaving promotion as the primary remaining duty. Many chief marketer roles are being replaced by titles focused on growth, revenue or customers, further shrinking marketing's scope. Executive confidence in marketing is low, with 70% of surveyed CEOs reporting zero to low confidence in marketers to drive business growth. Marketers frequently struggle to quantify return on marketing spend, offering vague answers that undermine trust. Marketers must develop quantitative skills to link campaigns to measurable business outcomes.
#marketing-existential-crisis #erosion-of-the-four-ps #leadership-role-changes #marketing-roi-measurement
Read at The Drum
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