Its the close of another year 2013. And looking back, I can definitely say that Marketing is increasingly becoming a very important function across the globe – Be it books, schools, services, organizations, individuals, social media, e-commerce, consumer goods, etc etc etc – You name it , and there are ample examples of how marketing made all the DIFFERENCE! And organizations are cognizant of it! And with that, the role of the CMO (Chief Marketing Officer) is increasingly becoming more important and powerful!
But then there’s the other side of the coin. The one in which as a marketing professional – I can’t help but rant about the constant pressures, advice and suggestions on cutting marketing costs year-on-year!
Don’t get me wrong! Let me make my point with a few examples of situations which most marketing professionals typically face:
Scenario 1 – Its start of the year. The time when everyone in an organization does a grand budgeting exercise. And most marketing teams work on their plans and budgets for the year. In most instances, only a partial marketing budget approval in received ; And that too 1 – 2 months into the year (So precious time is lost!). After all, time is money; and since most marketing teams are lean – This “lost time” significantly adds up to “loss of productive and tangible output”
And then when any marketing expense is to be accounted, it needs “management approval” – which involves putting up a business case, and providing explanation of Why? – What? – How?. And then comes the “approval” / “questions” / “rejection” – Again, usually delayed (So precious time lost again). All the precious time lost in waiting for approvals is completely unaccounted!
Scenario 2 – Everyone wants to go Social. Everyone wants to have a grand social media presence. Everyone wants to drive customer engagement on Social media. And they expect the current marketing teams (In most cases – who have limited / no knowledge on Social Media) to make Social a success, with limited / no additional budgets at all. Does the math add up? Of course, NOT!
Social Media is a different “Beauty and Beast” – As you want to call it! And the beauty needs to be enhanced, and the beast needs to be tamed. And that’s not the core skill of every marketer – especially if what you do on Social is “real-time” and has “global reach and impact”. So the best way to do Social is to hire consultants to guide you on how to do it OR hire experts to do it for you OR Go slow on the Social strategy. Expecting current marketing teams who don’t understand Social to define a “brilliant Social Media strategy” for your organization may not in your organization’s best interests! And then, investing in the right Social Media tools also come at a price.
Whatever you pick – It comes with good & bad – Be cognizant of this!
So coming back to why I started this post – The point is increasingly a significant majority of individuals and enterprises want to “cut down” on “marketing costs“. Some of the most common explanation is – “Go online“, “Go social“, “Go lean”
yes Sir, yes Madam –
We can look at cutting costs,
We can go online,
We can go social,
We can go lean,
But they will still cost us – in terms of minds and time (people) and tools and technology (hardware and software)
And they will come at a price – in terms of gains and losses – of customers and brand-value
Are you willing to pick up the costs?
Are you willing to pay the price?
And yeah! Till then Do you want to consider calling your CMO – Cheap Marketing Officer instead?