Every business wants to achieve higher returns from their marketing from lower expenditure but the evidence suggests this is not happening.
In a recently published study by Accenture (November 2016) 54% of (n=847) Chief Marketing Officers (CMO’s) reported “a large portion of their marketing budget was wasted and not delivering results for the business”.
The lack of marketing productivity was putting huge pressure on their CEO’s (hence the title of the piece “CMOs first to get the blame when companies miss growth goals”.
The good news is there is a secret ingredient that closes the gap between the ambition of low cost marketing and its achievement and it’s called EVIDENCE BASED MARKETING.
When you know the hard evidence you will know the difference between what type of strategies, actions and metrics will deliver the improvements to the commercial effectiveness of your marketing and which will not.
Zero Based Budgeting (ZBB) is in the news and should be encouraged in any activity of a business but if you don’t know the evidence decisions on where to spend, when to spend, and how much to spend are just pure guesswork with all of the consequences this has for growth and for the future of CMO’s.