Accountability in Marketing
In particular, when the crisis hits and the sales and margins come under pressure, the companies start cutting costs. Among the “costs” that go first are the marketing/advertising budgets. Companies start arguing whether marketing is “an expense” or a necessary “investment”. And rightfully so. The CFO would say, Marketing receives huge budgets, but what is it delivering? Well, we all know the ever-intensifying arguments between CFOs and CMOs. As a CMO, what do you say if your CEO bumps into your office and asks whether you could cut your marketing budget by 30%? Marketing has not done a good job in promoting its own effectiveness. Marketing can and should be accountable. Results of marketing activities can be seen on the balance sheet.
Who is it for?
- CMOs (and CFOs) willing to work (together) to re-define ROI regarding marketing investments.
- Companies that believe marketing should be as accountable as other disciplines.
Benefits
- Develop a more rational approach to delivering measurable results against marketing investments.
- Relating marketing activities to long term effects( Brand Equity)
- Understanding how marketing investment drive the financial performance
- Adapt task oriented budgeting methods.
- Avoid the risks of budgets being slashed (in difficult times) and be able to justify the investment levels.
Module Examples
The following list of titles are samples that could be brought together in a custom programme of learning:
- Introduction & Objective Setting
- Marketing – An investment or cost
- Is it an intellectual jumbo bamboo or a game of numbers
- Can or should marketing be accountable for every dollar they spend
- CMO vs. CFO – Are they rivals or partners
- How to improve accountability in marketing
- Measuring impact/return of your marketing investment
- Drivers of your marketing productivity
- Marketing in crisis, or crisis in marketing
