Attention Marketers, The CFOs are coming for you.
If you are a CMO or a VP of marketing, have you noticed that the CFOs are sniffing around?
It’s no surprise because one of the biggest advertisers in the World, Proctor, and Gamble has now cut $750 Million from their ad spend and cut 50% of the agencies they work with over the last 3 years.
And you know what, it didn’t affect their topline numbers. Their revenue remained consistent.
It reminds me of the old saying that half of your marketing budget is wasted, the problem is you don’t know which half. Well nowadays with the level of analytical sophistication the people who hold the purse strings do know which half of the budget is wasted and they are cutting.
There is definitely a tightening of marketing budgets and a focus on spending on the moments of truth, the differences that make the difference, the critical decision points of the customer buying journey. If you are truly investing in your business and playing to win not just the brand battles and eyeball wars with your competition but it’s about owning the face to face space in your marketplace.
Investing in your people, your frontline staff and ensuring that the first point of contact a potential client has is a moment of impact.
You do that, and you’ll get a return on your investment, a return on your marketing objectives and you can get back your marketing budget. ?