John Wanamaker’s old adage that 50% of marketing spend is wasted – we just don’t know which half - is still true today, and that’s unacceptable, according to Bruce Rogers, Forbes chief insights officer and former CMO.
Rogers cited Forbes CMO survey that found that 47% of marketers globally think their organisation wastes money in execution marketing, only 51% think they monetise effectively and just over half (56%) think they are making the right media buys.
“[Wanamaker] said that more than 50 years ago and it’s pretty amazing, problematic and unacceptable that it’s still true today, and It’s more than 50% - a lot more - for most organisations,” he said.
“Marketing is a 1.2 trillion dollar economic activity globally – imagine that half of that is wasted,” he said, adding that even small incremental steps to increase marketing effectiveness would make a big difference to the global economy.
“The future of the world economy is in your hands – you can have a positive impact on the world – just make your advertising more efficient,” he told the gathering of marketing and advertising professionals at the ADMA Forum in Sydney.
Pick up the current issue of AdNews in print to read out profile of Bruce Rogers and Forbes native content strategy. Subscribe to the print issue here, or get it here on your iPad.
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