A version of this article first appeared in The Annual 2016 as part of The PhotoEssay series. Like what you read? Subscribe to AdNews.
In the past two years, we’ve spent considerable time and energy keeping pace with industry rhetoric: data, digital, micro−moments, clicks, views and likes.
We’ve questioned the transparency and efficacy of media buying and attribution models. We’ve spent hours trying to figure out how to get social and content right. And we’ve shifted significant amounts of money into digital.
While these efforts are important in today’s marketing ecosystem and individually make a contribution to the overall marketing effort, their impacts are often fleeting. More importantly, they are distracting.
They have taken boardroom focus away from business transformation, holistic customer strategy and building iconic brands to campaign result data. This focus on short termism is bad for our businesses, for marketing, for our brands, and also our marketing talent.
The 2016 Mark Ritson Marketing Deconstructed series consumed many column inches of internal discussion resulting in what has been coined 'The Ritson Effect' which challenged digital media investment when no clear metrics were present.
"Clear" being the operative word.
We operate today with an abundance of data points, but just because we are measuring, doesn’t mean we have the right measures in place or are indeed ingesting the right information.
Marketing strategy is business strategy. It serves two purposes – to win business and to keep business. And it does so through deep understanding of customer insight, choice drivers, distinctive propositions and compelling messaging.
When strategy is built on a human truth it transcends product features and organisational silos. It finds a singular focus to deliver long−term sustainable business impacts. As marketers, we need to get back to playing the long game.
Peter Field, co−author of The Long and Short of It, this year talked to the importance of rebalancing our marketing portfolios. Through years of monitoring campaign activity, Peter’s research demonstrates a move from a program dominated by activation and short−termism to one of long−term brand building will drive revenue growth and long−term financial performance.
Targeting, path to purchase, and information are all key elements of activation but these must be disproportionately balanced with a focus on building salience, reach in our target and emotional connections. Peter demonstrated the revenue and profit uplift delivered to McDonalds and John Lewis from rebalancing their portfolios to take a longer term view.
This short−termism will also impact our ability to develop and retain marketing talent. To develop a pipeline of experienced business leaders, our teams need to have principles of strategy coupled with the understanding of the tactics for today.
Our opportunity in 2017 is to recalibrate. Paraphrasing Mark Riston, we, as marketing leaders, need the emotion and purpose−driven aspiration of Jim Stengel (former P&G CMO), the brand and customer strategy understanding of Mark
Ritson, and the effectiveness rigour and measurement of Peter Field and Byron Sharp. Through this integrated approach, balancing the short−term and the long−term, marketing will play a driving role in delivering business growth.
By ANZ general marketing manager, Louise Eyres
The cover feature of the February issue of AdNews in print explores short-termism and its impact on Australian marketing and brands. It's out on 3 Feb. Get it digitally here - it won't be online.
A version of this article first appeared in The Annual 2016 as part of The PhotoEssay series. The theme this year, was broad. Simply: 'discuss'. AdNews editor Rosie Baker asked marketers to write about 'elephant in the room' topics. The taboo subjects that are a concern, and get talked around - but never fully addressed. What in their businesses are the friction points, the bones of contention - where do they see the industry going to hell in a hand basket.
The photoshoot aimed to capture the heated conversation and boisterous discussion of topics that only emerge in the aftermath of a dinner party. The equivalents of politics, religion and sex in marketing and advertising. These will be the topics that dominate the agenda in 2017. Download the digital version of the magazine for $4.49 to see the whole series.
For more see:
A Marketer's Lens: Print is a key force in our marketing mix, by Domain's top marketer Melina Cruickshank
A Marketer's Lens: Don't grumble over challenges, by Fox Sports head of marketing, brand & social, Chris Gross
A Marketer's Lens: We need a better way of nurturing and celebrating big ideas, by Diageo marketing and innovation director, Adam Ballesty