Marketing Corner: The Business of Marketing

In today’s economic landscape, Chief Marketing Officers (CMOs) are experiencing the weight of the organizations on their shoulders.

Some of this weight is seen via increased competition, growth expected from Wall Street/investors and the race to garner the largest share of the consumer’s purse.

Now, a pointed question has arisen from CEOs: “How are the marketing efforts directly contributing to the revenue stream?” There are also a few uncontrollable items facing CMOs that include getting the needed results at the desired time; the inability for CMOs to make changes in non-marketing areas; and the vision of the CEO and CMO not always in agreement. With these facts in mind, it’s easy to see how the life expectancy of the CMO has become shortened to a mere few years at many major companies.

Small business owners have a tactical advantage here. Operationally, smaller businesses are lean and mean. It is easier to turn the corner on marketing goals that are not working and gain internal approval for optimized or enhanced approach. Therefore, Small business owners are able to place emphasis on the consumer’s needs first and be more suited to develop and maintain relationship with consumers since the approval process is typically confined to a few key people. Another method to enhance relationships and digital communications is to use predictive analytics for mobile and web. Many publishers and mobile providers are able to provide this service as part of a digital purchase. Using big data allows small businesses to be competitive and capture more of the desired consumers being sought after. Below are the key takeaways.

• Close the gap quickly on differing or competing departmental strategies
• Communication to the consumer should be seamless
• Ensure you are providing an enhanced consumer experience to keep the dialogue on-going

Marketing is no longer a stand-alone department beating to its own drum. It should be integrated with other departments to ensure desired results are aligned throughout the company and consumers see and feel a singular message coming from your business.

Adele Lassere is a marketing/advertising consultant with 20+ years experience, freelance writer and author of “Elements of Buying” (self-help advertising guide); available at Amazon.com. Adele was listed as Black Enterprise’s 2011 Top Execs in Marketing & Advertising and Black Enterprise’s 2013 Top Women Executives in Advertising & Marketing. Contact: [email protected]