Tom Dougherty, CEO – Stealing Share
8 September 2020
Marketing importance: What CEOs are realizing
Companies often joke that marketing is the toy department. Fun, but not really needed. However, marketing importance is rising. A recent study of US senior executives says so. They say marketing is the most important area of expertise for the next business leaders.
At Stealing Share, we’re accustomed to coming in the front door. That is, too often branding companies like ourselves enter a company through the marketing department. When, actually, marketing importance means it fits into the realm of the CEO. It represents the greatest opportunity for growth.
All companies, no matter the industry, are marketers. Even if they don’t know it. Prospects don’t know your brands without marketing. Your differentiation only comes from it. Preference comes from several aspects of your brand. But without the right messaging, you are unknown and easily ignored.
Let’s think of it this way. Apple represents the greatest brand in the world. It certainly is the most cash rich. It is a maker of great products. But are they the best? As an avid Apple consumer, I shrug when faced with that question. I don’t know. The Android could be a better phone than the iPhone. Who really compares?
Yet, the Android doesn’t create long lines when it unveils a new phone. Apple’s understanding of marketing importance creates a brand that’s coveted. We want it, whether the new iPhone is a slight update or a big one.
“The senior executives in the study are right. Marketing importance ranks higher as an attribute than knowing operations or having financial expertise. Because it’s the only way you win.”
Realizing marketing importance means more than just marketing more
Now, realizing marketing importance is not just a matter of marketing more. It’s about marketing more meaningfully. Too often, brands simply copy what the rest of the category markets.
Think about the car industry. How do you, as a consumer, differentiate one ad from another?
You can’t. Because few auto brands give you a reason to actually choose them that’s different from others. So purchasing is created by factors you can’t control. What the local dealership offers. What buyers can find online. What their neighbor recommends.
The senior executives in the study are right. Marketing importance ranks higher as an attribute than knowing operations or having financial expertise. Because it’s the only way you win.
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