Within the last few years, rapidly expanding technologies have changed the way marketers think about marketing and marketing and sales communications strategies, ideas and tactics. However, to some degree quietly but perhaps more importantly, a significant change has occurred with the world’s major communications companies – the dramatic regarding consulting companies at the cost of traditional advertising firms. Michael Berookim
Management and accounting asking companies with new services are now ranking 6th through tenth among the world’s biggest communications companies. The specialized divisions of Accenture Interactive, PwC Digital Services, Deloitte Digital, Conscious Interactive and IBMix experienced total global earnings of over $20 billion in 2017, with an amazing 32 percent growth in US earnings versus a year ago.
While traditional advertising industry giants WPP, Omnicom, Publicis, Interpublic and Dentsu are ranked as the top five, with global earnings of practically $62 billion, US earnings barely increased at zero. 3 percent (Advertising Age).
Exactly why is this change going on and what can small and midsized marketers learn from it?
Consulting Businesses Focus On ROI
There are numerous reasons for the development of consulting companies – in B2B, B2C and nonprofit advertising marketing marketing and sales communications areas – however the top reasons are:
Consulting companies already have deep jewelry, experience and credibility assisting organizations improve their success, because of a razor-sharp give attention to ROI;
Their existing familiarity with digital systems, combined with the financial resources to acquire specialized digital companies for expansion;
Maintaining a data-based strategy with clients and prospects – not creative alone – which means they are concentrated on understanding customer wishes and needs, as well as customer activities at all pre- and post- customer purchase points;
A give attention to marketing and marketing communications effectiveness and not simply efficiency, creating a very big difference to a brand’s profitability.
In short, as well as and vision of centering on and bettering a brand’s profitability and its RETURN ON INVESTMENT. Keeping track of the bottom line – cost per customer, not merely press cpm efficiency.
ROI Centered Advertising Marketing Communications Sales staff
As a tiny of midsized marketer, what can be learned out of this dramatic change of larger marketers? With only a tiny (sometimes inexperienced) staff, limited financial resources and time constraints, what should be considered?
Commence with established marketing and marketing communications consultants who are evidently focused on a brand’s profitability and ROI, and not simply “likes” or “clicks”. They should have significant experience across industries and brands, both for profit and charitable, and have an extensive understanding of customer, prospect (and employee) motivations to get and repurchase, regardless of the business environment.
But, above all, they must be media neutral and not selling “one size suits all” solutions. As Jeff Bradley, former head of marketing at Nestle said, “The best source of marketing communications leverage is the quality of the message… not the mass media vehicle, new or traditional, that does or does indeed not deliver. ” And that also means you must make certain that your consultants have the potential to cultivate and take care of the creative process.