Metrics madness
Almost everything about marketing is the opposite of the typical manager's approach to running a business. Marketing is illogical and definitely not analytical. Marketing is intuitive and holistic.
We're concerned, however, that this message is being ignored by the marketing community, who seem to be drifting from the right to the left -- from a right-brain approach to a left-brain approach. . .
Take leadership, for example.
Nothing about a brand is more valuable than its market leadership. If a brand loses its leadership, it loses its most significant advantage in the marketplace. That valuable position is worth protecting. And advertising is the best way to protect it. Nike in athletic shoes. Heinz in ketchup. Rolex in watches.
Suppose a leading brand spends $50 million a year on advertising. And suppose that brand's market share doesn't budge at all. Was that $50 million wasted? Not necessarily.
Advertising as insurance
Advertising is more like insurance than it is like an investment. What's your "return on investment" of a five-year term life insurance policy if you don't die?Zero.
But, of course, you don't buy an insurance policy to make money. You buy an insurance policy to protect your family in case you die.
The overall practice of marketing is not mathematically based, although subsets of the discipline may be: direct marketing, research, media selection.
Marketing is certainly not 70% mathematics. It's not even 1% mathematics. (As a math major in college, I don't think I've ever used integral calculus or differential equations or any other mathematical concept in our marketing practice.)
Marketing is a discipline that can only be learned by exposure to marketing case histories over an extensive period of time.
Mathematics is logical. Marketing is not. That's why marketing is so difficult to learn.
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So an article in Ad Age, which relies on Ad agencies for most of it's subscriber base and, I would assume, advertising, is telling companies to ignore their ROI numbers and spend more on advertising. Convenient.
He mostly misses the point of his examples, which isn't "Don't pay attention to numbers. Marketing is all about unicorns and pixie dust, and numbers just kill it." It's "Know what your numbers actually mean. Don't use them for things they weren't meant to be used for. If you manipulate, cheat and abuse your metrics, reality will bite you in the ass."
He asks "oes Apple need to waste money trying to determine the ROI of its marketing efforts?" and yet he doesn't offer any evidence that they don't spend money determining ROI. Or that if they do spend money that it's a waste.
A useful rejoinder.
For folks in the do-gooder biz, understanding what numbers actually mean is the key thing. For the past decade or so they've been more or less fetishized, a practice that reflects how little the numbers themselves are understood.
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