Here’s a little secret that should make marketing executives blush: according to analysis done by Chris Moerdyk, Big Media’s Strategy Lead , as much as R50 billion is lost every year because of ill-considered strategy, bad advertising and lack of proper research.
And the main reason we find ourselves in this position is due to an inexplicable resistance to conducting market research that can inform better decision-making.
Without the right market intelligence, you can’t hope to make the right strategy decisions.
All too often, marketers – and in particularly PR people and ad agencies – are finding far less success with unintelligible but great-sounding buzzwords. What they’re doing is breaking the first rule of their own trade by not talking to their audience in a language they understand.
And when talking to companies that want to make sure their budget will be well spent, there is no stronger language than return on investment.
And that can only be proven if its measured. Which requires research into the sales potential and brand promotion efficiency of all marketing efforts.
Unfortunately, in South Africa far too many marketers are happy to go with ‘gut feel’ rather than research. And that’s how they squander their precious budget when their advertising campaigns fail to deliver on their promise.
Leaving out the research components is probably the most popular method many marketers try squeeze out to get more bang for their bucks. It’s suicidal and insane.