Avoid Marketing Irrelevance: Stop Asking 'What's Our Budget?' and Start Asking 'What's Our Revenue Target?'

MarketingProfs 09 Jun 2021 02:00

Established industries are often disrupted. Consider technology's disruption of stock markets and traditional travel agencies, or streaming services' disruption of the entertainment industry.

In every case, the incumbents argued, "It's not as easy as dismantling the status quo and starting over." And, yet, every time the upstarts did exactly that, and the dinosaurs eventually became extinct.

Today, disruption is happening not only in marketing but also in the business world overall, and C-suite must take note.

In classic organizations, executives establish goals and overarching strategy; then, Manufacturing, Research and Development, and Design put together plans on how to hit those goals. Meanwhile, IT, Marketing, Finance, and other "support" departments determine the budget they will need to both meet the organization's goals and answer the needs of the main business departments.

Marketing's plans in that scenario are thus fractured, and they become mortar to the company's other bricks. They rarely communicate how marketing efforts connect directly to the business's goals.

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