Editor’s note: Mike Broom is CEO, Marketing Science, South Africa. This is an edited version of a post that was originally published by Bizcommunity under the title, “10 questions to ask the marketing director.”
The economy and all companies within it have to continually make do with less credit, higher interest rates, wage increase expectations, higher input costs and increased pressure to be competitive. One way to think, and plan, around these pressures is to be more efficient. We look at marketing, in its broadest context, as namely increasing brand value and ROI.
The solution has been staring us in the face for the past 50 years, but the marketing community has preferred the fun of marketing, rather than the rigors of evidence-based decision-making processes, through the application of marketing science.Consider the efficiencies and benefits that medical science has brought to mankind. It has developed to this stage over centuries with a dedication to evidence-based decision-making.Think of your visit to a doctor. A few measurements – height; weight; conversation enquiries about general condition; urinary and bowel function; food and beverage intake; rounded off with a pin-prick – will enable the doctor to tell you if you are in danger of imminent death – a lingering, painful one – or give other advice that should be good news to you.
Nobody can give advice with such precision, accuracy and value in the field of marketing! Marketing is the only business activity where ignorance is tolerated.
Yet marketing science has been beavering away in academia and in pockets of excellence for years, understanding and growing marketing knowledge for decision support. The fundamentals have been in the public domain for decades. Proctor & Gamble, Unilever and BAT are among a handful of major corporations known to have established their own marketing science divisions. So what is your company doing ab...