Marketing… that ambiguous business function that seems to be more of a “black box” to some business owners, rather than a strategic necessity.
Truth be told, marketing is an art that has become wrapped up in a highly analytical, scientific business realm. And, when positioned against its counterparts, does a really horrible job at defending its value.
Creating and maintaining a successful company is risky business. This is why we have the studies of finance, accounting, operations, etc. Each of these sciences can clearly articulate the inherent risk one will encounter: typically by numbers and figures.
Marketing, in contrast tends to be managed by intuition or what feels right. While this is generally accepted as OK in the creative arts, this position will not work for the savvy business individual.
Unfortunately, marketing return on investment (ROI) needs to find a scientific way in articulating its value. However, this ROI will never be identical to the other business fields of study.
What marketers need to do is explain the marketing process in terms of risk. At OzComm, we evaluate all our creative work through a risk lens. Even if the work looks cool, sounds awesome, if it doesn’t mitigate risk to a level we feel comfortable pursuing… we don’t move forward.
We reduce the operational risk of marketing by following a strict business process.