Being in marketing, I was intrigued by the title of this news article. My first thought was hopefully the big boss of the Bank doesn't see this article!! ;) But seriously, according to the article, The Fournaise Marketing Group's 2007 Global Marketing Effectiveness Report stated that almost two-thirds of marketing spend in 2007 had no effect on consumers. That is a cause for concern! Furthermore, with the economy slowing down, companies would cut spending in marketing since it is an expense item and does not directly bring in revenue. Would that mean that my job would be redundant soon?
Nonetheless, I think the article brought out a very important point - that marketers gotta track their spending and really measure the effectiveness. We should not be spending just to create hype but we gotta have concrete proof and evidence that marketing works. There are too many people out there who do not believe in marketing and they need convincing thru hard facts. Something to think about this year as I work on my various projects.
Anyway, watch the cool Gap advertisement below. I love their ads but their clothes are just too expensive and the designs too basic. Thus, the product must be a good product to start with. Marketing cannot make miracles!
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