7 Marketing Misconceptions Absolutely Crippling Your Organization
The average CMO tenure is the lowest among the C-Suite, and 53% of Marketers report that their role is misunderstood by their companies (according to a recent MarketingWeek survey of 3,000 marketers). Today, allow me to clear up a number of misconceptions about Marketing, which will help well-intended executives better support the Marketers in their organization.
Misconception #1: Everyone is a Marketer.
What would be your reaction if I said that anyone could do the job of CEO or CFO? If you're a CEO or CFO, I bet you got frustrated just reading that question because you know how hard you've worked, the difficulties you've endured, and the sacrifices you've made to get to where you are today.
Like the role of CEO or CFO, it is also essential to recognize the vital role of Marketing leaders in the success or failure of the business. Marketing is a critical function that helps organizations connect with customers, build brands, and drive revenue growth. The fact is, not everyone in your organization has dedicated their lives to studying the Marketing profession or spent years working in the field solving Marketing problems. To be effective, Marketing leaders must bring diverse skills, including communication, business strategy, economics, analytics, culture, leadership, psychology, and more. They must also be able to inspire and motivate their teams, build strong partnerships across the organization, and adapt to the ever-evolving economic landscape.
Misconception #2: Marketing is synonymous with [insert specialty].
This is one of the biggest misconceptions around. Marketing is not strictly advertising, social media, content marketing, SEO, email marketing, public relations, branding, product marketing, etc. Marketing is the sum of all its parts, spanning many disciplines that work together to enable your company's Go-To-Market (GTM) approach. Marketing plays an essential role in the product (service or solution), its placement, price and promotion (The 4 Ps). Marketers must understand the needs and wants of customers, stay ahead of industry trends, and leverage insights to inform strategy and investments. Marketing is about much more than creating catchy ads and social media posts.
Misconception #3: All we need is the latest tool to get results.
Let's call this the shiny object syndrome. Today, there are approximately 7,000 martech products. Don't get me wrong, tools are necessary to help organizations scale, but tools are only as good as what they are being applied to and the strategy they serve. For a team without effective communications, processes and approaches, automated workflows won't magically make problems go away or the content suddenly compelling. "It just means the team can now send out crappy, irrelevant content faster and to more people," according to Pardot's Elisa Silverman. Before you get distracted by the newest release, talk to your Marketing leaders about how to best leverage your current tech stack and whether new tools are necessary to carry out your company's strategy and improve the team's effectiveness.
Misconception #4: Marketing's job is to take orders from the other functions.
Marketing is not primarily a support job. Marketing's strategic role within the organization is vital. Marketing is the only function within your organization that can lead a movement, build brand equity and develop new markets and revenue streams. Consider the role of Marketing in positioning and category development. As Andy Cunningham (positioning expert who helped Steve Jobs launch the Macintosh) says, "Great positioning is the epicenter of great Marketing, and great Marketing is the epicenter of great business."
A great marketing team understands the business and the target market. They are a critical part of your company's Go-To-Market success. This is why it is important that Marketing does not become a help desk for other departments.
Misconception #5: It's all about the data.
Data is essential for understanding past behavior. But just like with the stock market, buyers are both rational and emotional. To know where a market is headed and assess potential future behavior, you also have to understand psychology and sense the pulse of the market. This means going beyond the data.
Misconception #6: Great products sell themselves.
Great products may sell well at first if the founders already have a solid base of support and existing connections to drive sales or if the company is fortunate enough to catch a big wave. But what happens 12-24 months later when those connections are exhausted and the market changes? This is when you'll wish you had invested in developing other Marketing channels, establishing greater influence with buyers, and having a stronger overall presence in the market.
Misconception #7: Marketing is a cost center.
Only when it's done incorrectly.
Set your organization up for success.
Ultimately, the success of any organization depends on the collective efforts of its teams. The good news is that your Marketing team wants your business to succeed as much as you do. Let's recognize the strategic role Marketing plays and its potential impact on the business if better understood and supported. Let's move beyond the misconceptions and work to empower Marketing as they aspire to grow your market share and expand the value and perception of your brand.
