3 Reasons Why Corporate Marketing is Officially Dead
Here are the top 3 reasons why every corporate marketing team should adopt and push for a more agile, growth marketing approach in order to produce better results and higher ROI.
Speed
Do you know how many hoops and ladders you have to go through just to get a simple change made in a corporate marketing department? It’s maddening. By the time you’ve gotten approval from your boss, their boss, the legal team, finance – the opportunity has come and gone. All the while you’ve produced very little results during this time.
Congrats, while you were waiting on approvals and sign offs – your more agile competitor just launched 5 new strategies and are already seeing results, and stealing your market share!
In today’s world of brand growth and marketing, speed is critical. You have to be able to move quickly and efficiently.
Let’s take a look at speed and the difference between corporate marketing and growth marketing. And if you’re leading a corporate marketing team… why you need to shift your mindset to growth:
Barrier to Entry (Budget)
No longer do you need a multi-million dollar budget in order to capture eyeballs and create a relationship with your customers. In fact, some of the most successful marketing campaigns in recent years have been executed on shoestring budgets. Take for example, the infamous Old Spice “The Man Your Man Could Smell Like” campaign which cost a mere $12 million to produce but generated close to $100 million in sales.
Let’s take that one step further in terms of budget. Don’t have a $12 million budget? No problem! The Dollar Shave Club’s now world-famous launch video was produced for a mere $4,500 and has been viewed over 23 million times. Why? Because content matters! It was funny, low budget, and was placed on Youtube for free.
Don’t have $4,500? No problem! Today’s marketing is changing. People engage with authentic content – which means if you’re content provides value, is a little entertaining, connects with people on an emotional level, and is shareable – you’re well on your way to success. You just need to be consistent.
Too Many Cooks in the Kitchen
Large corporate marketing teams tend to mesh roles and responsibilities… feelings get hurt, no one can agree on anything, and the end result is wasted time, zero results, no growth, and pissed off employees.
Throw in a little lack of communication, the whole “who’s budget is this pulling from,” “Did you get approvals yet,” “how come you didn’t do it this way…” etc.
Not to mention, OTHER departments like finance who hold your keys to the kingdom want to be 110% convinced that anything you do that requires $$$ will produce results, and they want to know exactly what that ROI will look like.
In growth marketing, we focus on clear roles and responsibilities. There is no room for ego – everyone is working towards a common goal. And when you have clarity around roles, it allows you to move quickly and efficiently as a team.
Budgets are clearly signed off on prior to the year, there is no guessing, no begging, no convincing. There is just LEARNING & DOING.