Chapter 01
The Marketing Landscape is Rapidly Changing...
Today, many digital marketers have a lack of creative know-how and an over-reliance on data analysis, which hampers their ability to take risks, think creatively, and deliver results for the businesses they represent. Long story short, we are long overdue for a serious challenge to the status quo in advertising.
It is no secret that tumultuous economic conditions both domestically and abroad have put pressure on the end consumer. Inflation, wage changes, and ballooning consumer credit are a steady stream slowly trickling down to the bottom line of many businesses across America. The next twelve to twenty-four months are crucial for companies to adapt marketing strategies that build for resilience.
Gone are the days of unchecked advertising spend. Margin is tight. Budget is tighter. And profit is hard to come by. What we have found over the last decade is that most advertising programs are not positioned to deliver or track profit for advertisers. No wonder CMO tenure is the lowest it has ever been.
The wake of this efficiency drop is creating advertising chaos for brands. Urgent questions arise: how should we be allocating budget? What channels should we be investing in? How can we drive better efficiency? On LinkedIn and Twitter, there is a lot of conjecture on all of these topics.
What we have understood about marketing teams needs to be re-thought in order to have success in today's landscape. The old playbooks and frameworks are no longer effective. And yet everybody is still slow to change.
Marketers must challenge the assumptions created by a previous generation with vastly different market conditions. They must adapt to a new era of advertising where channel innovation is much quicker, creative is increasingly important, and competition is stiff.
At a time when there are more ways than ever before to connect, interact, and reach your customer, brands should be succeeding. In order to do so, it is important to first understand the history of how we got here.
The old marketing playbook is breaking down faster than most teams can adapt.