Throughout history, various disciplines have been transformed from “art” to “science.” Medicine (though still referred to as an art by some) was transformed by the acceptance of the germ theory. One at a time, copied by hand, book production was revolutionized by the printing press….and if you hadn’t yet noticed, marketing has become much more of a science than it ever was due to low cost, widespread computer power.
In the past 40 years, computing in general and the internet in particular has transformed marketing from a qualitative endeavor into a quantitative one because data could be accessed and processed in ways that were previously impossible. In the past two years, a similar revolution is taking place again with the advent of Artificial Intelligence (AI).
In a recent post available on the Vistage Website (this one is accessible by non-members), Vistage Speaker Marc Emmer follows the money and the tale it tells about the state of play today in marketing. He writes “Our annual review of marketing trends and spending benchmarks reveals a stunning subplot; the confluence of technologies including AI has already reshaped the field of modern marketing. Technology now comprises 20% of marketing spend and is projected to grow to 31% within five years. Tech-enabled marketing departments are accelerating performance.”
Many SMB companies often ignore marketing initiatives because of a successful sales force and a strong economy carrying them forward. For those who underestimate the long-term importance of marketing, the late, great Dr. Peter Drucker offers this observation: “Because the purpose of business is to create a customer, the business enterprise has two–and only two–basic functions: marketing and innovation. Marketing and innovation produce results; all the rest are costs. Marketing is the distinguishing, unique function of the business.”
SMB companies are often laggards on adopting new technology. Mr. Emmer’s recent post will help C-level executives get caught up on current marketing realities and “How marketing spend has been transformed forever” and with it, how all of us will compete. (His post includes several other helpful links).
