As companies think about how to get more for their marketing dollars, I believe they need to approach the problem systemically, by looking at the taxonomy of their marketing spend (people spend, program spend and infrastructure spend), and by identifying different “value levers” that can increase the efficiency and effectiveness of marketing.
I’ve come up with 7 Value Levers that I believe can help in this process:
1. Rationalization of Products and SKUs
2. Simplification of Roles and Deliverables
3. Automation of Processes and Operations
4. Digitization of Media and Campaigns
5. Consolidation of Agencies and Vendors
6. Co-creation with Customers and Partners
7. Centralization of Platforms and Databases
I will describe each of these value drivers in more detail in future posts. I’m currently thinking about how to put each of these ideas into action at large companies. Bottom line – improving marketing productivity is about more than improving ROI on marketing campaigns. It requires rethinking people, processes, systems and product portfolios.