Marketers highlight unpopular marketing truths that should be embraced
By Zion Rufus
Looking at the variety of changes coming to the marketing world, the biggest marketing trends expected to dominate the year, and new challenges that will be presented as businesses brace to explore the unfamiliar terrains of 2023, some professionals have advised that marketers need to do things differently by embracing new ideas.
As identified by experts across fields, to approach this challenge and to help marketers win in this constantly changing, and competitive environment, we have compiled a list of unpopular marketing truths that marketers need to embrace in 2023.
Budget allocation should be 70% on acquisition, 30% on Retention. (Even 80:20 to be honest)– Zedi Africa founder, Ized Uanikhehi
“Budget allocation should be 70% on acquisition, 30% on Retention. (Even 80:20 to be honest), Retention strategies are great, but to be fair, once a user has gone through the process of signing up on your app and has carried out at least 4 transactions, chances are they are not closing the account. Rare, few and far in-between. Even when they abandon the account, they will come back at some point when they experience network issues with other banks. So focus more of your marketing spend on acquisition, Acquisition over retention, I tweeted this once and a few people nearly chewed my ear off but I am yet to be proven wrong. People who spend more budget on retention end up not growing much.”
The kind of marketing that works is the one that is grounded in the fundamentals of the business– Lanre Basamta, group head, mobile financial services at Interswitch Group
“The kind of marketing that works is the one that is grounded in the fundamentals of the business, marketing that will deliver actual benefits, not just in terms of business growth but in terms of significant brand, strategic, and other qualitative output. I think marketing a lot of the time feels too qualitative in outlook. Marketing measures a lot of vanity KPIs that make a lot of interesting sense to the marketing people but not to the business.
We have seen over the years the erosion of the power and impact of marketing, i mean people just tend to see marketing people as good spenders who like a lot of colourful designs but i think truly the marketing that works is the one that is grounded in fundamentals and i think as marketing people we need to start looking inwards, and the more inwards we look, the more we become of better significance to the businesses we serve and the communities that we operate in.”
Marketing should be ingrained in every aspect of a business– CEO Nimbus Media, Wale Adegoke
“I firmly believe that marketing should be ingrained in every aspect of a business. It is an essential component of every business. Many businesses attempt to shun or minimize its value. You can’t just put marketing in a box in business, any more than you can minimize finance in any business. Marketing should be the day-to-day currency of any business.”
Global brand communications lead at Beiersdorf AG, Temitayo Ige
“Don’t just move all/most of your budget to digital because it is the ‘in’ thing. In fact, you may not particularly need a digital first comms strategy. Start with the consumer and work from there.”
Marketing doesn’t have templates- CEO Identiture- Frankline Ozekhome
The marketing function is a value creating function and not a cost center- Category Development Manager, Nestle, Rukevwe Toka
Marketing is constantly working and reworking to find something that works- Marcom consultant, Fridel Makun
Marketing is constantly working and reworking to find something that works to achieve your product or brand goals. It is alright to fail, just go at it again with a different approach inspired from learnings of your initial failure
RECOMMENDED ARTICLES
Comment
No comments found.