Peter Drucker, the famed management guru, once said, “What matters in the marketplace is the economic reality, the costs of the entire process, regardless of who owns what.”
As marketers, we know that the purpose of any business is to sustain the process of profitability in the long term. That process ultimately being marketing—and, more specifically, creating a sustainable brand.
So given the wisdom of those like Drucker who've experienced market cycles first hand, which areas do today's emerging brands need to rethink to specifically manage the costs of the entire marketing process? Which principles can reasonably ensure that your brand's marketing efforts can steal share from the established players?
Before I begin to answer that question, let's look at three disillusioned assumptions in today's marketplace that may be altering our perception of where to allocate our marketing resources.
1. Advertising costs money
Most still believe that brand desirability is about brand awareness. We must spend lots of money to achieve brand omnipresence so that when the consumer decides to choose us, we're right there in their face, right?
So, what were the billboards you drove past today, or commercials you saw on TV? Look, we are aware of many brands in our over-advertised existence, but they only become relevant when our current focus matches their offerings. Like how we notice other vehicles of the same make right after we buy a new car, brand relevance is often about our focus relative to time and place.