Many examples are showing that one of the first budgets to be trimmed in these times of crisis, is marketing. Against this backdrop, the emphasis is on continue communicating with clients and not abandoning efforts in this area.
What is new is the trend by marketing management to evolve from roles of mere promotion and media relations toward greater integration with other sectors of the company, especially finance, and the acquisition of the obligation to justify each action with results.
In his article published in Americaeconomía.com, Arly Faundes reported that Erick Martínez, performance improvement practice manager at PricewaterhouseCoopers, said that, "while the field of marketing had a justification for being more qualitative before, it is now quantitative, which has forced them to include metrics such as ROMI (Return on Marketing Investment), which basically calculates how much is gained in sales or market share for every dollar invested in marketing, something that many areas of marketing did not include in their duties before."
Advertising online is not an option anymore but a necessity, and requires stricter planning than traditional advertising.
Every cent spent in an advertising budget must be carefully planned. These are though times, with fierce competition in all fields. Preparing successful advertising campaigns requires a lot of work, and actions in several fronts.
Marketing Managers are applying financial engineering methods to optimize their portfolio of marketing campaigns.
The growing concern from Marketing Managers about return on advertising is making them look more and more like financial managers.
Many millions are spent on advertising (in Central America about $ 1.8 billion per year), usually in a mix of different types of media and to apply expense optimization methods of portfolio investments, will lead to better rates of return on investments.
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