Marketing Reinvents Itself

It is no longer just advertising. Marketing managers must operate in an integrated manner and demonstrate return on investment for every dollar they spend.

Monday, April 6, 2009

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 Americaeconomí, 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."

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