The current direction of marketing is stifling creativity.
Marketing is one of the most important operations in any business. As globalization plays out its course, the world becomes increasingly intertwined and businesses gain access to populations beyond their border. The result of this is greater competition among businesses to target as many customers as possible.
Marketing budgets tend to take up a large portion of most companies expenses; these expenses are justifiable as plenty of research shows that companies that become stingy with their marketing costs tend to lose market share. What’s worse is that start-ups not only have to properly fund their marketing operations but also need to properly plan them else they risk failure.
The importance of marketing in today’s highly competitive economies is undeniable.
Given that most companies rely on marketing for sales growth, the marketing sector itself has greatly expanded. Over the course of time, this sector has also evolved. While only a couple decades ago the vast portion of this industry was in the hands of marketing agencies, the past few years have seen a shift to marketing industry becoming increasingly dominated by media agencies that leverage data to build powerful targeted campaigns.