Let’s hit it directly: Marketing is the medium to show what you stand for.
Allow me to explain now.
In a business, it is all about what we are getting:
- When it comes to finance, they can present the cost-benefit analysis.
- When it comes to operations, they can show efficiency.
- When it comes to investments, they can show the returns.
But what does one get from doing marketing?
For large companies with a dedicated marketing department, it may be easier to measure the returns on marketing. However, based on my reading, I have not yet found substantial measures for them.
For small and medium-sized companies, which contribute ~35% to the Indian GDP, it is challenging to measure their marketing value. So, why do they do marketing, or why should they still do it?
In my view & experience, marketing is not about measurement. Marketing is about showing your values to the market. Marketing is about showing what your brand stands for. Marketing is about showing what you, as a founder, stand for.
Let me give you examples:
- Amul stands for value for money
- Fevicol stands for unity
- Tata stands for trust
Let me give some international examples too:
- Apple stands for privacy
- Starbucks stand for experience
- Nike stands for inspiration
Same is about individuals:
- Mr. Narayan Murthy stands for simplicity & hard work
- Mr. Ratan Tata stands for integrity
- Mr. Mukesh Ambani stands for vision
Now how do you measure the return on the investments you make in marketing? Revenue generated through it? No.
Because, irrespective of Cafe Coffee Day or Nokia failing in numbers, they stood for community & strength. Their marketing was done right.
So if you ask me how to measure the success of marketing, I would say – Is it able to convey what you stand for? Does it represent your values?
If yes, the marketing is in the right direction. Now focus on distribution & sales – let marketing continue its path.
And remember, your values should be visible in the way you work, the product you deliver, and the communication you have. And if you don’t have it, don’t fake it. The market is smart enough to understand fake marketing.
And if you have it, share it. Irrespective of the numbers you generate.