Gone are the days when the marketer was merely an expert in classical marketing theory, advertising development and media allocation. It was not that long ago that these spheres of knowledge and a great personality could get one far as a marketer – at least for a few years at any one gig.
Today the successful marketer needs to be a solid marketer, yes, but also a bit technologist and a bit financial analyst. These three competencies have formed my own checklist for hiring and training marketers over the years. Further, these competencies have provided guideposts for continuous development of my own skills. These three fields are evolving rapidly and becoming more intertwined as marketing accelerates its shift toward addressable media and two-way dialog.
Image by nick see
Let’s take a look…
Finance – Much as one might underwrite a loan or the purchase of an asset like a brand, marketers must understand how to develop a systematic way of valuing customers and their income flows. The purpose is to establish a framework for setting investment levels (aka brand communication) for these customers based on brand objectives for ROI.
Technology – The shift to digital communication is no longer limited to certain brands, “below the line” tactical extensions (direct response, etc.) and special segments (youth, technology adopters, etc). Spending in technology-driven media that produce and leverage data is accelerating to catch up with eyeballs as media consumption shifts online and to the third screen (mobile device) at a rapid pace. Marketers need to understand how databases work, how data mining and analysis is done, and how media are deployed and optimized using technology and data.
Marketing – Though marketing theory is fairly long in the tooth (having held up to scrutiny in order to survive), some old constructs are being challenged as new media consumption patterns enable the compression of brand adoption cycles. Traditionally a need or “want” preceded awareness, perception and trial/adoption. Now, however, one finds products and services targeted or referred to them that they didn’t know they wanted to begin with. Further, they can often try it free or compare it to other solutions in real-time, so consumers are being trained to expect responsive, engaging brands they can take home “now.” Brand adoption theory, then, is under pressure as marketers succeed in choreographing new means of spreading the word and the desire for their brand.
I have rarely found people that combine these three disciplines. When I do, they’re usually winners. What I’d like to see more of is universities and corporate training that focus on these core competencies to increase the quality of their talent and generate the complete, 21st century marketer. I’d love to hear your thoughts on what competencies come together to make a complete marketer.
{ 2 comments… read them below or add one }
I agree with your assessment of the three key disciplines. I bet with the economy as bad as it is, the marketing staff that have this type of expertise and financial accountabity are doing the best. It is easy to be a great marketing person when times are good and you can waste 50% of your budget, but when times are tight knowledge of the three key areas becomes even more critical.
Even though it’s been well over five years, I still remember you describing the importance of these three competencies to me while interviewing me for a position in your company. I couldn’t agree more with you then, and can’t help but notice the vacuum, the lack of any of these competencies creates in the profile of many of ‘today’s’ marketeers.