Marketing Truth #1: Effectiveness is as important as efficiency

17 min read

Ann Marie Kerwin and Mike Menkes

WARC Talks, Podcast, January 2024

Summary

In this first episode of WARC’s Marketing Truths series, Ann Marie Kerwin, Americas Editor, and Mike Menkes, SVP, Analytic Partners, discuss how organizations can measure and prove how and where their marketing works.
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It’s time for US businesses to move past thinking of marketing as a cost, and reframe marketing and media as a mechanism to achieve an organization’s business goals.
Maximizing ROI is not a goal, achieving a sales or financial objective is – to achieve a certain financial sales goal, it’s necessary to have an accurate and comprehensive understanding of what's driving the business.
Effectiveness is how you achieve those financial goals.
Efficiency is reaching those goals by the smartest use of your resources.

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Timestamps

03:00 – Defining marketing effectiveness
04:48 – Why have clients been focusing more of efficiency rather than effectiveness?
06:07 – Problems with siloed metrics
09:55 – Common mistakes made when planning for effectiveness
13:41 – How long does it take for marketing to come into effect?
16:25 – What are the main drivers of effectiveness that you’ve seen?
19:23 – Are there any truths across the board?
21:38 – How can marketers best convey their impact to the C suite?
27:04 – One truth to take away for marketers

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Timestamps

Further reading