Two successive years of budget cuts could have left Eckrich's marketing team fighting to keep the status quo; instead they challenged it, turning to Keen's decision-support tool to give them fresh eyes on their marketing channels, investments and timing.
It doesn't take a CFO to do the math: The growth rate among U.S. consumer companies is just over 2 percent, yet total marketing spending tops $1 trillion a year.
These tough business conditions coupled with performance pressures have put CMOs on the corporate endangered list, with an average tenure of just three years, compared to 7.2 years for CEOs and 5.7 years for CFOs.2
Marketers are challenged to balance complex decisions about investments to grow their brands, especially when they often seem at odds with one another.
- How do you balance long-term brand awareness against short-term revenue goals?
- Do you maximize profits, grow revenue or optimize a fixed budget?
- Do you invest more in TV or trade?
Regardless of the questions your team is asking, improving decision quality is the first step to achieving better outcomes.
The following infographic highlights six ways marketers can positively impact their decision quality.
Topics: Decision Quality