Businesses hire marketing agencies to achieve commercial objectives. They do this in the belief they are hiring expertise that can deliver results they would be incapable of achieving alone.
When, as is often the case, businesses question the expertise of marketing professionals, they do so only as a prelude to hiring another agency and making the same mistake again. The result is a deepening cynicism about the ability of marketing to deliver results and another nail in the coffin of ‘expertise’.
This cycle of hope and disappointment keeps recurring because businesses and marketing agencies collude in misunderstanding as to what it takes to build an effective marketing strategy. A few predictions from economists will help explain how this confusion arises:
These errors happen because human judgement is biased. From over-optimism to the way we use data to confirm beliefs we already hold, our decision-making is driven by our tendency to make fast, intuitive judgements. While this serves us well most of the time, this way of thinking is not sufficiently rigorous to run an economy or create an effective marketing strategy. It’s not that marketing strategists or economists don’t evaluate evidence. Most of them do. It’s that they don’t evaluate themselves evaluating the evidence, which means they are blind to their own blindness and the flaws in their strategic thinking go unnoticed
How, then, can you build an effective marketing strategy that is more likely to achieve consistent commercial returns?
And the stakes are high.
An economist mismanaging a bank can destroy a country. A marketing agency mismanaging your marketing strategy can destroy your business. Our eBook, 'How to Create a Successful Marketing Strategy', outlines these steps, and once you have read it, you'll never think the same way about marketing again.