Well before the COVID-19 outbreak, marketing organizations faced major challenges: More cross-functional responsibilities, mounting pressure to innovate and an urgent need to establish customer loyalty. As the crisis evolves, those challenges are even more overwhelming.
CMOs now need to make every resource and investment count. That means scrutinizing each program in their portfolios and asking whether they can justify the time and money spent on it or whether those resources are better spent elsewhere.
Identifying the obvious underperformers is usually relatively easy. It’s the mediocre programs that can end up having a more insidious effect on budgets and resources. “Marginal programs may provide some positive return, which keeps them off the chopping block,” says Chris Ross, VP Analyst, Gartner. “But those marginal programs, especially multiple marginal programs, may have large opportunity costs or consume disproportionate resources. Marketers should look for certain characteristics to identify what’s marginal.”