Saturday, August 26, 2023

Modern Marketing Is BROKEN!

KEXINO marketing agency CEO Gee Ranasinha discusses why he believes modern day marketers have got it backwards, and what should be considered if you want to get real results. Check out the full interview here: https://youtu.be/Orb_dRKJhJM?si=Z9gwvZSDPOiDc7SQ #business #marketing #communication #skills Keywords: marketing, business, digital marketing, advertising, sales, media marketing, marketing technology, finance marketing, business management, psychological, consumer, crisis, profit, customer, growth, innovation, statistics, emotional, motivations, gee ranasinha, george torok, communication, message, communication skills, skills, Chapters 00:00 Worse Than Broken 02:04 Why Leaders Don't Like 'Marketing' 03:20 The Problem With Reducing Costs 03:50 The Rationality Problem Transcript not only is it broken George but I think that it's in crisis and I think the your intended message listeners um are probably aware of it even if it's um unconsciously and I think marketing is in crisis for two particular reasons and they are quite different in it of themselves but they are nonetheless connected and so firstly I think marketing is in crisis because it is ideologically disliked in the higher tiers of business okay and secondly I mean I'll expand upon this in a minute secondly I think marketing is in crisis because much of the work conducted by people who call themselves marketers notice I didn't call the marketers I said people who call themselves marketers um is only a tiny bit of what marketing is actually about and what the people who call themselves marketers are actually doing is Communications is promotion um which if we go back to the four P's of marketing is you know only 25 of what marketing is and so as a result of just focusing on comms and Communications and messaging marketing is being relegated to a sales support function right um within so many organizations the marketing function is seen as you know producing brochures updating the website you know getting some tote bags made getting some stress balls printed you know um and at the other end marketing is being used to is being used as an automation tool to automate lead generation and advertising but it's delivering substandard and increasingly ineffectual results so why do I mean that CEOs and CEOs management have a a dislike to marketing and I think they have an inherent distrust in marketing because it goes against the way they think CEOs and CFOs you know accountants people numbers people that they look at other areas of the business and those areas are very pragmatic and they're very they're based on rationality they're raced on sequential thought processes um based upon numbers of which are immediately apparent to be able to calculate all of the information that you need is there and in much of business rational logical based thinking is the pervading prevalence right trying to find ways to reduce costs or effort or increase productivity or efficiency or whatever okay um and what's happening is this way of thinking is now being extrapolated into marketing because the goal is to reduce the effort and cost by Auto automating and mechanizing the process right but whereas reducing the cost of manufacture of a widget usually has no detrimental effect to the efficacy of the widget itself you know unless you make it so cheaply that it's no longer fit for purpose right but reducing the cost of the manufacturer of marketing invariably reduces its Effectiveness because the the Arbiters of Effectiveness are much more than the constituent Parts okay so business paralysis is based on rationality and logic presuppose a fixed and rational Target but the problem with that way of thinking is that we're dealing with human beings and as I don't need to tell you human beings are not rational beings we are very far from rational we are not machines that always think or do something in the same way we don't behave logically or rationally in every circumstance and our behavior is extremely context dependent which means effective marketing involves out of the box thinking and experimentation stuff which Finance people see as superficial and irrational um and so what happens is if you're coming at this type of uh um discipline with an economics brain you're trying to create a quantitative fallacy where everything has to make sense everything has to be measurable and everything has to be quantifiable because it's based on the assumption that life is like physics right where all the important metrics that determine the outcome of something are numerically available and attainable and you have all the information that you need to understand a condition and it can be expressed in easy to understand units that everybody understands and their interrelation but the reality is that there are hugely important things in human behavior that do not have a quantifiable measurable unit.