Magazine article Marketing


Magazine article Marketing


Article excerpt

Accenture is once again the proud sponsor of the Marketing Society Awards. We strongly believe in the value marketers can bring to business, particularly in difficult times, when strong, effective brands make the difference between businesses that win and those that lose.

For a further year, we are delighted to be supporting an event that recognises achievements in marketing and reflects our own growing involvement in this field.

It is a particularly relevant time to address the role that marketers play in building value for the corporation and the challenges that senior marketing executives face in doing so.

The stature of marketing within organisations has diminished in the past few years. According to a recent Accenture survey, 78% of C-level executives do not view marketing to be among the top three most important organisational functions.

Marketing is seen by respondents overall as contributing only 'moderate value' to the company, with only 23% stating that the function has made a 'very significant' contribution to the organisation as a whole. This compares with 61% for the sales function and 40% for customer service.

At the same time, consumers have become more discerning and loyalty has decreased; the cost to acquire new consumers and retain existing ones has increased substantially.

Given this, enhancing marketing's impact has become more critical. What can marketers do to regain ground and be recognised for the critical value they can bring to bear?

First, marketers need to ensure the whole of the organisation lives the brand; rather than bunkering down in the face of tough conditions, marketers need to collaborate beyond the marketing function to ensure that their brand's values are transmitted at every opportunity.

Second, marketers can proactively ensure that consumer insights gleaned are transmitted back into the organisation and are mined in the form of enhanced products and services and meaningful innovation.

Our research shows that customers are willing to reward for enhanced products and services. In a recent Accenture survey in Europe and the US, two-thirds of consumers said they would willingly pay more for products and services that further meet their needs. …

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