Recent global economic growth forecasts continue to suggest sluggish, even declining growth forecasts for much of the developed and emerging world. While monetary policy is often a key contributing factor, there are increasing signs that slow demand is the root cause of much of the economic malaise.
As employment rates continue to creep up and consumer spending responds lethargically, where and how should marketing be held to account to drive growth?
Simple. If product innovation is strong and the company is producing new solutions that customers and prospects are eager to learn more about (if not immediately purchase), then marketing drives growth by getting the most effective message out in ways most likely to engage enough people to spark demand growth. Otherwise, marketing should be more concentrated on uncovering customer and prospect insights to help re-direct innovation in product/solution development.
Ideally, marketing should be doing both things with sufficient and
equal emphasis to ensure longer-term systematic growth. But if you need a demand spark in the next few quarters, then consider re-allocating your internal resources from one task to another.