The Economy is Too Important to…
The economy is too important to leave to economists or politicians. By and large, very few in these groups have ever developed a new product, brought one to market, or managed an organization that did.
Innovation and new product development are driving engines of the economy. They both create jobs and the consumer activity that supports those jobs.
Strangely enough, that makes marketing a critical component of a society’s economic success.
Marketing’s function is to engage the prospective buyer in such a way as to make a product’s or service’s value clear, to make the prospect want to buy. Obviously, there have been products that were successful with little or no marketing. Just as obviously, there have been products that failed despite marketing, advertising, and PR.
But if marketing does its job correctly – being a voice of the marketplace within an organization as well as presenting the organization’s products and services to the marketplace – then there is a potent alignment of external needs with internal innovation.
Marketing can no longer be seen as just the persuading element in a company. Its role going forward must be as a translator. It must translate the market to the engineers and product development people. It must translate key trends – not just market, but political, regulatory, and social trends – so that the entire management team can steer a profitable course through economic and political shoals.
Marketing has become too important to stay in its traditional organizational niche and role. It must help innovate not only how the enterprise does business but how it does business itself. Marketing must be the organizational Janus (the two-headed Roman god facing both ahead and behind). It must face inward as well as outward.
Done correctly, as part of the C suite management team, marketing can help business take the economy back – out of the hands of economists and politicians. The economy is too important to leave to them.