Overcoming short-termism is a business issue: as marketers, we are in danger of managing ourselves into irrelevance, fuelled in no small part by an increasingly dangerous obsession with short-term digital data & ROI metrics.
At EffWeek 2017 we asked the question: How can marketing lead the way towards a more balanced view, beyond simply beyond opposing business metrics and financial reporting? How can we work together with our finance colleagues to stop being part of the problem an start driving the solution?
“We all love the instant gratification of that short-term hockey stick, as opposed to the 1 or 2 percent movement on long-term metrics”
Sera Miller The Fawnbrake Collective
At EffWeek 2017 a panel came together to discuss this problem. Watch the chair Sera Miller of Material sum up their discussions on the stage at EffWeek 2017.
This chart from ‘The Long and Short of It’ by Peter Field and Les Binet sums up perfectly the reasons the industry has become drawn to short-term metrics. Find more important charts from Les Binet and Peter Field here
Watch Sera Miller interviewed at EffWeek 2017 talk about the marketer’s responsibility and culpability in pushing a short-term view of the effectiveness of marketing.
Sera Miller writes on the importance of effectiveness culture for our industry
“Just what the industry needs, great collaboration between clients and agencies on the topics that drive business growth.”
Bridget Angear, Joint Chief Strategy Officer at AMV BBDO
“It’s great to see the IPA in the UK bring the whole industry and particularly the trade bodies together to focus on effectiveness. This new Marketing Effectiveness initiative will enable people across the industry to work together to build on best practice.”
David Wheldon, Chief Marketing Officer, RBS
“Effectiveness is a team sport, so it was great to see the industry in the widest sense, come together. In an increasingly diverse and fragmented world, only by using all parts of the brain will we solve effectiveness challenges and design our campaigns to deliver short and long term value. That’s why what happens next is important – if the IPA can help facilitate progress on this with a long-term initiative around Marketing Effectiveness, we’ll definitely crack it.”
Bart Michels, Global CEO Kantar Added Value and Country Leader Kantar UK
“The time spent at #EffWeek was extraordinarily effective. It was great to hear the diverse views from all areas of the industry. All tied together with the common themes of accountability and effectiveness.”
Andrew Canter, Global CEO, BCMA
“It has been a privilege to be part of the inaugural Effectiveness Week. The agenda is one which we at O2 UK feel passionately about. To see and hear perspectives across the industry demonstrates how the breadth of marketing effectiveness is increasingly being valued within businesses. Data, insight, social, customer experience, test and learn, ROI, these are all fundamentals and were covered expansively at the event”.
Sandra Fazackerley, Marketing & Consumer, Telefónica UK Limited
“The full week of effectiveness events brought into clear focus the need for marketers to use data and insight to achieve the key business objectives of growth and profits. Marketers today are in a better position to quantify their knowledge of customers and measure the ability of investments in marketing to increase brand and shareholder value.”
Chris Combemale, Group CEO, DMA