With these in mind, every medical marketer should consider the following:
1. As a marketer, how much should the firm invest in brand communication?
The answer should be based on the financial models employed by the marketing people, but where are those models? This leads to the second question:
2. What level of return will be attained on the marketing or marketing communication spend? Again, the answer should be based on the marketing financial models. But, where are those models? The third question, again, is a simple one:
3. Do we know over what time period the marketing returns will occur?
Again, one would assume there are marketing models to provide these
answers. But where are they? The answer is: The challenges are getting
greater. Unfortunately, these questions challenge most marketing managers. Marketers are investing the financial resources of the organisation but have very weak measures of how returns will be determined. And, in many cases, the returns they are measuring have little or nothing to do with financial returns. At the senior management level, the most important issues are (a) how much should we invest in marketing and (b) how much revenue or value does marketing bring back? That is an on-going challenge which marketing to most senior management has been unable to answer.The following are suggestions on how
marketers might begin to directly answer the above questions.
With these in mind, every medical marketer should consider the following:1. As a marketer, how much should the firm invest in brand communication?The answer should be based on the financial models employed by the marketing people, but where are those models? This leads to the second question:2. What level of return will be attained on the marketing or marketing communication spend? Again, the answer should be based on the marketing financial models. But, where are those models? The third question, again, is a simple one:3. Do we know over what time period the marketing returns will occur?Again, one would assume there are marketing models to provide theseanswers. But where are they? The answer is: The challenges are gettinggreater. Unfortunately, these questions challenge most marketing managers. Marketers are investing the financial resources of the organisation but have very weak measures of how returns will be determined. And, in many cases, the returns they are measuring have little or nothing to do with financial returns. At the senior management level, the most important issues are (a) how much should we invest in marketing and (b) how much revenue or value does marketing bring back? That is an on-going challenge which marketing to most senior management has been unable to answer.The following are suggestions on howmarketers might begin to directly answer the above questions.
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