According to recent research, 40 percent of CMOs do not feel prepared to meet their marketing objectives, and 70 percent believe they have only five years to fundamentally overhaul their company's corporate marketing model in order to achieve competitive success.

CMOs report that inefficient business practices and the lack of funding and resources are among the barriers they face that ultimately hinder them from improving their performance and meeting their business goals. The five major marketing capability areas that are impacted by these hindrances are digital orientation, customer analytics, offering innovation, customer engagement and marketing operations.

Read more:
The "sunk-cost fallacy," in which people throw good money rather than "waste" what
they've already invested, can actually lead to smarter business decision-making,
researchers say. Sunk costs serve as a reminder of the importance once
attributed to a given outcome, helping people and organizations to persevere
even when the reasons for doing so are obscured by more immediate pressures.
That's particularly valuable after leadership transitions, when the precise
logic behind a past decision isn't clear, researchers note. Kellogg  Insight

More than a few years ago (1994) Giep Franzen wrote a book called Advertising Effectiveness. His analyses of TV commercials and print ads led me to wonder whether there’s a parallel between his last-millennium media research and the issues facing digital advertisers today. (And yes, you can try these at home!)

Franzen analyzed full-page, full-color ads appearing in women’s magazines. He combined the results of several research methods: eye-tracking, surveys, and “through-the-book” tests like Starch. Are you sitting comfortably, magazine in hand? Counting down from 100%:

  1. 10% of readers don't open the page that the ad is on.
  2. Another 10% don’t consciously remember seeing the page that the ad is on, although they did physically see it, according to eye-tracking.
  3. Fully 25% don’t recognize there was any ad at all on the page -- the eye saw, and some content was recalled, but the advertising on the page didn’t register. Exposure time was very likely less than 1 second.
  4. Another 9% see the ad but get the category wrong (we’re falling below half of all readers at this point ...)
  5. Another 7% get the brand wrong.
  6. Another 8% get the brand right but the specific product wrong – e.g., the right brand of mayo, but not light mayo. (Now we’re down to less than one-third of readers ...)
Read more:
There are a few basic ways to waste money on advertising: 

·      Spending too much. [In reality, this almost never happens, despite the CFO's suspicions.]

·      Spending too little. This actually happens a lot. Several polls have shown that at least one-third of marketing managers believe their resources are insufficient to meet their agreed-upon goals. Fifty GRPs is the minimum level to reach the target once a week. 

·      Spending too quickly. This is easy if the budget's too small. The best media planners understand the purchase cycle and accordingly "drip" the dollars over time. And a new brand needs time to become known; a "big splash" with no follow-up will be forgotten.