Professor Malcolm McDonald addressed a packed lecture theatre at MMUBS with a presentation which opened with the strong message: ‘The only corporate objective is profit’ and that ‘Any strategy statement that cannot explain why customers should buy your product or service is doomed to failure.’
He warned that although this isn’t rocket science, as we’ve been in a growth market for so long marketeers had forgotten that the only line is the bottom line and that he asserted, was the way into the boardroom.
He urged practitioners to get back to what matters, and whilst there was a current preoccupation with all things digital, marketeers should not take their eye off the ball.
‘Where are the customers? What are customer needs? How can you have a social media strategy when you don’t have a strategy? What are we doing? We need to get ourselves back in the boardroom.’
Understanding the customer and having a grip on the financial impact of marketing activity he suggested provides the key to taking a seat at the top table.
Professor Malcolm Macdonald has just released a new book ‘Marketing and Finance’ which brings together for the first time CIMA and CIM joint acknowledgements.
MMUBS and the CIM will next be hosting the evening lecture’ The evolution of Google – how digital is driving growth’ on Thursday 14 November. Register your free place at http://www.cim.co.uk/Events/EventDetails.aspx?crid=57680