When times get tough, the marketing department often bears the brunt of cost-cutting measures.
However, recent news stories of downsizing at Evelyn Partners and Nucleus/Curtis Banks, with dozens of roles cut, underscore a deeper issue.
Inklings of this deeper issue began after several recent conversations, one of which was about a retail investment provider whose new chief executive (CEO) wants to restructure marketing.
The firm is also searching for a new chief marketing officer (CMO), who “has no problem in letting people go to make it more efficient and get the optimal configuration”.
I’ve seen fellow marketers asking for advice on handling a CEO adamant all social content and blogs now be completely AI-generated
The new head of product in a different company, now charged with marketing, also told me: “I just want to implode that [marketing] team.”
And then another conversation with a fintech firm went something like this: “Our decisions for UK marketing are made in North America, and we’re allocating marketing stuff like content to South America.”
The last two conversations were with global firms whose majority of clients and target business are UK based. I assume the drivers are cost-saving orientated.
There is no doubt marketing has changed significantly over the last 20 years and it continues to do so.
Since the arrival of martech – the technology to automate tasks like emails into sophisticated sales funnels for lead nurturing (think Hubspot) off the back of AI-generated content, complete with imagery – marketing as the ‘creative department’ has become more scientific and automated.
Marketing’s value is its ability to mix creativity with unparalleled insight into the business, the market and the customer’s mind
AI is making its mark. I’ve seen fellow marketers asking for advice on handling a CEO/CMO who is adamant all social-media content and blogs now be completely AI-generated.
Marketers are feeling fear, not so much for their jobs, but in having to witness their hard work degraded with homogenous and incredulous content that (1) makes playing spot-the-ChatGPT posts easy, (2) more often misses the nuances of the topic, (3) destroys brand-building efforts and (4) devalues social-media platforms that are fast becoming a cesspit of nothing words.
Beyond being PowerPoint whiz kids to sales, marketing’s value is its ability to mix creativity with unparalleled insight into the business, the market and the customer’s mind. Although AI is here to help if used appropriately, it also has the power to harm brand and lead-generation efforts.
In times of cuts and restructures, it’s more important than ever to ‘market’
Besides poor use of AI, marketing has been enduring a deep and long-standing, silent problem – its lack of or misrepresentation at the big important tables, like the board and C-suite.
In times of cuts and restructures, it’s more important than ever to “market” and, for that, the cycle needs to stop, and marketing needs to have its seat at the table.
There is a desperate need for creativity and originality – and, importantly, a true and thorough human understanding of the problems we’re solving for clients.
Marketing is the only element distinguishing brands in a world of vapourware and me-too products. As brand belongs to the client, it is the culmination of all words, tone, images, behaviours and actions, and it must be managed through a well-supported, properly represented marketing function.
Justine Pattullo is an independent marketing consultant
