Is There a Better Holistic Approach to Justifying Marketing Spend?
Retailers' ultimate goal, like that of any other business, is to make money. They need to sustain some type of brand awareness through advertising and marketing, and distinguish themselves from their competitors — by price, service, technology, assortment or any combination of those.
A mixture of brick-and-mortar, online and catalog is the foundation for most retail businesses. Retailers should be looking at their businesses more holistically. How should budget and capital expense be allocated? How does each department’s marketing strategy impact the others'? What works best for the company overall?
Studying circulation mix, building or closing physical locations, investing more money into e-commerce technology, testing new online and traditional programs, these should all be decisions being made at the strategic level — with all parties at the table. This will give marketers and businesses a clearer road map of how to sustain and grow for the future.