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In particular, when the crisis hits and the sales and margins come under pressure, the companies start cutting costs. Among the “costs” that go first are the marketing/advertising budgets. Companies start arguing whether marketing is “an expense” or a necessary “investment”. And rightfully so.
The CFO would say, Marketing receives huge budgets, but what is it delivering? Well, we all know the ever-intensifying arguments between CFOs and CMOs. As a CMO, what do you say if your CEO bumps into your office and asks whether you could cut your marketing budget by 30%? Marketing has not done a good job in promoting its own effectiveness. Marketing can and should be accountable. Results of marketing activities can be seen on the balance sheet.
