As the world of marketing continues to evolve, it’s important for marketers to stay up-to-date with the latest trends and insights. Our podcast, Influencer Marketing Talks, had the unique privilege of interviewing one of the world’s most influential marketing experts, Professor Byron Sharp.
Byron is the director of the renowned Ehrenberg-Bass Institute in Adelaide, South Australia and the author of the famous book How Brands Grow, considered by many to be the most important book on brands and the role they play in our decision-making. During the interview, Byron shared his view of today’s media landscape and offered some valuable insights for marketers. We have summarized his three key takeaways.
1. Always-on remains critical to drive growth
Always-on marketing remains critical to drive growth. Despite it being more than 10 years since the book was released, Byron stands by his principles and claims that these have not changed, even if the landscape has evolved in recent years.
According to Byron, “every day someone buys from you and you never quite know when that person is going to do that. So you should always be on”. This applies to both mental and physical presence. In other words, it’s important to maintain a consistent presence in the minds of your target audience and be ready to capitalize on opportunities as they arise.
2. CMOs need to be educated on marketing principles
While marketers’ knowledge has definitely increased, old habits can be quite hard to change. According to Byron, we have a problem with under-educated CMOs. He even gives an example of when he was introduced to the marketing director of a “large American, global consumer company” who had no idea of the principles in his book.
Byron believes that many CMOs are shooting themselves in the foot today by making promises that they can’t keep. For example, a CMO might tell the CFO that if they invest a certain amount in marketing, sales will go up by 7% next year. However, if sales do go up, they still can’t prove to the CFO that it was thanks to the increased marketing investment. According to Byron, marketers need to think of metrics that are appropriate for them and focus on explaining how an increased advertising budget will help them reach a larger audience, rather than promising unrealistic results.
3. AI will replace mundane marketing jobs
Finally, the conversation turned to AI, something that Byron believes will be groundbreaking for marketing. According to Byron, AI will be very useful in getting rid of those mundane jobs in marketing. These social media sweatshops will be replaced by AI. Newly graduated marketers will no longer have to put out three Tweets and two Instagram posts a day – that will be replaced by AI for sure.