PR & Marketing Finally Get a Seat at the Executive Table
A recent survey conducted by the Economic Research Institute (ERI) projects that marketing and public relations positions will experience two of the highest salary increases in the United States in the coming year. Historically viewed as “soft” business functions, PR and marketing professionals have diligently earned their place in the board room over the last few decades.
ERI’s research reflects a new (or renewed) value placed on marketing and public relations disciplines—and a permanent position at the executive table. The U.S. Department of Labor mirrors this sentiment with reports that marketing and public relations jobs will increase faster than the average for all occupations through 2014.
As a PR/marketing professional and service provider, these trends in employment and compensation are highly validating. Executives and boards now recognize marketing and PR as critical business functions, and they are willing to pay for top talent as seen in ERI’s salary increase projections for the coming year:
- Public relations managers will see a 7.8% salary increase
- Marketing managers will see a 7.1% salary increase
Whether you’re staffing up internally or hiring an agency, marketing and PR can (and should) bringtangible value to your business and to your bottom line. The following factors demonstrate that PR and marketing professionals are a good investment and they are earning every dollar of their salary increases.
Gauge whether your organization’s marketing and public relations efforts are adding value and yielding results:
- Effective marketing positions your business as a leader in its industry. Don’t be put off by the jargon many marketers use to describe branding. An experienced marketing professional can put structure to this process and help your executive team understand its tangible value. The ultimate goals of branding are defining your organization’s competitive differentiators and making sure the market hears and understands them. This includes your prospects, resellers, employees, board members, investors, analysts, the media, etc. Branding is the output of market research and strategic planning, and it manifests itself through memorable graphic design as well as strategic messaging. It includes the pretty brand mark (a.k.a., “the logo”), company/product names and the way your organization is visually presented to the public. Branding also includes non-visual elements such as the language you use (and want the market to use) to describe your organization, its industry space and its products/services. While it all may seem like smoke and mirrors to a CFO, the end result, if done well, is that your business and your executives look and sound like credible and experienced leaders. Simply put, branding creates an image in the marketplace that enables your business to compete head-to-head with much larger, more robust and better-financed competitors. Your brand is an asset.
- Strategic marketing enables your organization to develop products & services the market wants. Most companies believe that there are hordes of hot prospects with cash in hand, just waiting to buy their next great product or service. In reality, most businesses don’t have an accurate measure of the true market potential before they begin product development and, as a result, often receive underwhelming response to their product launches. A strategic marketing professional can test your market assumptions, determine whether there is actual demand for your great idea and quantify the market potential – before you build and launch. This not only saves a great deal of time and money, but also provides valuable insight into the pains and language the market currently is using to describe its need for your products or services. With this market intelligence, your marketing team can develop messaging for your Web site, sales materials and marketing programs that resonates with potential customers, increases their ability to find you and increases the likelihood that your products/services are selected over the competition.
- Successful marketing will expand your company’s market reach and penetration. Look past marketing buzzwords such as “building brand awareness” and understand that what this means is “outbound communications.” We all know that the concept of “build it and they will come” just doesn’t work. So, you must venture out into the market and make yourself known and attractive to your prospects. Marketing and PR accomplish this through advertisements, Internet marketing, events, media coverage and direct mail (or e-mail), to name a few tactics. Regardless of your industry, it is a big, crowded market out there and marketing professionals can help you narrow it down and break through the clutter. The more you know about your target audiences, the more effective (and cost-effective) your marketing and PR will be. In today’s Internet economy a multitude of tools exist that enable marketing and PR professionals to track and report on the effectiveness of their efforts. Rely on these tools to analyze and adjust your marketing investment.
- Carefully timed and executed marketing will shorten your sales cycle. If marketing can position your company as a leader in your industry and help you identify and reach your target audiences, the cumulative effect is a shorter sales cycle. Here’s the equation: your prospects are aware that you exist + you’ve demonstrated that you can meet their needs + they view your products/services as a credible option + you stack up against even your largest competitors = a significantly condensed sales cycle. Marketing can significantly decrease the time it takes to reach a prospect and close the sale. If you’re thinking that this is a sales function, think again. Marketing creates demand in the marketplace and uncovers buyers who are ready to purchase. It also opens the door to interested prospects. Your sales team should be waiting inside to close the door and close the deal. Sales and marketing must work together in unison for maximum returns.
- Calculated marketing will protect your margins. If marketing and PR can create an image in the market that your company, products or services are premium (that is, third parties such as customers, the media and industry analysts attest to the fact that your products/services are better than those of your competitors), you can command a premium price. So, now marketing has helped you find qualified buyers, present a strong image, shorten your sales cycle AND protect your margins. Marketing and PR no longer sound like fluffy disciplines, but rather are highly accountable vehicles for driving return on investment (ROI). This is undeniable evidence that marketing and PR professionals are earning their keep, and their raises.
- Well-orchestrated marketing will protect your business against encroaching competitors. By positioning your business as the industry’s 800-pound gorilla, you often can dissuade new competitors from entering the market – or you can at least make it more difficult and more expensive for them to try. Marketing can help significantly with this initiative by continuing to reach your target audiences with compelling offers and positive news about your company. This can include announcements and press coverage about new products and services, additional rounds of funding, new patents, trial offers, new geographic market presence, new executive leadership, new strategic partnerships, etc. Marketing and PR can set the standard by which your competitors must compete.
Done well, there is nothing fluffy or soft about marketing or PR. You should expect your internal professionals
or agency to be accountable to your business objectives and responsible with your budget. They should be
able to demonstrate a clear correlation between marketing and PR dollars and lead generation, customer
acquisitions, ability to close deals, sales cycles, profit margins and customer retention.
But, you must give to get. This means you must be willing to bring your marketing and PR professionals into
the fold by carving out a permanent position on your executive team. To start, include them in the strategic
planning and budgeting processes. Throughout the year, ask for metrics-based reporting on marketing
campaigns and be open to their analysis and recommendations. Seek their counsel and keep them
involved in new product/service development, market rollouts and even corporate crisis situations where
they can help put out fires (for example, layoffs, law suits, unhappy customers, disgruntled employees, etc).
And, you must also be willing to pay for top talent. As ERI and the U.S. Department of Labor show, salaries
are on the rise. Remember, you get what you pay for. Compensate your marketing and PR people well,
but expect them to perform. Set expectations and hold them accountable.
So, the next time you’re in an executive or board meeting, don’t be surprised when you see a marketing or
PR executive confidently seated between the CFO and the CEO, giving strategic advice to the chairman
of the board. Marketing and PR professionals have earned their raises and their places in the board room.
They are earning every dollar of their salary increases, and they are eager to contribute even more to the
bottom line. Let them!
About the Author:
Amy Zucker is president and founder of Synergy Marketing Group. A marketing, branding and public relations veteran with 15 years of industry expertise, she started the company in 2002 to exclusively serve the business-to-business community. Today Synergy is one of the top 20 Indianapolis marketing agencies with an impressive roster of both B2B and B2C clients. The firm offers its clients expertise in building memorable brands, generating awareness in the global marketplace, establishing credibility, creating demand and quantifying marketing investments. In 2007 Synergy became a certified Woman-owned Business Enterprise (WBE) to bring added value to clients and vendor partners who want to meet corporate supplier diversity program goals and qualify for new business opportunities in government and regulated industries. Amy can be reached at 317.205.9690 ext. 223 or at [email protected] To learn more about Synergy Marketing Group, please visit www.synergy-mg.com.