Poor marketing practices and a reliance on marketing technology has been identified as being significantly responsible for a decade of business failures.
UK business consultancy salesXchange Limited has published a White Paper this week for investors and directors explaining why many B2B companies have failed over the past ten years.
The White Paper isolates the specific activities of businesses that leads to their demise whilst referencing existing statistics that 72% of all businesses fail within three years. Of businesses that receive investment, 40% fail completely and 45% fail to make any money for their investors.
Founder and Managing Director, Nigel Maine said, “Especially in the current climate, businesses must recognise that the repeated practices from the majority of marketing professionals consistently lead businesses down a precarious path.”
In the white paper, Maine discusses how technology can never replace a personal connection or an offering of informative, desirable content. The adoption of multiple complex technologies disguises the real problem for most business owners. Unfortunately, many CMOs have spearheaded the widespread misuse of marketing automation technology (Mar-Tech) to the detriment of new business generation, resulting in the average tenure of a CMO being reduced to a mere eighteen months since, at least, 2015.
CEOs and boards of directors have identified that CMOs keeps failing, yet seem to be unsure of the specific reasons why, hence their consistent replacement (for which the recruitment industry is forever grateful).
Most investors and directors are also aware of the perennial problem between sales and marketing yet are always hopeful that failure will not be a factor with the businesses they are involved with. “Unfortunately, due to ‘silo-working’, the real causes for poor performance have been hidden from view and allowed both sales and marketing to blame each other” states Maine.
The white paper advises, as more businesses are forced back in to lockdown, the only way of connecting with prospects and growing a business in this economy is via engaging content.
The White Paper explains the cause and effect and suggests a methodology that can be implemented immediately and in parallel to existing working practices at no additional cost.