Imagine you work for Company Y — a renowned market leader in B2C with a stellar reputation. In 2024, this company is still actually hiring. You hold a significant leadership position in marketing and communications. One day, your boss says, “We need a major campaign. Take whatever budget you need and make it happen.”
This is a golden opportunity to showcase your skills and earn a promotion. Armed with a generous budget of several quadrillions, you hire top consultants, engage a team of “seasoned professionals,” and secure a Hollywood star for your campaign. You have set everything in motion. But despite the high investment, the campaign fails. You push for more spending, hoping the target audience will eventually understand your message, but it continues to miss the mark.
Why did this happen?
There are many potential reasons, but let us focus on two: the corporate bubble and the pitfalls of a big budget.
The corporate bubble is a major issue.
Many “market leaders” are insulated in their own corporate world, believing that if their sales are up, their message must be getting through. Their revenue might be big, but the ego is even bigger.
The solution is to stay connected with your target audience and keep up with trends. Trends often originate from niche communities or even individual events. Engaging with these communities provides insight into their needs. For example, if you’re launching a product for runners, immerse yourself in the running community to understand their requirements.
A good analogy here is parents buying their children expensive toys, they through away the minute they see a stick in the mud they actually desire.
The Big Budget Trap
A large budget does not guarantee success. If a consultant merely agrees with everything you say, they are not the right fit. Do not spend quadrillions on a “seasoned professional” whose only job is to flatter you. A good consultant should challenge your ideas and push you to refine your approach. Think of them as a fitness trainer who pushes you to excel. The best ideas can come from unexpected sources — a small consultancy, a new agency, or even an intern. Invest time in researching and vetting your partners before committing your budget.
Ultimately, it’s not just about the money you spend but how well you understand and engage with your audience and the quality of advice you seek.