Former Sony VP on marketing’s perception problem

It’s a sentiment shared by Steven Fuld, the former senior vice-president of marketing at Sony, who spent nearly 16 years heading up marketing initiatives at the Japanese tech titan. Fuld believes that marketers are facing a handful of key challenges as they navigate the ins and outs of business – and the politics that are so often involved.

In a wide-ranging conversation with The Drum in New York on Wednesday, Fuld outlined five core perception challenges facing marketers today. Here’s what he had to say:

1. Defining brand value is easier said than done

Fuld argues that while marketing professionals understand the power of brand, the concept often remains nebulous for the C-suite. “There’s a lack of understanding among the C-suite as to the value of brand – is ‘brand’ just a concept, or does it influence consumer behavior and actions?”

While Fuld acknowledges that the true value of brand will vary based on the vertical and kind of business – for example, “it’s more important to the C-suite in the beauty [industry] than it is for people who sell bricks” – its power is, nonetheless, frequently undervalued.

“Brand done right… matters a whole heck of a lot,” he says.

Marketers need to translate these variations in brand value into a language the C-suite can understand and appreciate, he argues.

2. Social media hasn’t been fully embraced by marketers

Too often, Fuld suggests, marketers aren’t taking full advantage of the promise of social media – which he argues can be effectively deployed “throughout the marketing process.”

Executives in non-marketing functions may “look at it as a fad, or something for the kids,” he explains. “But, at the end of the day, [with social media strategies], you’re micro-broadcasting. Done right, it’s incredibly effective.”

He posits that it’s up to marketers to evolve this perception and demonstrate how social media’s reach and relevance can be integrated into comprehensive business strategies.

3. CMOs need to collaborate more readily with CFOs

Fuld emphasizes that marketing leaders must be as precise and data-driven as their CFO counterparts.

“Serious marketers are [as] true to their numbers as the best people in the CFO’s office,” he says. “They really understand which numbers matter. They really understand how to create a learning agenda that says, ‘If we spend “X” dollars, we’re going to get “Y” results.’ And they really understand how you continue to test and… optimize your marketing dollars.”

A potential barrier to success is poor collaboration between marketing and finance leaders. The successful CMOs and CFOs of the future, Fuld suggests, need to work in tandem to establish “a joint understanding of what [the key] metrics are, how they’re measured and the validity of them.”

Without this alignment, marketers risk falling short, contributing to the widespread perception that marketing is not delivering value.

4. Data-enabled strategies are key to success

While much of marketing is still an art rather than a science, Fuld underscores the importance of “embracing data” – as well as the various tools “that make data come alive and drive decision-making.”

Of course, implementing powerful data-enabled strategies in marketing is no small task. In Fuld’s words, “It’s about everything from capturing the data, aggregating it, identifying it, enabling it, democratizing it, to activating it,” he explains.

CMOs should work collaboratively with chief technologists, chief information officers, chief data officers and other data professionals, Fuld argues, to ensure that data is not just collected, but also effectively used to inform and guide marketing strategies.

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