MARKETERS NEED TO UNDERSTAND BASIC BUSINESS PRINCIPLES | MARKETING MYTHBUSTERS
The vast majority of people claiming to be marketers have a fundamental lack of business knowledge. Marketers need to evolve from being a “marketer” to being a business professional who executes marketing. That means understanding how business operates. Understanding basic finance terms such as profit and loss, or EBITDA For a marketer, understanding business is a huge benefit to how you do your work because thinking like a businessperson frames what you do as a marketer in a totally different way. How does such-and-such a marketing effort impact the sales team? How can we take what we've learned and feed this data back into product development? What can we take from this about product margins or how we set pricing or how we can adapt messaging to a new customer profile segment? The list goes on, right? All of a sudden you're looking at the business more holistically, which is something very few marketers do.
Or can do..
