Business has only two functions — marketing and innovation.

Business has only two functions — marketing and innovation.

Those words belong to the business guru, Peter Drucker.

Yet somehow in 2019, ‘innovation’ is the buzz word and is a favoured topic in Board room discussions, and ‘marketing’ is often seen as less important, more like a support function.

With the recent uptrend in the adoption of innovative technologies like AI, VR, Blockchain and other smart techs in business, we are reducing to a lower extent the importance of marketing.

We’ve gotten busier delivering against KPIs, and smart technology has enabled business decision making to be smarter.

All of which has meant we have more intelligence data and tools and are more connected with our customers than ever. Yet at the same time, we are less connected with our customers than ever before.

We are less connected because we are often failing to develop a marketing strategy that is a core part of the business strategy.

If we want our businesses to succeed in the global market place, then heeding Drucker’s advice is key —

“The aim of marketing is to know and understand the customer so well, the product or service fits him and sells itself.”