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 business person 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.