Russell Parsons: A decade on, the impact of the financial crisis on marketing is still being felt
Ten years since the banking system began to unravel, marketing is a mass of contradictions – cautious in some areas and ambitious in others.
The Marketing Week article, “Russell Parsons: A decade on, the impact of the financial crisis on marketing is still being felt,” featured the firm's research, "Marketing Moves 2017: Q1 – Q2." The article is excerpted below.
We have just passed what is generally considered the 10th anniversary of the beginning of the financial crisis. The event generally seen as the moment banks’ exposure to the US sub-prime mortgage market began to unravel came on 9 August 2007 when French bank BNP Paribas announced it was freezing its hedge fund assets. It was at the beginning of September, however – when images of concerned customers queuing outside Northern Rock made front pages and news bulletins worldwide – that it really became apparent that things were about to get very serious.
There are inconsistencies in personnel strategy too. The length depends on the study but it is safe to say that the average tenure of CMOs continues to fall despite the apparent need for stability. A recent study by executive search firm Russell Reynolds showed that brands are increasingly parachuting in external candidates to fill the top marketing jobs, perhaps in search of the glitter that they promise at the expense of the tried, trusted and possibly cheaper option that comes from hiring from within.
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