The Value of Advertising and Market Research
Reading more about the value of investments and innovation’s impact on your business. Many marketers try hard to justify our work in financial terms and so may find this new article "What Happened to the Knowledge Economy" by Jonathan Haskel at Queen Mary College, University of London.
How do economies assess investment in intangible activities like R&D, Staff and management expertise and Advertising and market research.
The research found for every £1 spent on tangible assets another was spent on intangibles and that this has been growing faster than the rest of business output. Advertising and market research has held steady at about 1% of total business output since 1995 and before then was between 0.5 and 1% (it’s hard to see on the published graph as it is a small, low proportion of the other categories).
So sadly, our work is dwarfed by computer software and "non-scientific R&D" who have grown hugely in the past 10 years as has Staff and Managerial expertise….. so those making money are businesses training managers, writing software and not really those doing Advertising and market research.
But we probably knew that….. or did we?
The Value