Fletcher Building, a large construction company, blamed poor project management for $292 million in additional expenses last year. The ability to execute a project efficiently is essential to building a new high rise.
In marketing, our end goal is often less obvious and less tangible than a skyscraper, but project management is just as instrumental.
How do I create an identity and build brand?
How do I increase audience retention and growth?
How do I increase ROI?
We hear these questions from stakeholders on a daily basis. Sometimes the answer is simple, while other solutions are complex and take a lot longer to address. The more complex, the more essential project management is to achieving goals. And in today’s business environment, where every dollar for marketing is scrutinized, operating in the most effective and efficient manner is mandatory.
Successful project management in marketing requires knowledge, flexibility, experience and creative problem solving. Additionally, strong leadership and a structured approach drives success.
The Project Management Institute, the authority in the field, created a methodology that is the foundation of project success. They’ve divided the project management process into five groups:
The five process groups are already commonplace in IT, engineering and many other divisions of business that value project management professionals. This approach is becoming increasingly important in the field of marketing because spend, timing in market and satisfying strategic requirements are crucial to winning in the evolving climate.
The high cost of failure is unacceptable and being inefficient is detrimental to the bottom line. Marketers need to use every tool at their disposal to succeed. Success in marketing is found in building with structure, led by strong project management.
Maybe building a high rise and marketing are more similar than we think.