Keep an eye on marketing if you want to avoid a car crash

In 2004, Harvard Business Review published an article noting that despite misguided marketing strategies having “destroyed more shareholder value than shoddy accounting or shady fiscal practices”, marketing functions typically reside deep in the organization, far from the boardroom. Over the past two decades, it has become even more evident that marketing campaigns that land badly can pose a significant risk to brand value, particularly amid the rapid emergence of social media and generative AI. There are various explanations for why marketing expertise is uncommon on boards, including in-group bias, where existing boards, which often comprise individuals with non-marketing backgrounds, tend to favor candidates with similar profiles from their own networks. However, the most prevalent reason is a belief that boards should be focused on strategic rather than tactical issues. As…