I humbly sit on the Marketing Accountability Standards Board (MASB), among some of the greatest minds from universities, commercial organizations, and practitioners who are now changing marketing for the better.
The purpose of this board is to develop the universally accepted standards for all global marketing professionals. Why? Because there are none. Are you surprised there is no governing body that has been established to date, even though marketing has been around since the dawn of days? So was I. This is an extremely important endeavor, because I believe it solves the root cause of many of the challenges CMOs face today – the ability to have a common language not only for their function/department but also in partnership with CEOs and CFOs.
According to MASB Director MJ Tisor, “Marketing will move from discretionary business expense to board-level strategic investment, only through an independent standards setting ‘authority’ for measuring (forecasting & improving) the financial return from marketing activities.”
What GAAP, FASB, and IASB are for Finance, MASB is for Marketing. Think about this: when a CFO leaves a company, the reporting and standards do not change. When a CMO leaves a company, everything changes.