Over the last two decades, marketing has gone from supporting act to star of the show in multinationals. Budgets balloon, campaigns multiply, and leadership teams obsess over “brand love” scores. But here’s the uncomfortable question: does all this really deliver higher sales, stronger EBITDA, and healthier cash flow?

Not long ago, great products spoke for themselves. Think of the compact cassette, the CD player, or the first iPhone in 2007. These solved real problems, and demand followed naturally. No flashy ads, no social media blitz. Just strong R&D, reliable manufacturing, and word of mouth. Today, even average products are wrapped in expensive campaigns. Are we covering weaker innovation with louder marketing?

Multinationals spend millions chasing impressions, likes, and “reach.” But suppliers can’t be paid with impressions, and shareholders don’t bank brand awareness. The internet flipped the game: buyers research independently, compare prices instantly, and trust peer reviews more than corporate slogans. A glossy billboard matters far less than a five-star rating or seamless product experience.

Marketing budgets keep rising while R&D and customer experience often struggle for resources. Why Marketing Became So Powerful?

* Global competition – With countless lookalike products, storytelling became the differentiator.
* Digital reach – Social media and influencers created pressure to be “always visible.”
* Internal expectations – Boards want dashboards filled with ROI even if these are proxies for real results.


The result? Marketing often enjoys a louder boardroom voice than R&D, operations, or supply chain. Sometimes flashy decks and revenue forecasts replace evidence with wishful thinking.

Does It Deliver Cash Flow?
The truth: shareholder value comes from higher sell-out, stronger margins, and sustainable cash flows. Marketing may enable this but it doesn’t guarantee it.

* If budgets grow faster than revenue, EBITDA suffers.
* Awareness doesn’t always convert into sales or loyalty.
* Digitally empowered buyers trust reviews, not slogans.


This isn’t about cutting marketing. Done right, it connects products to customers, builds trust, and keeps brands relevant.

Multinationals need to rebalance: put R&D, product quality, and customer experience back at the center. Marketing spend must link to hard outcomes—sell-out, repeat purchase, price premium, and EBITDA contribution. Without a feedback loop tying spend to results, marketing risks becoming just noise.

Final Thought
So maybe it’s time to ask: Are we funding marketing at the right level or just at the level that looks good in quarterly reports? True growth doesn’t come from being the loudest. It comes from solving real problems with marketing amplifying value instead of creating illusions.

What’s your view? Is marketing overrated or still the biggest lever multinationals have to win in crowded markets?