Even if you're not in marketing, you should read this post from the former CMO of Nike. It details Nike's transition from a brand-driven demand creation engine to a data-driven performance DTC model that relied primarily on sales on https://t.co/cbf6NiqhCn.

The results?

After the release of Nike's Q2 2024 financial results, they lost 25B in market cap in a day, and shares hit their lowest since 2018. Decling -32% since the beginning of 2024. Ouch.

Here is my favorite excerpt:

"Nike invested a material amount of dollars (billions) into something that was less effective but easier to be measured vs something that was more effective but less easy to be measured. In conclusion: an impressive waste of money."

Will marketing see renewed interest and perhaps even a renaissance in brand advertising? For Nike's sake, I hope so.

https://t.co/xCbSrGRyyZ