PwC and ANA launch landmark study proving marketing’s direct link to shareholder value

The conclusion is that companies that excel at marketing deliver 79% greater shareholder value over a five-year period compared with those where marketing is treated as a peripheral function.

“Good marketing isn’t just a force for strength,” Sharma says. “It’s the energy for growth.”

Marketing’s moment of truth

The findings arrive at a critical time. With economic headwinds, geopolitical uncertainty and the promise of AI-fuelled efficiency, many CFOs are tightening belts – and marketing budgets are often first in line. Sharma argues that this mindset misses the point.

“Every marketer today faces a simple choice,” he says. “You can leverage AI and technology purely to unlock productivity and feed the bottom line. Or you can use those same tools to create a flywheel of growth – reinvesting productivity gains back into good marketing.”

PwC’s interviews with more than 30 CMOs and CFOs showed clear evidence that while some brands are embracing AI to cut costs, the real winners are those using it to fuel creativity, insight and brand connection. “When technology supports good marketing rather than replaces it, that’s where the significant value creation happens,” he adds.

Where value is created

Sharma points to two key areas where AI is transforming marketing performance.

The first is content lifecycle management. “In today’s digital age, the amount of content being created and curated is exploding,” he says. “AI allows companies to manage that volume systematically – not just efficiently, but responsibly. Brand governance becomes essential because your brand is your most valuable asset.”

The second is insights generation. Traditional data analysis, Sharma explains, relied on static research and slow feedback loops. Now, brands are fusing structured and unstructured data – often synthetic – to predict rather than react to market shifts. “AI allows marketers to operate at the pace of culture,” he says. “That’s a game-changer whether you’re B2B or B2C.”

The communication gap

But one of the study’s most striking findings was less about technology and more about translation. Sharma says there remains “a disconnect” between how marketing talks about value creation and how the C-suite measures it.

“Nobody questions the financial metrics a CFO presents,” he notes. “But there’s still skepticism around marketing metrics. That’s why we’re working with the ANA on a short list of ‘golden metrics’ – maybe five or six – that any marketer can use to demonstrate their impact directly to CEOs, CFOs, and boards.”

These metrics, to be unveiled in future chapters of the research, are designed to help CMOs move from defending budgets to shaping strategy.

A brand’s promise – and PwC’s own refresh

Asked about PwC’s own brand, Sharma smiles. The firm recently unveiled a warmer, more human identity – a reflection, he says, of a consulting industry in transition. “It’s about being culturally relevant,” he says. “Who we are today is very different from who we were even 50 years ago.”

That belief – that brand is a promise rooted in trust – sits at the heart of his argument. “A brand is not a logo. It’s the promise an organisation makes to its customers and talent. When you manage that brand with clarity and purpose, the value it creates is enormous.”

Sharma also pointed to the ANA and LinkedIn’s joint study into marketing effectiveness in B2B as an important complement to PwC’s own findings. He said both projects reflect a growing movement to quantify marketing’s contribution to business value beyond consumer categories. “What LinkedIn and the ANA are doing around B2B Buyability is vital,” he explained. “For too long, B2B marketing has been seen as the poor cousin of B2C, but the value creation potential is arguably even greater. When B2B marketers invest in brand, in insights, and in creative effectiveness – not just lead generation – they unlock long-term growth and resilience. It’s about proving that marketing isn’t a support function; it’s a strategic growth driver for every kind of business.”

The next phase: activation

The research launch is only chapter one. The next step, Sharma explains, is activation.

“At the Masters of Marketing and through the ANA’s CMO Growth Council, we’ll be working with around 250 CMOs,” he says. “The goal is to make sure they’re equipped with the data and insights to take back to their CEOs and CFOs – to prove that marketing creates value – and then to implement those practices in their own organizations.”

PwC and the ANA plan to track this rollout, gathering case studies that demonstrate how marketing can tangibly improve company performance over time.

The bigger picture

Sharma’s message to the industry is clear: marketers must be better at marketing themselves.

“Marketers have a seat at the table,” he says. “It’s not about asking for it – it’s about using it. How they communicate, how they measure, and how they deploy marketing will define their influence.”

For Sharma, the evidence now leaves no doubt. “Marketing is not a cost center. It’s the growth engine – the first line of defense and the front line of opportunity. Done right, it drives shareholder value and builds trust. That’s not opinion any more. That’s proof.”