The CMO now a days is quite a different one then twenty years ago. Digital and social innovation and the availability of better and more accurate data have affected everything: the way things are marketed and sols.
In this two-minute video [x+1] CEO John Nardonne tells how he thinks the role has changed since he began his career in the 1980s marketing for Pepsi.
Do you rely on hearsay when it comes to your marketingcampaigns? No you say? Feedback on your marketingcampaigns, showing results and measuring effectiveness. It sounds like every marketer would own one or more processes to do so, but do they?
Most senior marketers say they either have a formalized process or are using one when the situation calls for it. “But when it comes to the types of local market data used to impact campaign performance, those same marketers appear to be too reliant on ‘hearsay data’,” the CMO Council states in a new study.
Marketers are twice as likely to gather insights from field and business development teams as they are to examine online voice of customer listening and analysis (57% vs. 29%).
CMO Council, the trade body, polled 250 global marketers, just 8% of which agreed their firm already had very advanced capabilities with regard to this channel.
A further 30% remained at the strategic evaluation stage, while 26% were currently developing apps. An extra 17% of firms boasted a quite good level of competence and were pushing into mobile marketing. More broadly, 93% of the panel thought their target audience was making greater use of tablets, laptops, e-readers and smartphones. By contrast, 3% of interviewees stated these devices were not that important and 4% were unsure about their impact.
Jay Altschuler, global communications planning director at Unilever commented:
What were seeing is that mobile is a key tool in the way people shop. We are working with retailers, carriers, and manufacturers to determine the best way to approach mobile. Read More
Three recent research studies clearly demonstrate that technology has become essential to effective and efficient marketing and that CEOs and other senior executives now recognize the vital role that technology plays in marketing.
Stacks of outdated marketing materials stored out of sight in a warehouse somewhere. Brochures and product information with outdated information sent out to retailers, because the new versions havent been printed yet. Marketers who have no idea when to order new materials because no one keeps track of how the current supply is being used
Sounds familiar? Then its worth taking a look at CMO Council, which tackles the sticky problem of obsolescence of marketing materials. Of the 125 marketers surveyed, nearly 70% admitted to at some point, stashing under-utilized, unwanted, out of date, or over-ordered materials into storage facilities that can range from a closet to a warehouse. Over-production and a wrong estimation of marketing material due to inefficient planning and managing of supplies costs time and money. Also, it and can negatively impact go-to-market effectiveness, as well as business value and competitive advantage. And oh yes, its bad for the environment, too.
But how to efficiently manage the Marketing Supply Chain, and minimize waste? The shelf live of marketing consumables and promotional materials is becoming ever shorter and more challenging to manage.
Many major companies believe their digital marketing schemes are still exploratory or random, and few have engaged in-house experts to enhance their strategy, a study has revealed. The CMO Council, the trade body, and Acceleration, the consultancy, interviewed 200 senior executives. It discovered that a third of marketers described their digital portfolio as a random collection of solutions.
A further 44% saw this activity as exploratory. However, only 32% are working with their IT colleagues to assess their future needs and requirements, and a modest 26% had built multi-disciplinary teams to do so.
Roger Menz, VP, global marketing, at Sony Music Entertainment, said:
While enthusiasm and excitement over new and shiny platforms is exceedingly high, the level of real understanding and expertise is just not fully developed. Read More
Five years ago, not everybody could have foreseen the huge role social media would play in marketing today. Today, almost any brand realizes the importance of social media and either has or is working on a social media strategy. Some brands were among the early adopters and have taken a head start in social marketing, while others are still trying to figure out the best way to incorporate social into the marketing mix.
But social media are not like traditional media and require a different approach from a marketing point of view. Its inherently interactive, and ever-evolving. Social media is more than ever about the relationship between customer and brand. This does not only take a different kind of communication, but also a different kind of data analytics. Social media are a potential source of a wealth of consumer information, but the question on everybodys mind these days is how to get the best information from this vast pool of data.
The CMO Council report The Social consumer Brand Compatibility Model introduces a new way of analyzing social media data:
Social Consumer Brand Compatibility modeling is an emerging area of marketing science that seeks to navigate the mountain of social media data and take-away insights regarding customers and their interests. By analyzing posts, likes, and rich media content sources from Facebook, Twitter, YouTube, and other social networks, brands can glean richer information about media consumption, psycho-graphic, lifestyle, and personal interests. [...] Social data delivers heightened insight, allowing marketers to improve media selection and buying, as well as the relevance, resonance, and response of ad and promotional buying.
As marketers, we spend an enormous amount of time focusing on on demand creation, customer acquisition, and very little time is spent on optimizing the processes that exist within the marketing supply chain. Says Mike Perez, VP Marketing and Business Development at NVISION. And thats a shame, because its exactly this area of Marketing that can make Marketing departments run smoothly if everything is arranged properly.
In this video, Perez addresses the necessity for getting control over the Marketing supply chain: A poorly managed supply chain can have a negative impact on your brand, and your budget. But a Marketing Operations improvement project should not be conducted in isolation its exactly its cross-business nature that makes that it deserves attention from beyond the marketing department. A senior Marketing Executive or CMO must be involved in the process. They must reach cross-functionally within their organization and involve Operations to the CFO, according to Perez.
The results? Reduced operational costs by 20 to 30%, and a reduction of time-to-market by 35%. Worth taking a look at, then: .
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Eighty-six percent of marketers intend to look for ways to better localize their content, according to a recent survey by the CMO Council. Other findings from the same research reveal the importance that marketers are placing on localized marketing and demonstrate that marketers have more work to do to make localized marketing effective.
Nearly 50% of respondents said that they are underperforming or need new strategic thinking and capability development in the area of localized marketing. Read More
Multinational marketers see a lot of room for improvement when it comes to the value of their agency partner relationships, according to the new whitepaper by the Chief Marketing Officer (CMO) Council. As the focus of the marketing industry becomes increasingly digital, ad agencies seem to struggle to respond to this development in their collaboration with brands and suppliers.
