Increase Big Data Opportunities And Minimize Obstacles

New research from the CMO Council reveals that both CMOs and CIOs believe big data is a key competitive differentiator and will be core to implementing a more customer-centric business culture. However, the study results also show most CMOs and CIOs consider big data part opportunity and part obstacle (61 percent of marketers and 60 percent of IT executives). In fact, 52 percent of marketers and 45 percent of IT professionals believe functional silos block aggregation of data from across the organization, making it difficult to truly achieve customer centricity.

Isn’t it time for those silos to come down? Aren’t you ready to develop a strategic partnership with the CIO?

Among the groups I’ve been meeting with (most recently at the 2013 Marketing Hall of Femme, e.g.), I can sense that marketers are feeling the pressure to integrate and become data-driven.

More specifically, here are the steps I know savvy CMOs taking as they work to eliminate obstacles and better leverage the opportunities big data provides:

A Roomful Of Female Marketing Leaders Didn’t Mention This Word

Last month, I was honored to be named by Direct Marketing News to its “Marketing Hall of Femme.”

Derived from DMN’s Spotlight interviews, which highlight the success strategies of senior marketing executives, the 2013 Marketing Hall of Femme recognized a total of 15 prominent female marketers, including:

• Rebecca Baker, CMO, Alvarez & Marsal
• Emma Carrasco, CMO, NPR
• Joan Chow, EVP, CMO, ConAgra Foods
• Beth Comstock, SVP & CMO, GE
• Lauren Crampsie, CMO, Ogilvy & Mather
• Vicky Free, CMO, BET Networks
• Anne Globe, CMO, Dreamworks Animation
• Leontyne Green Sykes, CMO, IKEA
• Denise Incandela, President, Saks Direct, CMO, Saks
• Mariann McDonagh, CMO, inContact
• Richelle Parham, CMO, eBay
• Martine Reardon, CMO, Macy’s
• Susan Thronson, SVP, Global Marketing, Marriott
• Trish Wheaton, CMO, Wunderman

Eight honorees attended the Hall of Femme awards ceremony and panel discussion in New York City, and I was thrilled to spend the afternoon in the company of these influential business leaders.

I learned we have much in common:

Five Ways Digital Disruption Will Impact The Customer Experience

Talk to CEOs and CMOs these days and ask them what they are most concerned about, and I bet you “disruption” is somewhere in the reply. I’ve even heard that some organizations internally ban the word “disruption,” concerned using it will instill fear and therefore, paralysis.

But, won’t fear and avoiding/ignoring disruption cause even more damage?

If anyone should be leading the charge within the enterprise, it’s CMOs and their teams. First, though, we need to recognize what we’re up against. What exactly is digital disruption?

In his new book, Forrester’s James McQuivey explains that technological advances are creating opportunities for more people than ever before to meet more customer needs than ever before at lower costs than ever before –and that creates digital disruption. He writes:

“If people plus infrastructure equal disruption, then digital innovators plus digital infrastructure equals digital disruption. Massive digital disruption, at a scale and pace most are simply not prepared for.”

It’s time for marketers to move past the fear and confront digital disruption head-on. After all, disruption is a forcing function; companies can use it as the imperative to engage customers differently –and more effectively –across all interaction touch points.

As Shelly Palmer, author of Digital Wisdom: Thought Leadership for a Connected World, told me, we need to start thinking strategically about how digital disruption is changing the way we live and work.

“It took 30 years to connect the first two billion people to the internet. It will take less than seven to connect the next two billion,” he said. “Four billion people will live in a connected world in 2020. While no one can predict how disruptive this exponential increase in connectivity will be, we can expect to live in a profoundly different world.”

How will digital disruption impact your customers? Here are five key factors you need to consider:

Which Is Better For Retail Sales, Online Or Offline Customer Engagement?

Now that online sales are growing at approximately 10 times the rate of brick and mortar, it comes as no surprise when savvy retailers like Macy’s start beefing up their e-commerce capabilities. Recently though, I’ve heard that online retailers may be moving in exactly the opposite direction: They’re planning to open offline brick-and-mortar stores. What’s going on?

Offline to online. Online to offline. Today’s consumers live multi-dimensional, multi-platform lives –and their buying behaviors reflect that same complex dynamic. In many ways, retailers are now racing to catch up.

Sometimes a consumer can shop online and make a purchase with a few clicks of the mouse (or taps on the screen). Maybe she’s replenishing, doesn’t have any questions about the product, or is content with the online customer support she received. Meanwhile, another consumer may need to visit a physical store. He may need to see-and-feel the product he’s considering before making a final decision. Or he may want to talk to a sales associate in-person. Or maybe he simply needs to bring home his purchase right now, today.

Can retailers become just as multi-dimensional? Is it possible for them to be all things to all people?

Well, fortunately, retail success is not about being all things to all people. It’s about optimizing your online/offline mix so you can present the most desirable options to your customers.

But how can you know what your customers most want?

Cybersecurity: What Marketers Need To Know

Many of us would argue it should have been there all along, but cybersecurity just elbowed its way near the top of the corporate agenda –and not only because of recent high-profile security breaches at The New York Times, Facebook, Apple and even Microsoft.

Last month, President Obama energized the national dialogue by highlighting cybersecurity in his State of the Union address and by issuing an executive order that directs federal regulators to provide better cybersecurity for banking, telecommunications, energy and other industries.

While I’m thrilled the federal government is stepping up its efforts, we all know that regulators and legislators cannot resolve every vulnerability. As Michael Daniel, the President’s Cybersecurity Coordinator, makes clear, industry has a significant role to play in this area, as well.What exactly can the C-suite do to help keep company accounts secure?

As a first step, Daniel urges CEOs to ask their teams these essential questions:

Is Price-Matching The Answer To Showrooming?

Our research tells us that one in five consumers is showrooming, and that a whopping 96 percent of smartphone owners plan to showroom in the future. What’s more, of those already comparing prices online, 33 percent ultimately leave the store and purchase from a competitor. How can retailers combat this growing trend? Some think price-matching is their best –and only –alternative. Are they right?

I’m not convinced.

Yes, the research I’m referring to did show that most consumers would welcome price matches. But –and this is the key –our study also showed that consumers would welcome other kinds of personalized offers, as well. When asked how they would like retailers to respond to showrooming, the consumers in our survey said they would like:

• Price-matching – 57 %
• Loyalty points – 30 %
• Better in-store customer service – 29 %
• Item shipped directly to my home – 23 %

So, as I see it, there are two main problems with a strategy that positions price-matching as the only option for surviving the onslaught of showrooming:

1. Combating showrooming with price-matching alone is not sustainable long-term. Eventually, brick-and-mortar retailers have to account for their higher overhead costs.

2. Combating showrooming with price-matching alone ignores other valuable forms of customer engagement. Rather than focusing solely on price-matching, brick-and-mortar retailers need to take a broader view and work to elevate the total customer experience. They need to start personalizing the shopping experience and recognize that not every customer needs (or even wants) a price match.

Let me expand on this second point . . .

CMOs: The Three People You Need In Your Corner

Strong business partnerships have never been more essential to success. That’s particularly true for marketers who are charged with driving competitive advantage and top-line growth across a wide range of off- and online channels. How could a CMO possibly go it alone when faced with so many complex and fast-moving parts? But, knowing which relationships deserve your attention can be tricky. Which people do you most need in your corner?

I suggest you focus on these three:

Is Your Content Authentic? Three Ways To Keep It Real

“We need some authenticity in the world!” Donny Deutsch declared on The Tonight Show with Jay Leno a few weeks ago. “We are losing authenticity everywhere in society,” he said, citing recent fiascos involving Beyonce’s performance at the inauguration, Lance Armstrong and Manti Te’o. Is Donny right? And if so, why are brands so caught up in this struggle? Is “faking it” easier –or more difficult –than ever before?

For insight, I turned to Newt Barrett, who’s at the forefront of content marketing and co-author of Get Content, Get Customers, which urges marketers to adopt a brand new marketing mindset. Content marketing is a hot topic among CMOs, and I see it as one of the primary factors that can make –or break –brand authenticity in today’s marketplace.

LA: Tell me about the “new marketing mindset” you describe in your book. How have the rules changed? What role does authenticity play?

NB: The new marketing mindset is simple. It means to think like a publisher. Simply put:

• Define an ideal set of customers.
• Determine exactly what is most important for them to know.
• Deliver that information in a relevant and compelling way.
• Engender a level of trust that makes it easy for them to buy from you.

That’s the essence of content marketing.

Was Your Brand In The Dark When The Lights Went Out?

For the marketers at Oreo, Tide, Walgreens’s and a small handful of others, it’s high-fives all around this week. These teams triumphed during the Super Bowl’s half-hour blackout, and they’ve been basking in non-stop press ever since. Why all the hoopla? Because this past Sunday night, these marketers proved what many of us have known for awhile: Old school marketing leaves your brand in the dark. Real-time engagement is what makes you shine.

I won’t rehash the stories behind the winning Tweets from Oreo, Tide, etc. –there are excellent recaps here, here and here –but let me underscore the point. These examples show brands can use real-time engagement to:

● Become relatable and connect with target audiences,

● Showcase creativity, compassion, humor, etc., and

● Extend their reach.

Of course, real-time engagement like this is quite do-able if you happen to have a mission control team already assembled to create content and optimize it during an event as huge as the Super Bowl.

But, what if you don’t have a social media command center at your disposal? Fortunately, technology can help. 

Five Essential Factors To Consider Before You Allocate Marketing Spend

I’m hearing lots of news about increases in marketing spend.  For instance, a few months ago Gartner predicted that CMOs will soon spend more than their counterpart CIOs, and a recent study revealed that almost half of B2B marketers will enjoy larger marketing budgets in 2013. However, there’s far less chatter about where marketing execs plan to allocate their funds –and hardly any about how they’ll account for results tied to all this spend. What factors are CMOs using to guide their investment decisions in this new Year of the Marketer? And how can they keep their budgets robust and growing?

If you’re in charge of allocating marketing spend, these five criteria should top your list of considerations: