Eastman Kodak this week named Jeffrey Hayzlett chief marketing officer, effective Jan. 1.
Variations of this Big Data story line are being played out in executive offices around the world, with CMOs and CIOs in the thick of it. CMOs, tasked with driving growth, are pounding the table demanding that the surfeit of customer data their companies are accumulating be turned into increased revenue. CIOs, tasked with turning technology into revenue, are themselves pounding the table demanding better requirements for Big Data initiatives.
This piece looks specifically at what a senior marketing executive or CMO should be keeping an eye on over the next year. While trends like wearable tech, are very real and accelerating—this specific consumer behavior may not be relevant to the marketing machine for your particular organization. In contrast, here are six things every CMO or marketing executive should be watching closely this year.
As mobile devices continue their gains in popularity and usage worldwide, more consumers are interacting with brands at various stages of the buying life cycle—from browsing, researching and comparing products to reading reviews, sharing their experiences and making actual purchases.
A CMO's job is to understand consumers first and foremost. And that means CMOs today have to build the brand, create consumer awareness, and drive conversions, just as they always have.
The increased complexity of the job has made CMOs more fulfilled, challenged and respected, resulting in a big shift in how long they stick around.
It’s been two months since Jeff Jones stepped into his role as executive VP and CMO at Target Corp. In that time, he’s adjusted to his move from the agency world, as president of McKinney, back to the client side. Jones, only the third CMO in Target’s 50-year history, met me in a busy Brooklyn Target store this morning to talk for the first time since his appointment–his “dream job,” he said–about the challenges Target faces, the experience he brings and what makes him an ideal candidate for the role, and how he plans to lead marketing for the discount retailer at a time when that task has never been more daunting.
10 changes that will continue to affect the top marketing job going Into 2011.
We have entered a Golden Age of marketing technology. There are now thousands of software applications built for nearly every aspect of marketing. We have more choices, with more capabilities, at more attractive economics, than ever before. Yet most marketing organizations today lack the technical leadership to fully harness this power.
A study from the Chief Marketing Officer Council shows that insurance marketers are too focused on new acquisitions and are missing ways to grow business with existing customers. For the most part, consumers are happy with their insurance experience, but 12% those surveyed say they resent not hearing from companies until it is time to pay the bill. The biggest communications oversight seems to be silence on the part of the insurance companies.
Although social technologies have been capturing marketers time for over four+ years in corporate, they’ve often been operated in a silo as experimental, or a separate deployment from traditional marketing. Yet the savvy marketing leader knows that reaching customers is increasingly becoming challenging as their touchpoints continue to fragment. To reach the fragmented customer, marketers must apply an integrated approach.
Nissan's new marketing boss, Jon Brancheau, has only been in his job for three months, but he has been a car marketer for a lifetime. He grew up around the business, his father having worked at General Motors in a Cadillac assembly plant during the 1950s and 1960s. Mr. Brancheau followed in his father's footsteps for a time, leading marketing for Saab and later running GM's international media operations, before jumping over to Nissan Motor America in 2008 to oversee global marketing for Nissan's Infiniti division. Two years later -- after the abrupt departure of his predecessor, Joel Ewanick -- he was made VP-marketing for Nissan.
Today, through social media, it is possible for businesses to connect with hundreds of millions of customers and prospects around the world. Many businesses have already launched Facebook sites and Twitter accounts, and are actively engaging with their fans and followers. However, the majority of online marketers have no idea what impact these activities have on their brand or sales. It's time to get smart about social media. Social media today is reminiscent of the early days of other online channels or media -- from websites and email to search engines and behavioral targeting -- no one knew quite what success looked like and some of the early experiments were not only un-optimized, they were just plain awful. Eventually, the experimental approach gave way to a more sophisticated, metrics-based approach and, then, CFO's began to notice the healthy ROI's coming from these online channels.
Apparel will be a big focus for Kmart this back-to-school season. The retailer, a division of Sears Holdings Corp., is rolling out new collections such as Dream Out Loud by Selena Gomez, Bongo and Rebecca Bonbon. A recent survey by the National Retail Federation found that teens and tweens will shell out more of their own money for school apparel this year—a timely trend for retailers like Kmart. Still, consumers continue to focus on value, which is why Kmart is also offering layaway and its "Shop Your Way Rewards" program, said CMO Mark Snyder.
The rock-star CMO is dead, but the post-rock-star CMO is quietly living pretty large. The era of the high-profile, big-personality, high-production-value chief marketing officer -- which was already going wobbly as the recession began -- has ended definitively with the departures in the past year of the likes of Unilever's Simon Clift and Kodak's Jeff Hayzlett. Yet the less-ostentatious personalities that increasingly populate CMO slots have something their rock-star forbears lacked: power.
What do senior management executives at CPG companies and retailers think about corporate social media strategies? Top executives were probed on this topic, along with many others, as part of the research for a just-released 2010 Grocery Manufacturers Association/PricewaterhouseCoopers financial performance report -- and the insights gleaned are more specific and practical than marketers might imagine.
Stretching marketing dollars became de rigueur for chief marketers in the midst of the recession. But with that frugality also came important lessons, such as the need for risk-taking in order to have greater impact with fewer resources. No one recognizes that better than Julie Cary, exec VP-CMO, La Quinta Inns & Suites, who at the CMO Executive Summit in Dallas talked candidly about how, in the downturn, she came to realize just how much her business is driven -- or not driven -- by consumer confidence.
While marketers traditionally were the direct channel and voice to the customer, creating direct mail, advertising and corporate press releases. CMOs today must develop advocacy programs in order to scale, increase credibility and demonstrate commitment to customers. In doing so, marketers will develop a low-cost trusted unpaid army of customer advocates.
Executives at the company formerly known as Lucky Goldstar were more familiar with the old ways of doing things, despite the manufacturer's transition to the more premium LG -- as in "Life's Good" -- branding in the U.S. in 2004. Those outside the marketing department frequently asked him how much new marketing ideas would cost. Instead of appeasing them with a price tag, Mr. Lee, VP-global brand marketing, LG Electronics home entertainment, offered insight. He told them to think about the strategy behind the marketing before worrying about cost.
Last week, executives from Chick-fil-A made their annual media stop in New York to promote its spicy sandwich and in honor of Cow Appreciation Day. The goofy holiday is an offshoot of the company's long-running marketing effort that got its start as a one-off billboard that, at the time, was actually off strategy.
Many departments within a corporation will argue the need for accountability in marketing, but none steps forward to take ownership of how to account for brand equity. Theoretically, the CEO is responsible for the value of the corporate brand. Unfortunately, it is a rare CEO who understands how brand equity value is created. CEOs would love to see their company prosper, but few understand how to take command or utilize the tools available to make it so.
What did I learn on Take Our Board Members to Work Day? It's a nice idea but our day revealed that nice ideas don't often translate into reality. I didn't change ROI's understanding of my job; it's as if he and I live on two different planets. We certainly don't share the same language, though there's one thing on which we agree when it comes to the many disconnects.
Unilever is doubling its digital investment this year, and part of the impetus behind that has been Chief Marketing and Communications Officer Keith Weed getting 30 of the company's line managers to join him on a trip to Silicon Valley earlier this year to put together deals such as the company's recently announced charter sponsorship on Apple's iAd platform. In an interview during the Cannes Lions International Advertising Festival, Mr. Weed acknowledged there's a risk in "getting ahead of consumers," as he describes some of Unilever's efforts. But he likens investments in emerging media to those in upstream product development -- a necessary outlay to ensure long-term growth.
I think I've finally got the answer, and I can thank two smart CMOs for coming up with it independently of one another (you know who you are): Your brand is what's going on when you and your customers aren't looking. That means that branding is how, when and why you and your consumers choose to see and talk about it.
The gap between a company's market capitalization and its hard assets is often immense. Consider Coca-Cola Co. According to its 2009 annual report, Coke's total hard assets were valued at $48.6 billion, whereas its year-end market capitalization was $132.8 billion. The huge difference between these two numbers -- more than $84 billion -- represents the value of the company's intangible assets, largely its brands.
Once, chief marketing officers built brands. Now, their primary duty is communicating what the brand means for the financial well-being of the firm -- and they are going to need to be increasingly skilled at that going forward. Marketers of the future "are going to have to speak the language of the rest of the organization," said David Reibstein, professor of marketing at the Wharton School.
For any brand, you should constantly be aware of consumer trends and be willing to make changes as needed. You have to stay proactive and thoroughly research both your existing customer base and new audiences that you want to attract to help you decide what to change and what to keep the same. You've got to stay ahead of the trends.
Google is not known for its marketing; the product markets itself. But as Google attempts to translate its one mega-success -- search advertising -- into other lines of business, marketing is becoming a more important part of what the search giant is all about.
It's not enough to just chase after new statistics for social media to ensure today's brands soar in this increasingly digital environment. Regardless of their product, CMOs must become obsessed with three kinds of data to make sure any social media campaign contributes to the company's profitability.
Newell Rubbermaid Senior VP-Chief Marketing Officer Ted Woehrle admits it wasn't always easy going from a world of big budgets at his alma mater, Procter & Gamble Co., to a world of smaller brands with smaller budgets at Newell Rubbermaid in 2007. Nearly three years in, Mr. Woehrle discusses how he's beaten the two-year CMO curse, how he's helped build a marketing culture at a product-focused company and why he's willing to wait for social-media programs to develop organically without big-budget pushes.
PepsiCo launched an in-house startup incubator Friday that it hopes will identify the next Foursquare or Facebook. The program, called PepsiCo10, is a competition for early-stage startups in four categories: social media and marketing, mobile marketing, place-based and retail experiential marketing, and digital video and gaming.
For many men, spending a day shopping is akin to having one's gums scraped. But The Men's Wearhouse wants to demonstrate the understanding it has for its target with a new campaign asserting the store is "A place where men belong."
Frances Gerety, a copywriter for the now-defunct agency, coined "A Diamond is Forever" in 1948 for Johannesburg, South Africa, diamond company DeBeers. That memorable tagline and 24 others were among the best-ever advertising taglines as rated by a group of 10 CMOs and advertising experts.
"TV meets Web. Web meets TV." This is the tagline that Internet giant Google has given to its new software-based television platform called Google TV, described as the blending of the best of both TV and Web experiences. Realizing that TV still has the majority of the consumer eyeballs, Google is trying something new by extending its reach in cross-platform content--in this case, bringing Web, gaming, online video, and social media to the set top box and/or television set. According to Google, millions of "channels" of entertainment will now be easily maneuverable, seamless and searchable--in one device. Google has also challenged Web developers to start creating new apps using the Android open-source platform.
By all official indications, the Great Recession has very likely ended. But as marketers, we know better than to interpret this to mean we can pick up right where we left off prior to the steep economic slide. Many consumers have readjusted their budgets and some continue to cope with concerns about the security of their jobs. Even those who have not been directly touched are still anxious about the future. Things that once mattered to our customers no longer seem so important to them. That's why we have to reconnect with them in a way that reflects their new reality.
We've got a problem and we need to talk about it. Actually, we have an opportunity. Walk through most of the creative work sites in the marketing industry and you may find that key parts of the beautiful mosaic of America are missing. It's almost as if an updated version of Mad Men persists--and the rich diversity of our society is absent. It's time for a change. It is impossible to imagine America today without the rich and diverse contributions of our myriad cultures and ethnicities. It is particularly impossible to imagine our popular culture without the leading imprint of African-Americans and Hispanics. Yet these incredible talents are often virtually absent from our marketing industry.
Though the economy is now hinting at improved conditions ahead, consensus remains that the recession's effects on consumer spending habits will endure beyond the recovery. Much like the Great Depression changed the spending habits of a generation, the current recession has left consumers reaching past the lure of luxury in search of value-driven purchases. While this has been a boon to mass and value-priced retailers such as Target and Amazon, it has left many premium brands swooning.
Intel has a new plan for growth: getting in good with young, hip adults. This week the Santa Clara, Calif., processor giant launches, in collaboration with the Montreal-based magazine Vice, what it calls the Creator's Project--a multi-year, international marketing program designed to showcase technology-influenced art, film and music.
What's a brand? You realize that no two people, let alone two marketers, agree on the answer. It's a word, a metaphor, an analogy, a concept or some sort of thing with an existence and personality dependent on whomever is doing the defining, where they're doing it, and what they hope to accomplish.
“I listen to a customer call every day. Every single day.” Dell Global Chief Marketing Officer- Paul-Henri Ferrand. I am impressed: I have met hundreds of heads of marketing and never has any of them told me they devote this much time to actual customer contact. Most marketing directors I meet speak of their customers as an abstract quantity, or perhaps an undiscovered exotic species. This probably explains why most heads of marketing are have a disproportionate reckoning of the importance of their brand in their customer’s life. Not Paul-Henri from Dell. He seems different. He is French and charismatic (which helps) but more than that- he talks with conviction and ambition about the the transition towards a ‘new Dell.’
We gathered up expert advice from Tim Bray of Google (Google), Guy Kawasaki of Alltop (formerly Apple), Doug Ulman of Livestrong, John Battelle of Federated Media and Steve Rubel of Edelman on the why and the how when it comes to C-level executives and social media. Their tips and advice range from practice to crucial and point to the need for C-suite executives of this generation to heed social media.
The environment for marketers is changing dramatically. Marketing's leadership in driving business success has never been more in demand, and those who have demonstrably begun to expand mindsets, skills and capabilities are setting the standard. The difference this shift makes has never been more evident than during the bleakness of the lingering recession. Businesses whose marketing leaders have embraced its components may not have emerged unscathed, but they at least have found themselves entering 2010 with substantial positive momentum.
General Motors Co. wanted Joel Ewanick so badly that it twice made a run at him -- and only won out after giving in to his biggest demand: autonomy. Mr. Ewanick, a veritable rock star in the auto-marketing world, shocked the industry last week when he left Nissan -- where he was VP-marketing for just five weeks after having left Hyundai Motor America in March -- to become the new VP-U.S. marketing for GM.
CMOs are entering a new period of organizational change as they restructure to minimize costs, maximize flexibility and place digital and social media at the heart of their global strategies. In fact, 75% of chief marketers are either restructuring their marketing organizations now or will do so by the end of 2011, according to a new Forrester Research survey.
At a time when Domino's is defending its new recipe and Papa John's is an increasingly formidable third-place competitor, No. 1 pizza chain Pizza Hut is pinning its turnaround on sending a value message to consumers, tempting them with lower prices, new advertising and two-click ordering.
What's it take to get cut-throat agency competitors to play nice? A $2 billion global budget doesn't hurt. It's at least one reason McDonald's can get its agencies to collaborate on strategy and major messaging before releasing them to develop their own spins. But McDonald's doesn't pit them against each other in winner-take-all shoot-outs; rather, it asks clients for their best work and often goes with multiple agencies contributing to the campaign, as it did with the recent "I'm Lovin' It" update. The company sees that collaboration as crucial to its advertising success.
PepsiCo Inc. is launching a new ad campaign during Friday night's NBA playoffs meant to boost its struggling Gatorade business by getting athletes to gulp its iconic sports drink before, during, and after the game. The campaign, promoting the Purchase, N.Y., food and beverage giant's new lineup of "G Series" drinks for athletes, aims to demonstrate that Gatorade isn't just a sports drink that replaces nutrients sweated out during the game, but a system with three steps: a carbohydrate-loaded "Prime" concentrated liquid before play; the traditional "Perform" sports drink during; and a light, protein-rich "Recover" drink after.
Family values prompted Nickelodeon's move to a one-brand strategy last year after internal research revealed that the first generation of viewers turned into parents. The audience for the 30-year-old brand had grown much larger than the company expected, Pamela Kaufman, chief marketing officer at Nickelodeon/MTVN Kids and Family Group, told attendees at the Forrester Marketing Forum 2010 in Los Angeles Thursday.
I’ve been mulling over a debate for the past few weeks and haven’t been able to resolve it, so I thought I’d share it here and get your input. The issue is whether marketers should try to increase the marketing function in the organization or whether they should try to increase the marketing capability of the entire organization. The debate was prompted by an op-ed written by Larry Light, marketing guru and former McDonald’s CMO, in Forbes a few weeks ago.
One of the biggest struggles we'll continue to face as marketers in 2010 is driving the balance between online and traditional marketing practices. While analysts like Forrester Research have predicted digital marketing spend will reach $54 billion by 2015, marketers are embracing digital but still drive a majority of their marketing tactics through "offline" mechanisms.
In today's economic environment, chief marketing officers and their companies need to take more risks than ever before to reach their customers. We marketers must adopt a philosophy that encourages taking chances when we deliver our messages. We should all be comfortable failing early, failing often and failing on the cheap in order to learn the most effective ways to accomplishing our goals. Although inundated with messages, customers are now in control of their information-gathering experiences and are demanding information relevant to their lifestyles.
So who the heck owns social? That's a tricky question, not only because every business stakeholder -- marketing, PR, IT, research, investor relations, media, consumer relations -- seems to have a piece of social baked into their new DNA and delivery road map, but also because its definition and scope keep getting pulled in new, arguably more complicated, directions.
In and around last week's New York International Auto Show, Ad Age got in front of marketing leaders at some of the world's major car brands, including Jim Farley, group VP-global marketing and Canada, Mexico and South America operations, Ford Motor Co.; Scott Keogh, CMO, Audi of America; Chris Perry, director-marketing and acting head of marketing, Hyundai Motor America; John Maloney, VP-marketing and product planning, Volvo Cars of North America; and Jack Pitney, VP-marketing, BMW of North America. We asked them how they intend to market through the economic recovery, how they are evolving their global-marketing strategies and what's yet to come.
Author Peter Drucker’s adage that a business enterprise has two basic functions—marketing and innovation—certainly resonates in the quick-service industry today. Marketing and innovation serve as critical drivers of growth at a time when the limits of cost cutting have been reached. While the innovation function is steady across all chains, marketing strategies vary greatly.
Zinio's CMO Jeanniey Mullen on the benefits of catering to Steve Jobs' audience.
From the moment it was the first premium beer imported into the U.S. after Prohibition up until the middle of the last decade, Heineken lager was a fast-growing brand fueled by its social cache. But that seems like a long time ago now.
Gatorade took a huge step in the revitalization of its brand this week by revealing a new structure for its mainstream product line called the “G Series”: three functionally complementary types of drinks to meet the various relevant need states of consumers, and an alliance with GNC for the launch of “G-Series Pro” products with a similar structure for serious athletes. Gatorade’s chief marketing officer, Sarah Robb O’Hagan, shared the rationale behind the new brand architecture with financial analysts in New York. Gatorade “is a formidable franchise,” said O'Hagan, the former Nike marketing executive, who joined the PepsiCo brand nearly two years ago. “But we haven’t had the right performance the last few years.” In 2009, she said, “We started a multi-year journey to turn this brand around."
Today's consumers are more intuitive, more informed, more skeptical and more demanding than ever. They live in a world of immense choice and personalization. They want the benefits of increased choice without the complexity of increased choice. With the economic anxiety of our times, there is a growing generation of shoppers for whom frugality is fashionable. These changes are tailor-made for the talents of marketers. But marketers be warned: We need to be concerned about the degradation of marketing. We must redefine it--or be part of its deadly decline.
That limited, old-school perception of design is missing out on something important: Today's increasingly complex and multi-faceted marketing campaigns are, in essence, design projects. With the splintering of "old" media and the explosive rise of social networking, marketing messages now are constantly morphing and being reinvented--taking new forms that range from highly innovative viral stunts and films (such as Volkswagen's Fun Theory) to branded social networks (Nike Plus) and even sponsored save-the-world movements (Pepsi)'s "Refresh Everything" project).
The internet has changed the way we do research. Sure it's cheap and fast, but is the ability to get instant data actually making executives smarter about market opportunities? Not always. In too many companies, online research creates an illusion of rigor while actually sowing confusion about market truths, leading executives -- in particular CEOs and CMOs -- to miss the big picture and waste opportunities right under their noses.
There are just a handful of CMOs who are as Twitter-happy as Jeffrey Hayzlett. The Eastman Kodak marketer, who has around 16,000 followers, is more than just the lead marketer for Kodak; he's also often its prime defender, throwing verbal jabs at rival Hewlett-Packard as the two exchange claims over printer ink costs. Just as Kodak has migrated its product line from analog to digital, Hayzlett, who joined the company in 2006, has weaned the company from events like the Olympics (which it had sponsored since 1896) to increasingly spread the message online. Hayzlett, who will appear on Celebrity Apprentice 3 on March 21, talked to Brandweek about those efforts. Below are some excerpts:
The budding, 3D light-emitting diode (LED) TV category is about to get a blast of advertising from Samsung. The leading TV maker this week unveiled its largest marketing campaign for the launch of new 3D LED television sets. (Rival Panasonic rolls out a similar product this week.) Samsung's ads, by CHI & Partners, London, will run globally. They show a street team installing TVs in unexpected public places, and consumers, as a result, cherishing the depictions of real life as they're captured on the screens. The U.S. version of the campaign, via Leo Burnett, kicked off with a spot called “Wonder,” during Sunday’s Academy Awards. It shows a family bringing home the “wonder” of 3D entertainment. Brandweek chatted with Samsung CMO Sue Shim, who explained why a downturn is actually a good time to launch pricey, but innovative products. (Samsung's 3D LED TVs start at $1,700.) Excerpts from that conversation are below.
I'm going to go out on a limb and propose that product crises aren't communications crises. Suggesting otherwise is like giving the play-by-play announcer credit for a sports score, or holding a translator responsible for presenting an untenable negotiating position. Our selective vision makes us focus on how issues are communicated at risk of losing sight of the business reality it narrates. Bad news doesn't influence or have an impact on brands as much as reveal them for what they are. CMOs need to see someone else's misfortune as the opportunity to review and perhaps change how you see your function before the inevitable spotlight finds you.
Does your company measure financial performance? Keep track of sales, employee turnover, bad debt and general and administrative costs? Plan annual spending and review projects with a view of return on investment (ROI) and return on invested capital (ROIC)? Do you have periodic reviews to assess progress against your plan? Those are the basic building blocks of any well-run company.
Before you move some of your surviving budget into a spiffy new social-media campaign and give up control of your brand to "the conversation," consider that you might be replacing your old-fashioned, excruciatingly commercial marketing with newfangled irrelevant nonsense. At least that's what I get from the Edelman 2010 Trust Barometer, which found that only 25% of people it polled see friends and peers as credible sources of consumer and business information (that's a decline of nearly 50% since 2008). Folks also think less of their peers as credible spokespeople. Should these findings cause worry for the almost four out of five companies planning to take TV ad money and put it into social?
Recently many of Belgium's top agencies, both large and small, set up a virtual roadblock on their websites to collectively protest the injustice of new-business pitches. I'm waiting for our CMO compatriots to call in the cyber strike-busters. The protest was organized by the Belgian ad trade group called the Association of Communication Companies, or ACC, which has proposed a set of ground rules for clients and agencies to voluntarily follow in support of more civilized new-business pitches: limits on the number of bidders and resources spent; clearer, better defined decision criteria; commitments to communicate and reach conclusions quicker; protections for agency spec ideas. You get the drill. Typical European socialist stuff.
Hasbro CMO John Frascotti discusses managing 1500 brands.
Think of someone you know who is graduating from high school in 2010. Maybe it’s your younger cousin, or a niece or nephew. Perhaps it’s your son or daughter. Or perhaps it’s some young folks in your town you may know. Take a minute to think about someone you have watched grow up for the past 15 or so years. Furthermore, let’s acknowledge that your young high school graduate represents, quite literally, the “18” in the coveted “18-35 demographic” that many marketers are constantly trying to reach. Now think about the fact that the high school graduating “Class of 2010” was born around the time that Netscape Navigator arrived—the time when the Web was born.
Procter & Gamble, the consumer goods company behind products such as Tide and Pampers, hopes the Olympics will help it score with penny-pinching shoppers. The Cincinnati company rolled out a $10-million ad campaign Monday, integrating corporate and brand messaging, to win over consumers watching the 2010 Winter Games. The goal? To convince shoppers to buy its premium products. TV and Web ads, themed "Thanks, Mom," announce P&G's efforts to subsidize travel costs for every mother of a Team USA athlete.
The Chief Marketing Officer (CMO) has become one of the more commonly talked about corporate designations in recent years. Given the tremendous marketing potential offered by the new media and proliferation of distribution channels, companies have begun to realize the huge potential of marketing in guiding corporate level strategies and substantially contributing to the financial bottom line. In spite of such an understanding, it is startling to note that the average tenure of a CMO is merely 23 months compared to a CFO that typical lasts 4-5 years on average. Further, not many companies have a senior marketing representative in their C-suite. This begs the question – do companies need a CMO or is the role of a CMO a mere hype? This article probes this question and offers companies some guide posts for better strategic directions.
We all know the statistic and scratch our heads: The average tenure of a CMO is around two years or less. Why? Usually it takes that long to fully understand the intricacies and true insights of most industries, companies and brands. Repeating an action over and over again anticipating a different outcome is a humorous definition of insanity. So are CEOs and boards insane?
While the reviewers pick apart Apple's iPad, one unassailable argument remains: We are not just living in digital times, but on digital time. From getting news to reading the latest best-selling novel, to watching reruns of Gilligan's Island, most of the content, products, information and entertainment we enjoy is available with a click. Consumers are conditioned to get what they want when they want it. I'm not sure this "double-click mentality" is necessarily a healthy thing, but it's real, and the reality has huge implications for marketing and media executives. People want things that are immediate and convenient. Woe to marketers--even bricks-and-mortar retailers--that don't get this. Double-click gratification is a table stake.
General Mills, the big company behind Lucky Charms, Wheaties, Yoplait and other food brands, is one of the nation's largest consumer packaged goods companies, but now it's trying to get cozy with smaller consumer groups. It aims to reach niche groups of food lovers with ads and products, such as gluten-free offerings, through online appeals. Also, in response to growing scrutiny from consumers, regulators and health groups over the nutritional value of food aimed at children, General Mills plans to cut the sugar in many of its cereals to single-digit grams of sugar per serving.
We looked back at 2009 to see that, in many cases, companies struggled to keep up with customers using social technologies. With technologies changing every few months, senior marketers must have a plan for social marketing. But first, to understand what to do, they should consider what's going to happen in this space in 2010.
It took the telephone 45 years to penetrate half the homes in America; radio, less than 20; color TV, 15; computers, 10; cellphones, eight; and the internet, a mere six years. The speed of change is accelerating. Five years ago Facebook, Twitter, YouTube, Hulu and the iPhone didn't exist. Today Facebook has 350 million members; Twitter boasts 30 million; and Hulu is the second biggest "channel" in America, having surpassed Time Warner Cable. Technology now has profound impact on consumer behavior. Take brand loyalty, for example. Smartphones enable consumers to comparison shop on the basis of price at the point of sale. The democratization of information may result in commoditization of brands as consumers make purchase decisions by searching for the lowest-priced product. Technology may also alter the purchase cycle and give rise to powerful third-party influencers, counterbalancing paid media's "management" of the purchase cycle. These are transformational shifts for brands.
For most marketers, the growth of multicultural segments became a business imperative after the 2000 Census and the generational focus shifted from boomer to Gen Y. If you're managing a large brand today, you are likely addressing these opportunities through some combination of targeted Hispanic, African American or Asian, and youth-marketing initiatives. But today that segmentation is not enough; a bigger change is emerging that is more meaningful than just demography.
The next interview in the B2B Marketing thought leader interview series is with Christine Crandell, one of the most innovative thinkers I've met on the topics of sales and marketing alignment and marketing accountability. Christine sits on several advisory boards including Coupa and SDForum, and has held senior marketing positions at Egenera, Ariba, and many others. Her thoughts on organization and how marketing can earn credibility and "go toe-to-toe" with sales leadership are definitely worth reading.
When Barry Judge, chief marketing officer of Best Buy, started his Twitter feed in mid-2008, he was anxious. He recalls fretting: "What if my tweets are boring, and what if no one follows me?" He had worked at Best Buy for more than eight years at that point but he was a social media neophyte. Now Judge finds himself tweeting a couple times a day. He has nearly 14,000 followers. Now he can't imagine doing his job without using social media, which he uses to communicate with Best Buy colleagues and customers.
In a post-recessionary world, trust has moved from the individual to the corporate realm. It is one of the most important issues that business organizations face when it comes to the future of their brands. A 2008 study by the Chief Marketing Officer Council found that some 99% of customers surveyed said they would either scale back or terminate relationships with companies that fail at building customer trust. In the past, trust may not have seemed like a natural part of management's role, but these days it is a critical part of every business, one proven to have an effect on the bottom line. Customers need to see that a solid foundation has been built within a business and that their needs will be addressed--especially in times of crisis.
While most CMOs have laid forth their plans for 2010, many are still seeking a way to innovate in a time of uncertainty. Where are the opportunities? With the recent dramatic drops in marketing spending, there has been one category that continues to grow. Throughout 2009 we saw the launch of many national cause-marketing programs (see sidebar: Dawn, H&R Block, Pepsi, Sonic Drive-In) at a time when marketers were watching budgets more closely than ever. With this rise in popularity comes the question: Where is cause marketing headed in 2010? While the rules of a successful cause campaign remain solidified, the category is set to change dramatically in 2010.
German luxury brand Audi is a refreshing change from what most of the news in the auto business has been about lately. The Volkswagen subsidiary has pumped up its U.S. advertising budget by 20%, increased its market share and been surprisingly successful in marketing "clean diesel" models against competitors' hybrids. In this eight-minute video, Audi America CMO Scott Keogh recaps the company's strategies at the same time he wags his finger at what he portrays as the hopelessly bland marketing of U.S. domestic automakers.
In the 20th century, PR and marketing were separate but unequal career paths, and CMO was the highest-ranking and most-respected title to which one in those jobs could aspire. The standard career paths in these areas were relatively linear: As a lead communicator, you went to j-school, did a turn in journalism or an agency and then apprenticed under a "gray hair" boss until he retired. This is compared with the typical path of a chief marketing officer, who got his or her M.B.A. in marketing, hired agencies that made him or her look good, learned how to manage big budgets and award-winning creative and then got in the running for the corner office. Today that is changing because of the increasing importance of reputation management.
Brand experience is rapidly becoming the new frontier for innovation. Such brand experiences authentically embed the product into deep content or services, stretching the footprint of the brand far beyond where it is used. This type of innovation is becoming a mandate for growth across a number of consumer categories, particularly in package goods. Not to be confused with the lifestyle marketing approach of Patagonia, North Face, Disney and the like, experience-led innovation is all about serving up rich, differentiated experiences that encourage consumer involvement and collaboration. As CMOs look to capitalize on this emerging opportunity, they must take several prerequisite steps.
In today's fiercely challenging marketing environment there's a popular line of thinking that the new ultra-savvy and demanding consumer is now in charge--that they in fact, "own the brand and they're not giving it back." We're all aware that in 2006 Time magazine gave their much-heralded "person of the year award" to "You," the consumer. User-generated content is many advertisers' favorite new method of involving users. Social media is being touted as the magic elixir capable of breathing new life into every brand. And just this month, Forrester Research released a debate-fueling report claiming that brand managers should be renamed "brand advocates" so they can more easily "go with the flow" of consumer input and opinion. To all of this I say: Let's take a minute to step back.
When Sir Martin Sorrell, Executive Chairman of the WPP Group and for two decades arguably the most powerful individual in advertising, appeared on The Charlie Rose Show last May, the conversation was more remarkable for what he didn’t say than for what he did say.
Twitter may be booming, Facebook stratospheric, but leading chief marketing officers are apparently yet to send the dollars wildly chasing the traffic. A new study shows nearly 85% of CMOs spend less than 10% of their budgets on social media, and what's described as "non-traditional communications channels." The research from Hill & Knowlton and peer networking group, the CMO Club, further found that 55% spend 5% or less in the emerging arenas. The figures come in light of Pew & American Life Internet Project research showing that in 2008, 35% of adult Internet users had profiles on social networks -- up from 8% in 2005.
Shocked -- again. That's how I felt when I saw in BusinessWeek yet another example of marketing being totally misunderstood. An article titled "At Amazon, Marketing Is for Dummies" said, "Instead of lavish ads and splaying its logo everywhere, it invests in technology and distribution -- and the results are startlingly effective." Last time I checked, product and distribution are two of the essential pillars of marketing. What the article didn't say, but should have, is that Amazon has built its business without much advertising. So? This stands in stark contrast to the dot-bomb when hundreds of companies were created, and CMO became the title du jour. The prevailing "get large or get lost" wisdom drove companies toward publicity stunts, Super Bowl one-offs and multimillion-dollar sweepstakes and away from anything resembling marketing strategy. Brand-building gave way to branding. Marketing became soft, and credibility faded. Here we stand, on the verge of economic recovery, with brands having nowhere to go but up. Marketing should be leading us through growth, but it's not. And we all have a role to play.
Every brand makes a promise. But in a marketplace in which consumer confidence is low and budgetary vigilance is high, it's not just making a promise that separates one brand from another, but having a defining purpose. This point and its implications were made clear to me at the recent Association of National Advertisers conference in Phoenix where CMOs from some of the smartest organizations explained why purpose-driven branding is essential to success in this "new normal" environment. While it may sound a bit like Philosophy 101, a company whose employees can answer the question, "Why are we here?" will be the company that makes stronger connections with consumers in search of solutions to life's new normal issues.
Get a bunch of longtime chief marketing officers in a room and you'll hear one thing for certain: lots and lots of questions about staying power. The Association of National Advertisers CMO Roundtable this past weekend was no exception. The group, comprised of Best Buy's Barry Judge, General Mills' Mark Addicks, Con Agra's Joan Chow and Fidelity Investment's Jim Speros, underscored the importance of transparency, relationship building and making sure you're right for the job in the first place.
A group of 1,200 marketing and advertising executives at the 99th annual conference of the Association of National Advertisers in Phoenix are anxious about the economy--but many see opportunity as they look toward 2010. Executives from Walmart ( WMT - news - people ), McDonald's ( MCD - news - people ) and MillerCoors on Friday spoke about how their companies, which sell "value" products, have profited from the recession and changes in their businesses. The takeaway message from these executives: Don't be too distracted by fads and trends--stay focused on customers and the brand basics.
Senior marketers, ask yourselves: Is marketing's inability to get the type of traction it seeks within your organization real or self-imposed? In other words, do you actually have control over the perception, power, influence and abilities that marketing can truly bring to the table? A recent study by Prophet and the Association of National Advertisers revealed several alarming findings that point to the need for marketers to start taking back control of the dialogue, and their destiny, within their own organizations. Some of the more startling findings: While almost 70% of those surveyed view themselves as visionary marketers or leaders, the vast majority of them state that the way they actually spend their time is heavily focused on tactical behaviors, such as working the budget, operating month-to-month and being guided by a short-term marcomm plan.
The recession has battered some of the nation's biggest companies. Even so, top marketing executives believe social media and behavioral targeting technologies will help them boost business as the economy stabilizes and consumer sentiment improves. A cautiously optimistic group of marketing executives from big companies, including Bank of America, Dell, Hewlett-Packard, IBM, Mercedes-Benz USA and Xerox, gathered in Palm Beach, Fla., at the Fifth annual Forbes CMO Summit late last week. There they discussed ways they can rebuild trust and boost sales at their companies as the economy stabilizes.
We attended the Forbes CMO Summit in sunny Palm Beach last week to learn what's on the minds of executive marketing leaders. The conversation from this group regarding social was more sophisticated, which my colleague Charlene Li and I don't think is reflective of most chief marketing groups. What's unique about these Forbes CMOs? Perhaps they are more progressive, well read and tuned into the rapid changes coming. In consideration to attendees of this event, I won't be giving any specific individual quotes, (this wasn't a media event) but instead, I'll focus on the insights related to emerging technologies, overall budgets and market economics.
The recent resurgence of "multisensory marketing" and "neuromarketing" strategies (with Martin Lindstrom's "buyology" being the main catalyst) is obviously shaking the trees in the CMO forest. And it's about time. Judy Shapiro recently wrote that Lindstrom's "news" has been applied by marketers all along. We politely disagree. While the objective here is not to endorse Lindstrom, we'd rather like to ask the provocative question: Are brand builders really using all the tools in their box? Sure, our organization provides information about the application of scent for marketing and branding purposes. Still, we do not recommend scent for scent's sake. Because of the way the human brain is wired, an incongruent or inconsistent application would confuse the consumer rather than help her make a decision.
Have you ever returned home from the grocery store to find that you mistakenly purchased the wrong product because it looked similar to the one you actually wanted or needed? Do certain grocery categories tend to confuse or mislead you? These are some of the questions that inspired a research study by The Brand Union examining the cost of confusion in the grocery aisle. If you've mistakenly purchased a product, you're not alone. And, if you're a CMO, it is likely that your customers, or former customers, have purchased a competitor's product by accident. In fact, about 70% of Americans have accidentally purchased a product in the last year, and many have made a mistaken purchase more than once. So, if most people have purchased a grocery product by mistake, which brands are suffering and which are benefiting? And, how much money is being lost or gained as a result of confusing, lackluster package design?
The company last month launched a new advertising campaign to announce that Wachovia Securities had become Wells Fargo Advisors, one of the more recent steps by the fourth-largest U.S. bank to fold Wachovia into its brand since acquiring it last year. Invoking "150 years of financial strength," the campaign sought to reassure Americans that Wells Fargo was on solid footing despite the multitudes of bank closings around the country.
Chief marketing officers, like coaches and other leaders, who seek dream teams must assemble remarkable individuals to generate remarkable results. In the past, CMOs knew who they needed on their team – some smart brand managers and some functional experts in research and media. But the marketing landscape has changed dramatically and the skill sets and experiences needed on a CMO’s marketing bench have changed just as dramatically. New media, market fragmentation, and brand proliferation have given birth to new ways to go to market and new challenges in doing so. Today CMOs need to rethink the types of marketing expertise they need on the team.
Levi Strauss & Co. recently announced the hiring of Jaime Cohen Szulc, who is the first in the company's history to take the title of global chief marketing officer. The news is predictable yet intriguing. It is predictable because elevating the marketing discipline to global status under the purview of one executive is a corporate trend that shows no signs of waning.
Every few months it seems the digerati go on a hunt for the next "shiny object." We tire of what's in front of us. We are eager to explore the next big thing. Marketers, perhaps out of fear of being left behind, are often right in step when plunging into new technology. That latest object of our desire is Google Wave--a new, real-time platform that combines e-mail, instant messaging, document creation and collaboration. You can't spend any time on Twitter without geeks lusting after Google Wave invites, which are hard to come by because only 100,000 have them. The hype rivals the hoopla surrounding the iPhone before its launch.
Duane Reade this week introduced an exclusive line of food and beverage products dubbed DR Delish. The line currently includes 25 products, such as baked potato crisps and raisin oatmeal cookies. The drugstore chain, which has 256 locations in metropolitan New York, expects the total number of offerings to grow to 100 or more by Christmas. The move is part of Duane Reade’s overall strategy to spruce up its image. The 50-year-old drugstore chain recently debuted an outdoor campaign, via privately held agency DeVito/Verdi, with the tagline: “Your City. Your Drugstore.” To date, Duane Reade has either “completely rebuilt or remodeled” 30 of its 256 locations—to include pre-packaged foods like sandwiches and salads, and more improvements are coming, said acting chief marketing officer Joe Jackman. Although bold, marketing strides like these are contemporizing and keeping the Duane Reade brand top-of-mind among consumers, and so far, the feedback has been positive, Jackman told Brandweek.
It doesn't matter much which marketing publication you pick up or which industry trend piece comes across your desk, it is simply impossible to miss the constant attention being paid to shopper marketing these days. No one should be surprised. With 72% of shoppers deciding what to buy in-store, the marketing world is acutely aware of the importance of the "last mile" and the ultimate moment of truth. Today, clients and agency folk alike are rushing to shopper marketing, searching for the experts and digging for the insights that will lead to stronger commercial programs and real marketplace advantage.
Crises are particle accelerators for brands that reveal their fragility, as we've recently witnessed with bankrupt banks, tampered-with pizzas, poisoned pistachios, dodgy cookie dough and lethal drugs. While there are impressive tomes on crisis management, we still are littered with embarrassing reminders of the recurring gap between preparation and accomplishment. It's time to stop repeating the same mistakes when it comes to crisis management. It's also time to recognize the CMO's role in negotiating crises. As social media has enabled consumers to more actively participate in brands, the CMO arguably now has an even greater role to play in activating customer support or other mechanisms necessary at a time of crisis. That's because CMOs are more in tune with consumers; they are using social-media tools to interact with them, and they can harness those tools in a time of crisis, turning those most loyal consumers into brand ambassadors.
Given that innovation is the only sustainable advantage these days, advertisers need to allocate at least 10% of their marketing budget to foster it, even in these economically challenged times, said former eBay and Best Buy CMO Mike Linton, who spoke to an audience at the Aberdeen Group's Chief Marketing Officer Summit here yesterday. Innovation, by Mr. Linton's definition, is any action taken by the brand that changes consumer behavior in favor of the company, and that can range from a new product to a new way to service customers.
Walgreens is introducing a campaign with a new slogan, "There’s a way,” today (Tuesday). The effort—by agencies Downtown Partners, Chicago; Digitas and Arc Worldwide—seeks to position the drugstore chain as a one-stop shopping destination and healthcare provider for consumers. Walgreens CMO Kim Feil (pictured left) said the campaign stemmed from consumer research, which found that many shoppers see the drugstore as a community resource, but yet, the company wasn’t communicating as such. In the past, Walgreens was much more focused on marketing all of its businesses separately, Feil told Brandweek in a recent interview. The drugstore chain is moving toward its new messaging with a TV spot, breaking today, which centers on the importance of flu shots, especially in the wake of heightened concern over the H1N1 virus. Walgreens, which spent $174 million on advertising last year, excluding online, per Nielsen, said the ad is one of many to come. Future efforts will also incorporate the tagline, “There’s a way,” to show how Walgreens can be a resource in consumers’ lives.
When asked about the efficacy of your latest marketing efforts, do you have an elevator pitch? I know the conventional wisdom is that you need some punchy, data-rich, confident spiel to throw at all those questions you get from nosy fellow C-suiters, but I have a contrarian thought for you: You risk sounding like an idiot.
As the global economy emerges from recession, regardless of when or how quickly, the focus in the executive suite is already shifting from cost cutting to recovering top-line growth. What role can the CMO play? If CMOs are truly to be growth champions for their corporations, they can't simply rely on traditional marketing and brand-building techniques. In nearly a decade of research, my colleagues and I have found that established companies increasingly are successfully building new businesses on a repeated basis, a process we call corporate entrepreneurship. Marketing -- true marketing, not just selling the story but helping create it -- must play a central role. True marketing is about understanding current and potential customers better than anyone else, translating those insights into powerful new offerings and experiences, and creating ever more effective and efficient paths to market. In other words, marketers must design new businesses, rather than just launch new products.
I hear versions of the same conversations almost weekly. While they're not necessarily new conversations, the tenor of them has grown considerably tenser as a result of the struggling global economy. The conversations run something like this: The chief financial officer says: "Before I spend any money in this environment, I need to know the impact of this investment. I need to see an ROI." The CMO responds with: "It's not about ROI; it's about creating awareness. Having people understand our brand will create engagement, which will lead to revenue."
According to David Aaker, today's CMO may wear up to five potential hats: facilitator, consultant, service provider, strategic partner, strategic captain. "The CMO and the central marketing group can assume a spectrum of roles," says Aaker, author of Spanning Silos: The New CMO Imperative. "The roles of the CMO can and often will vary with the activity and the silo, and additionally, will evolve over time."
Deciding whether to adopt a customer-centric orientation is a significant decision for organizations, not to be made casually. It results in debates defining customer centricity, often with the question, "How customer-centric do we need to be?" Inevitably, it means organizing around the customer and the further proliferation of the types of marketing needed to do so effectively. The many companies that have embraced a customer-centric orientation have experienced some real and often unexpected challenges. At the center of these challenges is the role of the chief marketing officer -- the person who needs to deliver thought leadership, lead the strategy debate and reorganization, and then integrate the various marketing types into a company-wide, customer-centric orientation.
North of the Arctic Circle, a top priority for fishermen is to catch and dry enough char to last the winter. Fishermen near the equator race to market before insects and bacteria spoil their catch. Climate is the driving factor shaping these vastly different fishing practices. In many corporations, the same is true for marketing and IT departments.
There are as many opinions about what got us into economic trouble as there are pundits in the world. Most blame the economic debacle on Wall Street, poor regulatory oversight or aggressive no-money-down mortgage lenders. However, what remains overlooked in the financial blame game is not a particular of "who," but "what."
CMOs are feeling better about the economy, but they're not about to spend more on traditional advertising. Such marketers expect an increase in customer activity over the next year, and to shift more dollars toward Internet marketing, per a study released this week by Duke University's Fuqua School of Business in conjunction with the American Marketing Association. Don't expect a surge in offline ad revenue to follow suit—such adverting is expected to fall 8 percent.
In the U.S., the average tenure for a CMO is roughly 23 months. In the U.K., it is even shorter. Al Ries states over at AdAge that of all the firms in the Fortune 1000, only 7% of the most highly paid executives have marketing in their job title, and only 15% of those same firms even have a senior level marketing position, such as CMO.
Eastman Kodak is being restructured for the second time since 2003. It just posted its fourth consecutive quarterly sales decline, down 29% to $1.77 billion in the second quarter, and a net loss of $189 million. Even so, its CMO is becoming something of a celebrity through his tweets about behind the scenes tours of Conan O'Brien's Tonight Show and his prime-time TV appearances of NBC's The Apprentice. What is he doing for Kodak's brand, and how can social media help the company?
I just re-read The Economist's "Future Tense: The Global CMO" survey from late last year. And I'm not encouraged that there's even a future for the job description. The report reflected results from a survey of 250+ senior marketing execs around the world, so it's far more of a snapshot of the present than an insight into what the future might reveal. EIU.com normally studies countries and other substantive subjects; this report was sponsored by Google, which has an obvious interest in what CMOs think they're supposed to be doing.
A new role is gaining prominence in the C-suite, as companies increasingly are hiring chief commercial officers to oversee sales, marketing and innovation. That's the finding detailed in a new white paper from executive-search firm Heidrick & Struggles. According to the firm, 56 companies appointed CCOs in 2008, up from just five in 2001. And already in the first half of this year, 36 companies have appointed CCOs.
People ask me all the time about the success of McDonalds, HP, Virgin America, and Walmart with new products and services, and their ongoing buzz. For me one key factor is the strength of their marketing leadership and the fact that their CMOs have an active seat at the C-Level table.
It is tempting to start slicing and dicing the spend now, even if we don't know how to precisely define waste in the marketing plan. Perhaps some rules of engagement are in order.
As if average 28-month tenures weren't enough of a disincentive for marketers to seek the chief marketing officer hot-seat, a recent assessment of SEC filings of Fortune 1,000 companies suggests that the post remains low on the priority list at many organizations, and CMOs' authority remains limited.
Mary Dillon, CMO of McDonald's, one of the few companies to thrive during the recession, talks marketing in a downturn, advertising to kids, and niche promotions within the context of one global message. While the chain continues to boost digital as a percentage of spend, she's also focusing on "old media," like outdoor.
As the dust settles from the collapse of the financial markets, one thing seems increasingly clear. One of the key drivers of corporate growth moving forward is going to have to be marketing. The sources of corporate growth and "profitability" for the last several decades, the practice of leveraging and more straightforward uses of easy credit, are no longer possible in the ways they once were. These were the growth strategies that made corporate finance and the CFO the center of attention in the boardroom and they have evaporated in shocking fashion, right along with earnings.
Walmart's Stephen Quinn has it. So does Adobe's Ann Lewnes. Steve Meyer of Dell services and Cammie Dunaway of Nintendo have it too. "It" is a P&L mind-set: a deep understanding of and/or hands-on experience with what it takes to run a business line and deliver the numbers. It's a mind-set critical for senior marketers to develop or sharpen if they expect to advance from being order takers or sales supporters to enterprise-wide, visionary leaders.
Marketing is facing its first real existential crisis, as pressure builds on CMOs to achieve what many are referring to as "the same impact for 60% of the dollars." That's why now's the time for CMOs to adopt and apply to their marketing operations the 7-S Framework, an analytical tool that's been successfully used by hundreds of corporations.
It's no secret that the CMO position is perhaps the least secure job in top management, with a turnover rate that's faster than major league managers but slower than that among quick service restaurant employees. According to Greg Welch, who launched Spencer Stuart's marketing practice and now heads the firm's global consumer goods and services business, the average CMO tenure has grown to just over 28 months in 2008, up four months since Welch started measuring CMO tenure in 2004. The average CIO lasts 38 months, and no other c-level executive checks in under 46.
In times of a slow economy, marketers see a lot of danger for brand integrity by fakes, frauds and infringements. The Chief Marketing Office (CMO) Council asked in a global audit of 306 marketers, sponsored by MarkMonitor, how marketers view threats to online and offline brand attacks. The results reveal that top marketers see online threats heating up but still struggle to understand, monitor and measure the impact of the increased sophistication of brand hijackers and product knock-offs on consumer trust and confidence. The good point is: they plan to increase spending on brand protection.
ConAgra Foods’ new product pipeline has been sizzling, despite the recession. The maker of Hunt’s tomato sauce and Chef Boyardee saw sales rise 6.1 percent to $3.1 billion for its most recent quarter. New product introductions like Healthy Choice Café Steamers, the No. 1 food launch in 2008—according to market research firm IRI—contributed to that growth. That product brought in $95 million in first-year sales alone (excluding Wal-Mart). While private label and consumer cutback did eat into its bottom line (net income fell 37.5 percent to $193.2 million), CMO Joan Chow still thinks there’s plenty of demand for more new products in tough times. Not to mention some revamping of old favorites.
Kodak CMO Jeffrey Hayzlett has more than 2,500 friends on Facebook and more than 3,200 followers on Twitter. He recently presided over the first-annual Streamy Awards for web TV, sponsored by Kodak, and both blogs and tweets about Kodak's coming involvement in the May 10 episode of "Celebrity Apprentice." A new style of CMO has arrived.
I have good career news for those of you on the recession front: When the economy improves, the skills and approaches you perfect during these troubled times will better position you for greater riches and fame. The trick will be surviving until then.
Do you like to go on Facebook and Twitter all day? Do you excel at making online friends and writing pithy tweets and status updates? If so, there may be a job out there for you! If more companies follow the lead of Pepsi, Ford, Dell and Toyota, then social media marketer will become a growing occupation as more companies hire full-timers to interact with consumers on their behalf via Facebook and Twitter. But the lack of ROI around social media, and the belief that such duties should be spread around rather than concentrated in one unit, may limit that growth.
Yahoo has tapped Silicon Valley marketing veteran Elisa Steele as its new chief marketing officer. Steele comes to Yahoo from NetApp, a Silicon Valley-based provider of storage systems.
Some good news for marketing heads: Chief marketing officers are holding on to their jobs longer. Spencer Stuart's annual survey of CMO tenure at the 100 most advertised brands in the U.S. reveals average time on the job has risen to 28.4 months from 26.8 months in 2007 and 23.2 months in 2006.
Petco has appointed Elisabeth Charles to a newly created position: senior vice president and CMO. Charles joins the pet products retailer from Victoria's Secret Stores, where she served as executive vice president of marketing.
Spending on marketing will grow just half a percentage point over the next 12 months, with traditional ad spend decreasing 7% and Internet growing 10%, according to The CMO Survey, a poll of 581 top U.S. marketing executives taken this month. Business-to-consumer marketers expect to make the most significant shifts to the Internet, for both product and service advertising, the survey found.
Declaring his company's intent to "democratize print publishing," Hewlett-Packard's CMO heavily hyped the new MagCloud.com site to the Interactive Advertising Bureau conference in Orlando. In a keynote that promoted several of HP's recently-launched offerings, Michael Mendenhall appeared to put special emphasis on the game-changing potential of MagCloud. The site enables anyone to produce a full-color, ad-supported print magazine and make it available -- via on-demand printing and an e-commerce system -- to anyone else. <div style="padding: 0px 0px 0px 0px;"> <a href="http://adage.com/video"><img src="/images/random/video_alladage417bar.jpg" width="417" height="40" border="0" /></a> </div>
While today's terrain can be pretty treacherous for any marketer, a new report is encouraging them to look ahead to 2015. The What will the role of marketing be in the year 2015? report was created by the American Marketing Assn. in conjunction with Decision Strategies International.
Who in corporate America owns the consumer relationship, the customer experience, word-of-mouth or social media? The answer appears to be nobody.
As the upfronts loom, many big brands—like General Motors and Citibank, for instance—are slashing their spending on television advertising out of necessity. But another factor to consider is the maverick CMO who is willing to spend a lot less on TV advertising or cut it out entirely.
Coca-Cola North America CMO Katie Bayne stars in a new campaign breaking this week for Microsoft that makes the case to businesses that the right software can help them do their jobs better.
In Manhattan to accept a top marketer award, Mark Gambill, chief marketing officer of CDW, offered his observations and advice for the coming year.
Computer giant Dell today said its chief marketing officer, Mark Jarvis, would exit this fiscal quarter, to be succeeded by Erin Nelson, who has been vp of marketing for Dell's operations in Europe, the Middle East and Africa.
Executives at major companies say they are stymied by their own companies when it comes to tapping the full revenue potential of their customers. If so, there may be good news in the bad economy: cost pressures may give marketers an argument to get better tools, better access to data, and better organization powers.
It's surely not the message most marketers want consumers to hear, especially in a recession. But if you've opened a newspaper filled with holiday-deal ads, passed a billboard or searched for year-end gifts, you might have come across the mantra ING Direct has been touting since Black Friday, urging people to close their pocketbooks and return to a state of fiscal responsibility.
These recessionary times are supposedly causing consumers to go back to the basics. And what's more basic than fruit? If that's the case, Del Monte, one of the world's largest distributors and marketers of fruit, is well positioned.
More than half the chief marketing officers at leading brands surveyed by Epsilon said they're not interested in incorporating social networking sites into their marketing strategies.