“When you hear marketing, most people think advertising. While we of course do that, we have made sure that marketing has been redefined as innovation. We expect our marketers to be the champions of ‘what’s next."-Beth Comstock, CMO/General Electric
Hope you all had a great summer. Let's see what's been going on. Some startling new research:
*97% of CMO's told analyst firm Forrester recently that they will need to do something they've 'never done before' in order to succeed in the new digital landscape.
*40% of marketers said they do not have the time to effectively manage all aspects of their digital marketing efforts(Zmags)
*$26 Billion in advertising and marketing accounts have been put into review to date in 2015 with many brands questioning the value of AOR relationships.
*At last count there were over 2000 marketing technology players on the scene.
The marketing world is grappling with tectonic changes and as Steve Jobs said in 1983: "the future isn't what it used to be." To succeed in the new marketing ecosystem, it is becoming clear that it's time to write a new playbook. Along these lines, here are some key questions you need to be asking yourself, your team, and your organization:
1. How Do You Measure Up?
You have rushed to embrace digital, added staff and budget. Where do you focus your attention and your dollars, though? Mobile? CRM? Isn't Customer Experience supposed to be key? How about native ads? Are we running enough? Do we have enough Likes? It's overwhelming, but you need to start by putting a stake in the ground and evaluating where you are in each of the key components of digital marketing vs your KPIs. Your performance will inform your next moves.
2. Are you simply conducting random acts of digital?
Once you have evaluated your progress against your goals, you now need to make adjustments to improve. However, you need to move from doing random acts of digital to creating a seamless and holistic digital marketing blueprint. Your marketing ROI depends on successfully moving your organization in this direction. In fact McKinsey tells us that companies that are successfully operationalizing digital are seeing 10-25% improvements in marketing effectiveness, customer engagement and ROI.
3. Are You Stepping Out of Your Comfort Zone?
Innovation is an overused word. Beth Comstock of GE wants marketing and innovation to be used interchangeably. There is still a 'sea of sameness' out there when it comes to marketing. Embracing my point #1 and #2 will put you in lockstep with your customers, prospects, fans and advocates and pave the way for true innovation. There are several new emerging areas which brands can leverage. Next gen interactive video, virtual and augmented reality and drone technology are beginning to be more deeply explored. Comstock thinks marketing needs to be leading the way to 'what's next."
4. Are You Aligned With A Next Gen Agency Partner?
And along those lines, it has become clear that the present day agency/client model is evolving(did someone say broken?) New ideas are only part of the equation. Execution is every bit as important. The marketing agency of today and beyond needs to be part consultant, part market research and part production. Or better yet, perhaps the market will create a new category, that sits atop the functional AOR categories and leads the charge.
Its time to take your random acts of digital and turn them into a digital transformation that will propel your organization to the top.
Dan Sixsmith is CMO and Partner @ Augmento
He is a VP at Alinean, Inc and Chief Content Officer at "The Digital Advantage by Dan Sixsmith."
Dan also co hosts the Podcast, This Week In Digital Marketing subscribe here: http://t.co/H6wqFueAB2
