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The Future Practice of Marketing - Economist 360 CMO - Big Rethink - Kevin Bishop, IBM
- 1. © 2014 IBM Corporation Dear Current CMO Self, Four weeks ago at the Economist Big Rethink event you wrote down some notes for your future self. You did not want to forget that “Data is the New Oil”, you wanted to find “What Makes your Client Passionate” to “Plan to be Spontaneous” and that “The Juice Was Worth the Squeeze”. In addition, you wanted to remember that it is critical to become more customer centric, create systems of engagement, and that we are co-owners of the brand with our consumers. Finally, don’t forget that we were invited to join IBM’s Think Marketing Community. THINK Marketing is an invitation-only community and knowledge service for executives around the world. Members can access exclusive content, connect with a community of their peers, and attend special members-only events. You can register here (ibm.biz/rethinkmarketing). Looking forward to continuing the conversation and I’m sure we both agree that the event and dialog was definitely worth the squeeze. Past CMO Self
- 2. © 2014 IBM Corporation THREE SHIFTS An emerging point of view on the future practice of marketing – the 360°CMO Kevin Bishop VP Enterprise Marketing 13th March 2014
- 3. © 2014 IBM Corporation The timeless responsibilities of our marketing profession Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise.
- 4. © 2014 IBM Corporation In February of 2012, The New York Times published an article that gave us a glimpse of the future practice of marketing.
- 5. © 2014 IBM Corporation
- 6. © 2014 IBM Corporation Our evolving profession Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise. Understanding each customer as an individual. Timeless 2012
- 7. © 2014 IBM Corporation Our evolving profession Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise. Creating a system of engagement that maximizes value creation at every touch. Understanding each customer as an individual. Timeless 2012
- 8. © 2014 IBM Corporation Our evolving profession Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise. Designing your culture and brand so they are authentically one. Creating a system of engagement that maximizes value creation at every touch. Understanding each customer as an individual. Timeless 2012
- 9. © 2014 IBM Corporation
- 10. © 2014 IBM Corporation Our evolving profession Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise. Designing your culture and brand so they are authentically one. Creating a system of engagement that maximizes value creation at every touch. Understanding each customer as an individual. Timeless 2012 2014 Know each customer in context
- 11. © 2014 IBM Corporation Our evolving profession Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise. Designing your culture and brand so they are authentically one. Creating a system of engagement that maximizes value creation at every touch. Understanding each customer as an individual. Timeless 2012 2014 Innovate and scale relevant and rewarding experiences Know each customer in context
- 12. © 2014 IBM Corporation Our evolving profession Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise. Designing your culture and brand so they are authentically one. Creating a system of engagement that maximizes value creation at every touch. Understanding each customer as an individual. Timeless 2012 2014 Co-create authentic brand experiences with customers, employees, and partners Innovate and scale relevant and rewarding experiences Know each customer in context
- 13. © 2014 IBM Corporation
- 14. © 2014 IBM Corporation
- 15. © 2014 IBM Corporation
- 16. © 2014 IBM Corporation
- 17. © 2014 IBM Corporation
- 18. © 2014 IBM Corporation
Editor's Notes
- Before we sit down and enjoy lunch, some food for thought and to encourage discussion at your tables. As lunch wraps up, we ask that you capture the some key takeaways from the discussion with the forms at your table. Essentially, what do you want to remember most from the discussion when you get back to your desk next week? The artists in the back of the room will be creating a mural of our ‘ah ha’ discussion moments in real time and this will represent our CMO crowd sourced perspective. After the event, we will be digitally sending you the lunch discussion mural so we can all benefit from each other’s perspectives. So lets begin.
- For a long time, marketers have had three big marketing responsibilities: Marketers have always been responsible for knowing the customer. Marketers have always been responsible for defining what to market, and how to market. Marketers have always protected the brand promise.
- In February 2012, The New York Times published an article by Charles Duhigg (Doo-hig) titled, “How Companies Learn Your Secrets.” It was a story that simultaneously captured: The future of marketing Some very interesting possibilities for me as a customer And some chilling risks about the new responsibilities in this era.
- Look at the lead paragraph of this article. It says so much about our topic—the future practice of marketing. These 64 words capture: The promise of what marketing is becoming…finding a way to serve customer needs, even in advance of that customer being able to voice what he or she wants from us. A way of serving that customer based on a fuller, more personal picture of what that individual wants. How data—and analytics—are becoming core to the profession. And how that is changing the skills we require, and what collaboration looks like. The critical partnership in the article is between a statistician and his marketing colleagues. And we see the responsibilities in security and privacy measures we must now rise to. The phrase…“even if she didn’t want us to know”…now that has tremendous implications. But perhaps more than that, what motivates and compels a customer to behave in new ways. And by implication, what is marketing’s role in helping customers develop new habits.
- How are these responsibilities changing? Two years ago, IBM spoke with more than 1,700 CMOs, analyzed academic writings, took a look at what content and ideas were shared through social media, and interviewed several CMO CIO Leadership Exchange participants. Based on that, this is where we collectively think our profession is going. There are 3 fundamental shifts: Understanding each customer as an individual Creating a system of engagement that maximizes value at every touch Designing your culture and brand so they are authentically one
- How are these responsibilities changing? Two years ago, IBM spoke with more than 1,700 CMOs, analyzed academic writings, took a look at what content and ideas were shared through social media, and interviewed several CMO CIO Leadership Exchange participants. Based on that, this is where we collectively think our profession is going. There are 3 fundamental shifts: Understanding each customer as an individual Creating a system of engagement that maximizes value at every touch Designing your culture and brand so they are authentically one
- How are these responsibilities changing? Two years ago, IBM spoke with more than 1,700 CMOs, analyzed academic writings, took a look at what content and ideas were shared through social media, and interviewed several CMO CIO Leadership Exchange participants. Based on that, this is where we collectively think our profession is going. There are 3 fundamental shifts: Understanding each customer as an individual Creating a system of engagement that maximizes value at every touch Designing your culture and brand so they are authentically one
- However, the pace of evolution in our discipline is accelerating. IBM recently reached out to over 500+ CMO’s to see what has changed in the last two years. Building off what we learned, we found marketers are going even farther to delight customers.
- The original shifts can be built upon to go farther. From understanding each customer as an individual to knowing each customer in context Beyond demographics and purchase history, we need to understand them in context of their geography and social circles. From creating a system of engagement to innovating and scaling relevant and rewarding experiences Beyond creating messages, how can we create moments in a scalable way that add value to our offering From designing your culture and brand so they are authentically one to Co-Creating authentic brand experiences with customers, employees and partners We are no longer the protectors but curators of the brand promise.
- The original shifts can be built upon to go farther. From understanding each customer as an individual to knowing each customer in context Beyond demographics and purchase history, we need to understand them in context of their geography and social circles. From creating a system of engagement to innovating and scaling relevant and rewarding experiences Beyond creating messages, how can we create moments in a scalable way that add value to our offering From designing your culture and brand so they are authentically one to Co-Creating authentic brand experiences with customers, employees and partners We are no longer the protectors but curators of the brand promise.
- The original shifts can be built upon to go farther. From understanding each customer as an individual to knowing each customer in context Beyond demographics and purchase history, we need to understand them in context of their geography and social circles. From creating a system of engagement to innovating and scaling relevant and rewarding experiences Beyond creating messages, how can we create moments in a scalable way that add value to our offering From designing your culture and brand so they are authentically one to Co-Creating authentic brand experiences with customers, employees and partners We are no longer the protectors but curators of the brand promise.