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CMOandRiseofSocialInsights_Updated

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CMOandRiseofSocialInsights_Updated

  1. 1. THE CMO THE RISE OF SOCIAL INSIGHTS
  2. 2. In the past, marketers were confronted with a lack of timely, insightful data. Today, our CMOs face an entirely different set of obstacles that range from data overload and analysis paralysis to the “always on” consumer. We measure and track activity across multiple platforms—website, organic and paid search, social, marketing automation, CRM—in the quest to be better, smarter marketers and improve return on marketing investment. Though in reality, it is often difficult to find meaningful insights in the mass of data provided by these tools. All challenges aside, when marketers do find ways to turn data into actionable insights, it leads to company-wide productivity gains and improved profitability rates as high as 6%1. This has empowered leading CMOs to not only own marketing strategy, but to drive broader strategies when it comes to market decisions and corporate strategy. The buyer’s journey has moved online, spans across multiple devices, and is influenced more than ever by peers. This has lead to a tipping point for marketing innovation, with social media being the biggest disrupter. Marketers have to go beyond passive listening and mass messaging to connect with and engage influencers within their target audience. The convergence of Marketing Technology (MarTech) and Advertising Technology (AdTech) into MadTech, combined with our ability to hyper target at scale, is shifting the playing field and allowing marketers to meet these new challenges head-on. 1. Forbes, “Big Data, Analytics And The Future of Marketing And Sales.” July 22, 2013 INTRODUCTION THE CMO & THE RISE OF SOCIAL INSIGHTS
  3. 3. TABLE OF CONTENTS THE CMO & THE RISE OF SOCIAL INSIGHTS MEDIA DISRUPTION AND THE SHIFTING LANDSCAPE Demographics Data to Characteristics Data Data Disruptions Leads to Accelerated Insights Age of Customer Insights TIPPING POINT FOR MARKETING INNOVATION Automated is Powered by Predictive MadTech = Martech + Adtech SOCIAL BEYOND MARKETING Hyper Targeting at Scale Marketing Plays Offense with Insights 1 5 9
  4. 4. MEDIA DISRUPTION AND THE SHIFTING LANDSCAPE Access to vast amounts of consumer data (demographics, preferences, sentiment) via social media is shifting the landscape for marketers faster than ever before. This disruption is forcing brands to change the way they engage with their buyers and is accelerating the speed at which they need to act in order to remain relevant. This shift is affecting how budget and resources are allocated and how the customer journey is impacted. The way marketing used to be—a rinse and repeat methodology—now has to be re-thought, because social media amplifies the voice of the customer, allowing them to demand greater value and personalization. www.insightpool.com 1 MEDIADISRUPTION THE SHIFTING LANDSCAPE SOCIAL MEDIA AMPLIFIES THE VOICE OF THE CUSTOMER
  5. 5. DEMOGRAPHICS DATA TO CHARACTERISTICS DATA www.insightpool.com 2 Demographic-based marketing is dead and characteristic marketing is on the rise. Combining demographic data with characteristic data is changing the way brands hyper segment, understand and engage with customers and prospects. By using tools that leverage characteristic data, like Insightpool, marketers can learn more about their consumers beyond gender, age, and location to find what truly motivates and drives consumers to action. Incorporating filter data, like Facebook topic data, into the equation gives marketers the ability to determine predictive characteristics that correlate with real engagement and intent. Never before have marketers been able to understand buying behavior by unlocking conversations, moments, feelings and raw details in regards to their audiences. Enter the power of social insights. Social media data has powered marketers with the availability of characteristics data, and combined with the ability to synthesis it in real-time, marketers can now take insights to action before your competition. This has caused a powerful disruption in businesses which elevates the CMO to make smarter decisions using insights. DEMOGRAPHIC-BASED MARKETING IS DEAD AND CHARACTERISTIC MARKETING IS ON THE RISE.
  6. 6. DATA DISRUPTION LEADS TO ACCELERATED INSIGHTS Data-driven insights power CMOs to move business forward through results. With this shift, activation across specific media channels (traditional TV/Print/Digital) will continue to show diminishing returns due to the changing media landscape (multi-screen, mobile). It’s less important to be everywhere to everyone and more about being in the right channels, where your target audience is active in an omni-channel approach. For example, one of the most buzz-worthy ads of the Super Bowl in recent history wasn’t even a commercial—it was a tweet from Oreo during the 2014 blackout saying, “Power out? No problem,” accompanied by a picture that said “You can still dunk in the dark.” This was retweeted 10,000 times in one hour, according to AdAge, and brought questions to the marketing community wondering if a “free” social campaign like this had a greater payoff than an actual Super Bowl ad costing millions. This disruption is what is causing this shift away from traditional channels to a strategy that’s more conversation-focused, that takes place at the right time and place. Today, customers have more control than ever due to the reach and influence of social media. Communication is no longer effective in a one-to-many approach; people are having real, one-on-one conversations with brands and expressing what they want—not what a brand thinks they want. In this current landscape, you must learn to engage with consumers on a personal level in order to build authentic, lasting and mutually beneficial relationships. 4. Garg, Ashu. “MarTech and the Decade of the CMO”, February 17, 2015. www.insightpool.com 3 “EXPENDING RESOURCES, GUESSTIMATING RESULTS, AND HOPING FOR THE BEST— THAT IS MARKETING’S PAST,“ SAYS ASHU GARG4. YOU CAN STILL DUNK IN THE DARK. - @OREO, SUPERBOWL VIRAL TWEET 2014
  7. 7. AGE OF CUSTOMER INSIGHTS www.insightpool.com 4 Retaining and upselling existing customers is often more cost effective than obtaining new customers. And social media is giving brands an opportunity to rethink the way they engage with their customers. According to Forrester5, “Empowered consumers now control their options via multiple channels and devices.” The more you know about your customers, the better you can serve them. Analyzing customer data can help you develop a bigger, more complete picture by providing insight into customer needs, behaviors and actions that will ultimately enable you to create a better customer experience. In other words, you can create a highly personalized approach with relevant messages for each individual customer. According to McKinsey, the number of digital touchpoints increasing by 20% annually as more offline consumers shift to digital tools and younger, digitally oriented consumers enter the ranks of buyers. 8 “Put yourself in the customer’s shoes and think about what they would want. Virgin Atlantic is a relatively small airline when compared to titans like Delta and British Airways, yet Virgin is still the number two airline in the U.K. and one of the most memorable. How have they done it? A strong focus on customer experience, including in-flight bars, massages, or manicures, and a staff that has been trained to be casual and fun, says Bryan Kramer, CEO, TED Speaker, Best Selling Author. “Virgin figured out what people flying on commercial airlines wanted, and delivered it in spades.” 5. VanBoskirk, Shar., et al. Predictions 2016: Personal At Last For B2C Marketers. November 13, 2015, available from Forrester Research. 8. McKinsey Quarterly, “Brand success in an era of Digital Darwinism”, February 2015 “VIRGIN FIGURED OUT WHAT PEOPLE... WANTED, AND DELIVERED IT IN SPADES.” UNDERSTANDING CUSTOMER CHARACTERISTIC DATA TURN CUSTOMER INSIGHTS INTO ACTION CREATE A HYPER TARGETED AND PERSONAL APPROACH TRANSFORM THE CUSTOMER EXPERIENCE
  8. 8. TIPPING POINT FOR MARKETING INNOVATION TIPPINGPOINT MARKETING INNOVATION www.insightpool.com 5 “WE EXPECT TECHNOLOGY SPEND BY CMOS TO INCREASE 10X IN 10 YEARS FROM $12 BILLION TO $120 BILLION, UNLOCKING A HUGE OPPORTUNITY FOR MARKETING TECHNOLOGY COMPANIES AND OPENING THE DOOR TO THE DECADE OF THE CMO.“ - ASHU GARG, GENERAL PARTNER, FOUNDATION CAPITAL4 4. Garg, Ashu. “MarTech and the Decade of the CMO”, February 17, 2015. We’ve talked a lot about what advancements in technology mean for the customer experience. But what about the brand experience? Harnessing insights via technology allows marketing to move beyond expending resources, guesstimating results, and hoping for the best4. Enhanced automation, predictive analytics and the emergence of MadTech means that the future of marketing operations is destined to be more efficient, more precise and more effective than ever before.
  9. 9. AUTOMATED IS NOW POWERED BY PREDICTIVE www.insightpool.com 6 What if you could predict the right conversations with the right audience? What if you could predict trends and topics of the moment? With advancements in technology and data, brands like CCM Hockey, Coca-Cola and Ridgid use tools like Insightpool to analyze data and pull out clusters of insights that brands didn’t know that their communities cared about. For the first time, marketers can make intelligent marketing decisions based on social data that gives them opportunity to drive business decisions. These predictive technologies will provide the next-generation CMO with insight into audiences that have intent to purchase their brand. The ability to not only automate your marketing pathway but have it learn and optimize in real-time will drive incredible returns on investment. This real-time behavior allows brands to be relevant with high-influence audiences around hyper-targeted topics. The instant interaction allows brands to become more efficient and communicate directly with customers, thus increasing overall productivity and even engagement. INSIGHTS DRIVEN MARKETING CHARACTERISTIC DATA CUSTOMER INSIGHTS MADTECH
  10. 10. MARTECH + ADTECH = MADTECH www.insightpool.com 7 5. VanBoskirk, Shar., et al. Predictions 2016: Personal At Last For B2C Marketers. November 13, 2015, available from Forrester Research. For the first time, marketers are empowered by the fusion of two distinct technology disciplines. Marketing Technology (MarTech) and Advertising Technology (AdTech) collide to create MadTech, along with a whole new set of solutions that give marketers the ultimate advantage. MADTECH IS THE CONFLUENCE OF MARKETING, ADVERTISING AND TECHNOLOGY5
  11. 11. The convergence of data and advertising/marketing means that CMOs have a unique opportunity to leverage MadTech in 2016. There are many benefits of the data-driven automation brought on by MadTech—increased sales, time and budget savings and increased customer loyalty, just to name a few. In fact, 56% of ad-tech agencies6 say this increase in data-driven solutions—and the automation of many functions—has freed up resources to be creative and focus on strategies. It’s safe to say that if you’re not tapping into the data- technology influx, you’re missing out on huge opportunities in the coming year. WHAT MADTECH MEANS FOR CMOS www.insightpool.com 8 6. Hot Topics, “What is MadTech and why should you care about it?,” 2015. “THIS IS GOING TO BE THE YEAR WHERE IT ALL COMES CRASHING TOGETHER: MARKETING TECH + AD TECH = MADTECH.“ WHAT MADTECH MEANS FOR CUSTOMER ENGAGEMENT “IT’S ALREADY BEEN STATED THAT MADTECH IS HAPPENING, BUT VERY THEORETICALLY. THIS YEAR, EVERYTHING WILL MOVE INTO IMPLEMENTATION MODE,” SAYS DEVON WIJESINGHE, CEO AT INSIGHTPOOL. BRANDS OFTEN KNOW WHAT CUSTOMERS WANT TO BUY BEFORE THEY DO5 MadTech is leading the way for the über-personalized customer exchange. Thanks to burgeoning technologies, the personalization process is becoming more and more automated. By leveraging the vast amounts of data on customer buying patterns and preferences, brands can now deliver personalized messaging at scale. For example, advancements in artificial intelligence and predictive technologies (think self-learning algorithms and the like) means that brands often know what customers want to buy before they do5.
  12. 12. SOCIAL BEYOND MARKETING www.insightpool.com 9 11. Adeni, Nabeel. “Social Media Beyond Marketing”. June 2014. Embracing change is often easier said than done—especially for larger companies. However, getting your brand on board with the marketing shift will play a crucial part in future success. Identifying opportunities that can accelerate growth while saving time means high gains, in both capital and efficiency. SOCIAL BEYOND MARKETING “AS A BUSINESS SOLUTION, SOCIAL HAS EVOLVED, MOVING WELL BEYOND THE MARKETING DEPARTMENT, TO ADDRESS BUSINESS OBJECTIVES ACROSS THE ORGANIZATION.” - MIT SLOAN MANAGEMENT REVIEW11
  13. 13. HYPER TARGETING AT SCALE www.insightpool.com 10 Since broad-reach marketing channels came to be, marketers faced a choice between high reach and high engagement. Today, marketers can hyper target audiences and quickly optimize their efforts to drive scaled execution to larger audiences. High reach and high engagement can be combined in order to drive business results at levels that will move the needle for even the biggest companies. “MARKETERS KNOW THAT TARGETING IS ONE OF THE MOST FUNDAMENTAL DIMENSIONS OF ANY ORGANIC OR ADVERTISING STRATEGY BUT GET CAUGHT UP IN REACH VS ENGAGEMENT,” SAYS LEEANN BERNER, CMO AT INSIGHTPOOL. “HYPER TARGETING AT SCALE ALLOWS MARKETERS TO COMBINE EFFORTS AND DRIVE SCALED EXECUTION.“
  14. 14. MARKETING PLAYS OFFENSE WITH INSIGHTS www.insightpool.com 11 9. Yu, Jim. “The Modern-Day CMO: 7 Trends That Will Drive Digital Marketing Success” February 9, 2016. Marketers are increasingly expected to link their consumer activation offline and online to ROI. When confronted with this expectation, too many marketers play defense to stitch together a data story to justify their choices. This mentality needs to change to an offensive mentality. Great marketers will take advantage of the consumer data available and the technology that integrates with it to drive thought leadership across entire organizations. According to Marketing Land, CMOs are increasingly becoming more accountable for delivering results from their overall digital marketing and transformation efforts which provides them with a huge opportunity, but also comes with a lot of challenges.9 Marketing insights will drive revised customer service policies, shape product innovation and direct operations on supply chain strategy. Data will not only power ROI, but empower a litany of key organizational decisions that will grow the role of the CMO with it. CMOs have to move beyond the chief ‘marketer’ in their title,” says Forrester Research VP and Principal Analyst Sheryl Pattek. “They should step up their influence in the C-suite to become a full corporate officer while understanding the business influence they have. CMOs who have evolved in that way are being tapped for CEO in some leading organizations.” The ability to show true value on insights enables marketers to show their worth to the business stakeholders that focus on company growth. Additionally, this gives the CMO the ability to focus on increasing the number of areas where they can better align marketing insights to business goals. “FOR MOST CMOS, I FEEL THAT TRUE VALUE IS IN AN INSIGHTS ENGINE THAT POWERS THE DOWNSTREAM WORD OF MOUTH COMMUNICATION FOR THE BUSINESS. THESE ACTIONABLE INSIGHTS SHAPE BUSINESS DECISIONS, PRODUCT DEFINITION AND MESSAGING. THIS APPROACH TO INSIGHTS WILL TRANSFORM THE ROLE OF THE CMO IN 2016.” - DONALD MACDONALD, CO-FOUNDER OF THE COLLECTIVE AND INSIGHTPOOL ADVISOR
  15. 15. WHAT MADTECH MEANS FOR CMOS www.insightpool.com 12 10. Rooney, Jennifer. “CMO Tenure Hits 48 Months, And Chief Marketers’ Moves Reflect Rising Influence“ March 2015. “CMOs’ ability to leverage digital and analytics to create value for the business also has been a factor in longer tenure,” Tom Seclow said in a statement. Seclow leads Spencer Stuart’s Marketing Officer Practice. “The ability to create measurably successful marketing initiatives built on customer insight has increased CMOs’ credibility in the C-suite.” 10 In the age of digital marketing and digital information, data provides meaningful insight into your customer base so that you can have genuine and highly personalized interactions with your audience. Data allows for a remarkable understanding of consumer action and behavior—it’s this insight and information that helps brands form lasting relationships with customers and ultimately furthers business objectives. WITH THE EVOLVING ROLE OF THE CMO AND ABILITYTO MAKE STRATEGIC BUSINESS DECISIONS, IT’S NO WONDER THAT MORE CMOS ARE NOW BECOMING CEOS OR SITTING ON EXECUTIVE BOARDS. WITH A PULSE ON EVERY MOVING PART OF THE BUSINESS, THE CMO IS ABLE TO GIVE INSIGHT INTO EVERYTHING FROM PRODUCT ROADMAPS AND BUDGET SPENDS TO TRENDS FOR THE BUSINESS AND CUSTOMER DATA.
  16. 16. LEARN MORE ABOUT HOW YOU CAN HARNESS THE POWER OF SOCIAL INSIGHTS WWW.INSIGHTPOOL.COM

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