The Rise of the Data-Driven CMO
•Transferir como PPTX, PDF•
0 gostou•388 visualizações
Long gone are the days where marketing success is defined by assumptions and trending upticks in sales. Consumers are engaging with personalized marketing messages and it takes a data-driven CMO to lead the way in order to be successful. As a senior level analyst or marketing manager are you ready to take the next step to become a data-driven CMO? If you are a current CMO are you able to evolve to stay relevant in today’s landscape? Gregory Ng leads us through examples of how the role of CMO is changing to be more accountable to money-metrics.
Recomendados
Mais conteúdo relacionado
Destaque
Destaque (19)
The Rise of the Data-Driven CMO
- 1. THE RISE OF THE DATA-DRIVEN CMO @GREGORYNG 1 @GREGORYNG #DMFB
- 9. 30 YEARS AGO WE LOST OUR WAY. 9 @GREGORYNG #DMFB
- 15. WHAT APPLE KNOWS What games he has installed How often he plays them How far he gets What time he plays them Where his location is when he plays How many apps he’s purchased Which credit card What other Apple purchases on the same credit card How many devices does our family own What’s our phone usage Our nearest Apple store Which movies we like Which video streaming service we use 15 @GREGORYNG #DMFB
- 17. YOU’RE EXCITED ABOUT BIG DATA BUT YOU SUCK AT SMALL DATA! -Mitch Joel Twist Image 17 @GREGORYNG #DMFB
- 21. THE WAY SUCCESS IS MEASURED STRATEGIC PREDICTIVE TACTICAL OPERATIONAL OUTCOMEBASED LEADING INDICATORS ACTIVITYBASED 21 @GREGORYNG #DMFB
- 22. 10 WAYS TO GET READY FOR DATADRIVEN MARKETING 22 @GREGORYNG #DMFB
- 25. IF YOU ARE CELEBRATING CLICKS YOU ARE CELEBRATING THE ABILITY TO COUNT. 25 @GREGORYNG #DMFB
- 27. 2. FIND YOUR STARS 27 @GREGORYNG #DMFB
- 28. IF EVERYTHING IS IMPORTANT, NOTHING IS. -Patrick Lencioni 28 @GREGORYNG #DMFB
- 33. @GREGORYNG #DMFB
- 34. @GREGORYNG #DMFB
- 35. @GREGORYNG #DMFB
- 36. 4. THINK LIKE A KID ON HIS BIRTHDAY @GREGORYNG #DMFB
- 45. 500,000 UNIQUE MAIL CATALOGS 45 @GREGORYNG #DMFB
- 46. RELEVANT MESSAGING TO SPECIFIC CUSTOMERS 46 @GREGORYNG #DMFB
- 47. CUSTOM MESSAGING BASED ON EMAIL OPENS NOT EMAIL SENDS 47 @GREGORYNG #DMFB
- 52. UNIFIED, NOT UNIFORM MESSAGING -Ron Rogowski Forrester 52 @GREGORYNG #DMFB
- 53. THE KEY TO MANAGING 150+ TWITTER ACCOUNTS: “BE HONEST, BE HUMBLE, BE HELPFUL, BE HUMAN” 53 @GREGORYNG #DMFB
- 54. 7. INVITE THE ANALYST 54 @GREGORYNG #DMFB
- 56. DON’T VOMIT DATA. IDENTIFY OPPORTUNITY. 56 @GREGORYNG #DMFB
- 57. 8. QUESTION “DATA IS THE NEW CREATIVE” 57 @GREGORYNG #DMFB
- 59. IT’S NOT SHAKE OR BAKE 59 @GREGORYNG #DMFB
- 60. DATA+CREATIVE =SUCCESS - Louis Winokur MediaPost 60 @GREGORYNG #DMFB
- 64. 9. JOIN THE CMO AND CIO AT THE HIP 64 @GREGORYNG #DMFB
- 66. BY 2017 THE CMO WILL SPEND MORE ON IT THAN THE CIO -Laura McLellan Gartner 66 @GREGORYNG #DMFB
- 73. JOINTLY IDENTIFY OPPORTUNITIES FOR INNOVATION AND INVESTMENT 73 @GREGORYNG #DMFB
- 84. CIO ANALYST CMO HOW TO RECEIVE AND DELIVER DATA? WHAT DOES THE DATA MEAN TO THE BUSINESS? WHAT CAN WE DO WITH THE DATA? 84 @GREGORYNG #DMFB
Notas do Editor
- When I was 7 years old, I got an Atari 2600 for Christmas and it became my obsession for years to come. It came with 2 controllers, 2 paddle controllers, and the game Combat. In addition to that game I also got a game from Activision called River Raid (Anyone remember this game?).
- In River Raid, you flew an 8-bit plane over a river shooting ships and bridges for points. Push forward to speed up, pull back to slow down, push side to side to veer, hit red button to fire. There were only 2 ways you would die: Get hit by an object including the edges of the river, or run out of fuel. Strategically placed amongst the shootable items were fuel stations that would refuel your plane as you flew over them. Some of us real advanced players knew you could fly over them and midway through the refueling fire a bullet that would also destroy it for points. This was my game.
- On the back of the box this game came in was an offer. Achieve 15,000 points and receive a River Raider patch. This being 1982, of course, meant that you had to pause the game after achieving the goal, take a picture of the tv screen, take a polaroid, and then mail the picture with a SASE. 6-8 weeks later you would receive a patch. This was my mission. This was my goal. I needed this patch because my friends Kevin Murphy and Eric Koup already had this patch sewed onto their backpacks. I wanted this patch because I knew I was a better River Raider than they were but I didn't have the proof.I played River Raid for over 100 hours. Every day after school. All weekend. Finally I reached the golden mark of 15,000 points. I ran upstairs and asked my mom for the camera and she said there was no film in the camera. We would have to get it tomorrow. Disappointed I convinced her to let me keep the TV on all night to keep the paused game and score intact. I tossed and turned all night thinking about where I would put that patch. I woke up the next morning and the tv screen was black. My dad, having come home late from work (and well past my bedtime) had turned it off no doubt irate that I had left the tv on all night. I was devastated.
- I wanted this patch. This is how I felt before I had one. Why did it work? Because it used the basic understanding of what drives competition. Competition creates engagement. Engagement created loyalty.
- It's also a time where I was being marketed to in a perfectly-timed way with a reasonable incentive and daily easy (for the time) redemption method.Activision capitalized on the fundamentals of desire, competition, social proof, and reward using the best technology they had at the time. And they did it well!Stamps were 20 cents
- This was marketing at its best. Brilliant! Because not only did this program increase engagement, Activision used it to identify promising developers for the company.
- Over 30 years later I still remember this vividly. This was marketing! It happened to me at a time when technology was rapidly changing. Changing in ways where the Atari 2600 dominated dinner conversations. Caused late bedtimes and forced parents to rethink screen time allowances.
- In these last 30 years marketers lost their way.
- We thought bigger was better. Must see tv: TV watching increased which meant customers could be messaged to in scale.
- We thought if it works it will keep on working. Brands got lazy and drove campaigns into the ground
- We were satisfied with a standard of reporting because technology made it so. We used these People Meters to determine popularity of tv shows!
- Now there’s a new revolution. Anyone know what it is? (This is my son by the way) playing with his ipod touch
- App usage, GPS, shareability, social networks, gamification
- App usage, GPS, shareability, social networks, gamification
- We create so many data points these days that I bet Amazon would be a better matchmaker than eHarmony
- 3 reasons why it’s not happening
- Why aren't more people using it to their advantage? Let's start with how teams are traditionally structured.SLIDE: VENN DIAGRAMThe role of the CMO: CMO is responsible for facilitating growth, sales and marketing strategyThe role of the Data Scientist: Solves complex problems working with mathematics, statistics, and computer science.The role of the CIO: manages the implementation of the useful technology to increase information accessibility and integrated systems management
- These 3 distinct roles have co-existed independently for decades. Common scenarios include:"I had an innovative digital marketing plan but IT could not implement it in time""There was compelling data to support specific messaging to an underrepresented segment but marketing didn't want it to interfere with their other promotions.""Right after we rolled out the new CMS and corporate branding, the marketing team wanted to change it."
- SLIDE: The way success is measuredActivity-Based: things we can count: visits, click-through rates, CPMSOperational: improving efficiency: costs per lead, CPOAOutcome-Based: market share, customer lifetime value, and brand equity.Leading Indicators: customer satisfaction, willingness to recommendPredictive: ability to predict outcomes
- Who uses Google Analytics here? If so this looks familiar to you. Who pulls reports from here to report on your marketing metrics?
- 3 reasons why it’s not happening
- Well unless you are looking at this section first you are probably an activity-based metric organization right now.
- Typically when we ask our clients what is the most important part of their site they say….”Everything”
- Anyone play fantasy baseball? Worrying about individual activity-based metrics is dangerous because you tend to want to move all metrics positively. This is like rotisserie league scoring. In this scoring type teams are ranked from first to last in each statistical category. Points are then awarded according to the order in each category, then totaled to determine an overall score and league rank.
- The theory behind this scoring structure is that the most-well-rounded team is the best team. But this is not the case in digital marketing. P.S. Don’t ever google image search “well-rounded”. Not safe for work.
- The danger in this thinking is that the peak. The homerun hitter could be so much more profitable, so much more loyal and easy to acquire than the rest. Or, with focus on that specific metric or segment could be worth dedicating your entire marketing spend on it even at the detriment of the other metrics. This is the first step
- First, make sure you are tracking behavior at all points of your customer relationship.
- Which also means here and here for existing customers
- And everywhere during the full customer lifecycle.
- It’s only after you are thoroughly tracking success throughout the lifecycle that you can optimize to operational metrics: cost per lead, cost per acquisition, etc and then to outcome-based metrics like value per customer
- It’s only after you are thoroughly tracking success throughout the lifecycle that you can optimize to operational metrics: cost per lead, cost per acquisition, etc and then to outcome-based metrics like value per customer
- Would you rather have 15 customers or 1 customer?
- Now what if I told you that it costs a total of $15 to acquire these 15 customers and $10 to acquire this one customer? You would still say this one because the cost per acquisition is $1 versus $10. Remember the whole talk about activity based and operational metrics?
- This is why historically marketers obsessed with scale of messaging. They have worked out calculations of their average cost per acquisition and figure the more people they can reach the more customers they will acquire. And in the case of GoDaddy they think they are super clever in producing shock-value or controversial mass advertising campaigns to reach more people.
- But here in lies the problem. The current metrics of success are true but not smart. Because this scenario could happen. 10X investment 30x investment
- Quantity is not better than quality
- Macy’s saw this potential and created a flexible design template and sophisticated online profile engine to print and mail 500,000 unique mail catalogsMyMacy's gathers and analyzes Macy's customer data through three rubrics: MyCustomerLoyalty, which measures the intersection of frequency and sales; MyCustomerBehavior, which monitors customer behavior, such as style preferences and personal motivations in-store and online; and MyCustomerEngagement, which measures the success of the previous two.http://www.dmnews.com/macys-cmo-shares-loyalty-insights-at-nrf-big-show/article/223344/#
- NPR set out to be the best experience for their listeners on any device so they built custom cms layer over their existing engine and a public media API to create a consistently high experience across hundereds of different browsers, devices, and screen sizes. This reinforces COPE: Create once, publish everywhere
- NPR set out to be the best experience for their listeners on any device so they built custom cms layer over their existing engine and a public media API to create a consistently high experience across hundereds of different browsers, devices, and screen sizes. This reinforces COPE: Create once, publish everywhere
- Unified not uniform message: Ron Rogowski-Forrester
- Whole Foods example
- Remember the year you got to move to the adult table for thanksgiving? You were excited about this magical unknown of the adult table and at the same time was longing for the way it was with the kids. That’s the way analysts feel now that their voices are being heard.
- The analysts have been wantting to be heard for a long time and now they have their due. But they sometimes need help.
- This comes down to symbiotic mutualismAnalytical teams base their recommendation on fact npt hunches but they struggle with ways to illustrate their analysis.Good creatives are master storytellers but persuasuve presentations no longer trump data in decision-making.
- This comes down to symbiotic mutualismAnalytical teams base their recommendation on fact npt hunches but they struggle with ways to illustrate their analysis.Good creatives are master storytellers but persuasuve presentations no longer trump data in decision-making.
- But the answer isn’t in relying only on numbers to fuel your marketing decisions. Just like it shouldn’t be just on creative.
- But marketing teams have been creative driven for decades. The answer is not to switch focus to data and forget creative. The answer is for both groups to learn from one another.http://www.mediapost.com/publications/article/187547/data-the-new-creative.html#axzz2QIBcTR8a
- Data can help communicate complicated ideas
- Data can be a platform for a new way of storytelling
- Data can drive creative solutions to marketing KPIs
- The role of marketing has shifted from a “Cost center” to “revenue generator”. This is because it is now easier to measure the effectiveness of marketing directly to revenue. This has brought more money and budgets for CMOs to control.
- An enterprise-wide Data-driven focus means that there will be significant overlap in the goals of the CMO and the CIO.
- This is iTriage
- This is iTriage
- This is iTriage
- This is iTriage
- This is iTriage: health insurer's efforts to reduce visits to the doctor and experiment with new products, in turn bringing down health care costs and bolstering profits
- This is iTriage: health insurer's efforts to reduce visits to the doctor and experiment with new products, in turn bringing down health care costs and bolstering profits
- Create centaurs
- It is not a new thing to talk about the need for CMOs and CIOs to work together.
- What is new is the movement to add CIO functions within different departments including marketing
- It goes both ways! And admittedly it can feel awkward and not right.
- What is new is the movement to add CIO functions within different departments including marketing
- What is new is the movement to add CIO functions within different departments including marketing
- So what is Activision doing now? The ideas are the same but the mechanism is different. Prestige Master
- Some of these ideas are still in use today. It was the original badging!
- Some of these ideas are still in use today. It was the original badging!
- Some of these ideas are still in use today. It was the original badging!