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Redefining the Role of the CMO

Highlights of a Panel at the Media Convergence Forum featuring:

  • Jeff Hayzlett – Chief Business Development Officer, Eastman Kodak
  • Russ Klein – President Global Marketing Strategy, Burger King
  • Nicholas Utton – CMO, E-Trade Financial

Role of the CMO faces evolution and reinvention unlike any of the peers of the CMO.

What the CMO role mean to each of you?

Jeff – My role as the CMO of the company is to create “tension” to move the organization and brand in a massive way. If I stop creating tension or pushing the envelope - I will be fired. And whenever someone says I am getting a little to edgy I show them the - ExtendedStay viral video – that usually works.

Nick – My role was to guide us thought a crisis time where we launched a 10M ad campaign to stem redemptions and customer defections – now our customer numbers are up, revenue are up, retention is up – CMO role is about acting when the chips are down!

Russ – CMO role is defined by being the best all around athlete – it takes the Power of Versatility. The Burger King was a brand people “knew more than loved” – I needed to turn that around – re-mystify the brand so consumers would reengage with the brand to become a “brand people would love to know more about” Digital was a perfect choice for that. Moved past the banner ad quickly to get into “content generate share of voice” rather than buying eyeballs.

Messaging in the digital world

Nick – web is our storefront – need to try to get more customers engaged with our brand online – I don’t have the fortitude to pull all the print and ad dollars offline. Don’t care about the price of media as long as it meets the target CPA.

Jeff – Moving the business model from broadcast to a narrowcast model. There is a 400 employees twittering with Kodak in their name – have to acknowledge how the brand is being using – don’t necessarily condone it or endorse it. The Apprentice integrated campaign mentioned Kodak 4.4 times per minute for 43 minutes – to make it more relevant to end users – making it more branded content.

Russ – there is user generated content which we love to fuel but there is “Content Generated Share of Voice” – if you get a 1/2 Billion hits on a viral video – what can you do to get that to spread? You create more content that is inviting and give them that content – it’s no different than the old P&G ad of the next 30 mins has been brought to you by P&G. Whopper Freakout – that spawned lots of parodies on YouTube – got a lot of hits and generated tons of traffic on the web. We love to see that stuff happen.

What advice would you give a CMO if you met them in an elevator?

Russ –Versatility – beyond the expected things – get smart on it fast
Nick – If you don’t take care of your customers someone else will
Jeff – Just go and get it done – no one is going to die!

Written on 30 October 2008 by Paul Dunay under Advertising, Branding, Content Marketing, Strategy, Web 2.0 with 6 Comments

TV is Dead – but that’s good news for the Marketer!

John Strattion, EVP and CMO of Verizon Communications, keynote speech at the Media Convergence Forum

Audience fragmentation has made media planning a much more complex process – $70B TV, $33B magazines, $28B newspapers, $11B radio, $18B internet, $4B outdoor (US Ad spending 2007)

Since 1985 the number of channels has grown 6X – causing viewership hours per channel decrease by 50% (12B additional videos consumed per month not viewed on TV)

In the same 20 years …

The audience that broadcast TV draws has decreased by 60% - but the cost to reach an audience on TV has significantly increase over the past 20 years

Bill Gates said “TV is dead” because the lack of control for consumers in TV, internet allows consumer to consume what they want and when they want it not on the publishers schedule.

IP Technology is poised to converge the TV and Web experience.

Some cornerstone elements of this convergence are:
- VOD allows users to take control of their own experience because with DVR you must know what you want to watch before it airs!
- Targeted ad insertion radically changes the medium – no longer by “slots” you buy an “audience” based on geographic, demographic, and viewing behavior segmentation.

Target set up boxes with behavioral and consumption patterns – deliver ads that relate to the purchase patterns – pay for performance, geotargeting and other online measurements all start applying once this is possible. Then once an ad is delivered – users are allowed to search and discover full-line catalogs and T-commerce right from the set top box.

Bottom line – TV becomes much more like the internet (IPTV) but with broadcast programming and ads will be bought and delivered like internet advertising!

And just another thought - Can you envision a crossover of web programs to TV? Like an eBay/Home Shopping Network channel or Americas Funniest Home Videos/YouTube edition??

Written on 28 October 2008 by Paul Dunay under Advertising, Media, Online Advertising, TV with 7 Comments

Vlogging with Doug Simon

Every once and a while you meet someone who inspires you to elevate your game to a whole new level and for me Doug Simon is that person.

I first met Doug on a panel speaking about Web Video and he invited me to do a vlog with him. Candidly I have wanted to use more video for my own blog so I jumped at the chance.

As my team knows I have been looking for ways to incorporate video in the marketing mix at BearingPoint not just as a nice to have but as a staple of our interactive go-to-market. And with the proliferation of tools out there to allow you to capture video that should be easy right? After visiting Doug’s facility I can safely say it’s still hard to do if you want to do it well.

Doug has an award winning Communication Company and he started a Vlog to document the change he see going on in his industry. Check out his mission captured on his Vlog and some of the impressive names he has been able to interview from companies like: CNN, New York Times, Southwest Airlines, Burson-Marsteller and Fleishman-Hillard.

Here is our talk about how BearingPoint is using Social Media to help define the brand!

And here is a link to his original post - http://www.dssimonvlogviews.com/paul-dunay-bearingpoint/

Written on 27 October 2008 by Paul Dunay under Buzz Marketing, Conversational Marketing, Videocasting, Web 2.0 with 3 Comments

Using Email to Improve Profit

Normally email and profit don’t go in the same sentence at least in the minds of most B2B marketers – but actually they should.

Everything has a cost associated with it and email is no exception – so this podcast focuses on how much lift in revenues and profits you can get out of your email program if you are in B2C or B2B marketing.

To accomplish this I decided to speak to Steve Webster, Chief Strategy Officer from iPost who has published several case studies on the topic of improving profits via email. Don’t miss he views on this topic.

Link to Original Audio Source

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About Steve

Stephen Webster leads iPost’s Sales team and co-founded iPost in 1996 to address the need for well-designed, professional email services and software. Prior to founding iPost, he worked on email systems for an IBM-funded consortium called ITC, and served as engineering director for the award-winning Z-Code, co-founded by iPost’s CTO, Bart Schaefer, PhD. Webster is a frequent keynote speaker on behavioral targeting, profitable and effective email marketing, and cross-channel marketing programs. He holds a BSEE from Carnegie Mellon University.

Written on 21 October 2008 by Paul Dunay under Email Marketing, Interactive Marketing, ROI with 2 Comments

MuseWorx marketing automation

MuseWorx, a provider of on-demand marketing automation and brand asset management technology, today unveiled an extension of its Marketing Operating System for mobile phones. The Software as a Service (SaaS) platform allows its users to store, share, track and edit brand and digital assets, like photos, video files, logo art, advertisements, etc.

MuseWorx was specifically designed for advertisers and marketers looking for a cost-effective tool to promote collaboration and streamline efficiency in the marketing process. Many of the platform’s current 250,000 users are in the marketing or ad business — graphic artists, photographers, designers, writers and just everyday consumers who must collaborate on projects that are constantly being modified and edited by a number of individuals

Because it leverages cloud computing, MuseWorx is accessible from any browser and there’s no need to download software or purchase equipment to host it.

The digital asset management tool is free. For no charge, users can upload and share a broad range of digital assets. This comes in handy when your boss is out of town, or based in another city altogether. You can get the approvals you need and even share the finished product with the printer or your ESP, all from the same platform. MuseWorx makes it easy to manage and keep track of the different versions. The platform also has analytics tools, so marketers and advertisers can track where their brand assets are being accessed and viewed around the world.

The mobile platform, which works on any Smartphone and looks especially sharp on the iPhone, is the perfect tool for everybody in the marketing process— CMOs, ad executives, graphic artists, copywriters, editors, printers, photographers, web managers, and the like— who need the ability to work on-the-go.

For more information about MuseWorx, go to www.MuseWorx.com.

Written on 16 October 2008 by Paul Dunay under Uncategorized with No Comments

Going Green with Facebook

Environmental concerns are not new and Green IT efforts are gaining ground at many companies, both big and small. Of course, Green IT solutions are available to companies, but what else can businesses do to become more green? BearingPoint is searching for some new thinking on the topic.

We launched a contest on Facebook to gather the ‘wisdom of the crowd’ on how businesses can become more environmentally conscious in their operations. Facebook users can contribute their ideas and pass them along to their friends and the larger Facebook community to vote on by Nov. 15. (And yes, the winner gets a green prize!)

While a contest or giveaway on Facebook is not new, the use of Facebook as a method of crowdsourcing is. The contest hopes to unearth some new approaches that businesses can take to increase their environmental efforts while also increasing their bottom line.

Here is how you can contribute your ideas on how businesses can be more green.

Full Disclosure - I work for BearingPoint and this is a campaign I am working on - wanted to expose my audience to this concept and would love for you to participate but only if you wanted.

Written on by Paul Dunay under Crowdsourcing, Facebook with 6 Comments

Digital Signage – the Next Big Thing

Not long ago, Times Square was the epicenter of digital signage in the U.S. It may still represent the highest concentration, but digital signage is exploding and you see it just about everywhere now. Digital signage is officially “the next big thing” for a lot of marketers. In a recent Razorfish survey it was ranked second to mobile as the most important emerging media channel in the coming year. Roughly 51 percent of respondents ranked mobile as the most important, followed by Digital Signage with nearly 32 percent. Other channels trailed by a wide margin.

Interestingly enough in a recent article in Wired Magazine they featured a company called MegaPhone that combined both of these emerging areas.

MegaPhone is a mobile gaming company whose latest project is to connect cell phones with games embedded in big-screen billboards in places like you guessed it … Times Square!

People can interact with these billboards via a special phone number which will show them as special avatars identified by the last four digits of the caller’s phone number.

When I first read the article I thought it was just another super geek application but the more I thought about it – the more you can think up new applications for this.

For example, Jumbotrons at sporting events where they can pick attendees to play an engaging mini game of basketball, baseball, football, hockey, or whatever sport you are watching. Rock Concert goers could dial into the Jumbotron to participate in a live chat with the band backstage. Tradeshow events could use this to allow real time Twittering and live Q&A via mobile. Anywhere you are waiting in line – airports, hotels, on airplanes, amusement parks (read Disney) could not only pre-engage their audience with the ride – perhaps they could let us sign up for tickets once we enter the park and call us when we are due to blast off!

This one article opens up the wide world of mobile marketing, digital signage and more importantly a glimpse at the future of social media marketing (SMM).

Written on 13 October 2008 by Paul Dunay under Advertising, Buzz Marketing, Digial Signage, Innovation, Interactive Marketing, Mobile, Social media with 4 Comments

Putting in place a Virtual Events strategy

If you are an avid reader of this blog you will already know that I am fascinated with Virtual Worlds and Virtual Events – but I was never truly enamored with Second Life and was not in favor of it for business from the start (must have been that scary looking penguin that tried to strike up a conversation with me)

All that aside – I encounter a virtual world from the moment I step foot into my house with my two boys being avid RuneScape players. So I can’t help but think there must be something redeeming here for businesses.

One thing I am investigating and heavily considering for 2009 is a Virtual Events Strategy. It’s like a virtual tradeshow but a space all your own for your own business events.

Because of this I decided to speak to Stuart Bowen who has put into place a virtual events strategy a few times now and is currently doing this for ON24. Don’t miss his insights into what you should be doing.

Link to Original Audio Source

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About Stuart

Stuart Bowen, Senior Director of Virtual Events, ON24

In his current position, Stuart overseas the Sales and Business Development of ON24 Virtual Show, working with Sales, Executive Management and Product Development. ON24 is a global provider of webcasting and virtual events solutions.

Stuart has spent his working life in the B2B media space. Stuart has held a number of positions including VP Sales in which he was responsible for creating the first ‘online-only’ sales team at UBM (formerly CMP Media) and then pioneering the original cross-product (print and online media) sales team. In his last position at UBM Stuart oversaw and evangelized the use of virtual worlds in a business environment to internal and external customers

ON24 Virtual Show. Learn more on http://on24.com/products_virtualshow.html

Written on 08 October 2008 by Paul Dunay under Events, Interactive Marketing with 4 Comments

Media Budget Ratio: How much should B2B companies spend on Media?

How much should you spend each year on media? In business publications, online, radio, even TV? For B2B marketers this can be quite a quandary. But thanks to B2B Magazine – they have compiled a list of the Top 100 B2B advertisers and how much they are spending on each. (link to full report)

But how can that help you?

Knowing how much the big boys spend on their media and the distribution of that media doesn’t really help me right now in budget season. But knowing how much they spend as a percent of their overall revenue can. Let me explain …

IDC coined a term – Marketing Budget Ratio – which is the percentage of marketing budget to overall revenues (also known as MBR). The MBR for most technology software and hardware firms (according to IDC) is typically 3-5%. In technology pure play services firms you typically see 1.5% (according to ITSMA) or even lower.

I have adapted that idea to create the Media Budget Ratio. This is the percentage of media spend to overall revenue. I took the B2B Magazine report and pulled out some data points. I chose IBM, Cisco and Accenture to match their media spend against their 2007 revenues. What I found was actually quite interesting (see chart below).

What it looks like is these few top B2B firms are spending about .2% of their revenues on pure media (note: no costs of marketing staff, marketing programs, field marketing, PR or ad production are included in these cost). You realize pretty quickly that there is great efficiency that large firms have when branding with traditional media. Take IBM at $195M – more than enough money to spend online, in airports, on TV etc. Accenture reportedly spends $60 just to promote the Tiger relationship that you see everywhere.

But what if you are only in the single Billions of dollars in total revenue? Perhaps with a $2-4Million dollar media spend - you might find it hard to compete with the big boys (which is frankly how I feel in my role). To me this chart while depressing is yet another wake up call for marketers to move aggressively into Social Media – where your customers and prospects can amplify your message for you!

Written on 06 October 2008 by Paul Dunay under Advertising, Media with 12 Comments

Content IS your Brand

Because of Google – everyone today has access to research that we have never had before. So when you are considering a purchase what’s the first thing you do – Google it. Therefore shoppers (B2C) and buyers (B2B) are armed with more data than ever before and its going to get worse thanks to social media.

In Web 1.0 we saw companies create websites as outposts of their companies and immediately everyone had to have one. But in today’s Web 2.0 world all you have now is your content.

I used to hate hearing in the Web 1.0 world – content is King. But you know what? It came true. It’s been a game of whoever can create the most content wins.

Everyone is into thought leadership, custom content, podcasts, videocasts, community – which I think is great. And this hasn’t gone unnoticed – recent B2B Magazine article mentioned the top M&A target is a marketing company strong in integrating custom content and live events!

So what? So that means the entire first experiences of your brand online are all around the quality of content you put out there AND what people have to say about it. It’s time to crank on the quality of your content machine not just the quantity!

Written on 01 October 2008 by Paul Dunay under Content Marketing, Web 2.0 with 7 Comments