Wednesday, February 4, 2009

Pete Krainik Shares Recap of New York City CMO CLUB Dinner: It's All about Customer Segmentation and Retention

25 members of The CMO CLUB met on Feb 3rd at the New York City dinner (a record turnout) to share insights on marketing metrics and frameworks for responding to requests for marketing budget cuts. Chris Chanyk of MarketingNPV lead a roundtable discussion on 4 alternatives to consider for budget cut frameworks:
1) Portfolio Management
2) Priority Customer Relationship Impact
3) Marginal Return Analysis
4) Decomposition Matrix.

Other highlights from the conversations and specific examples from CMOs at the dinner include:
1) Its not about cutting one marketing vehicle or another, but thinking more carefully about customer segmentation and then applying limited resources to priority segments.
2) Customer loyalty and retention are first priority for many at the dinner.
3) Consumers in B2C and Customers in B2B are relating to brands on an emotional level, it is essential to tap into the passion of your customer, and engage with all of their senses. Social media is not about a new vehicle to push ads to consumers but a place to listen and learn from customers. Everyone talks about this but many CMOs admitted they are not where they want to be with leveraging social media this way.
4) Even with the growth of digital marketing and social media, in some industries, traditional media is not going away altogether. Print and TV are still effective for some demographics or industries. The key is the program or campaigns across the required media, not media specific approaches.
5) As CMOs, many of us lose sight of the importance of making sure your brand is aspirational. CMOs need to make their brands something that people have to have/can’t live without. Think in these terms when planning for 2009 and beyond.
6) Its not about awareness but the three A’s - Awareness, Association, and Advocacy (for both B2C and B2B)

Finally, during a thorough discussion on the current state, value, and future of social media, two upcoming training sessions and events were highlighted as available free to members of The CMO CLUB:

Social Media One Day Certification Program in NYC on Feb. 17 (One free registration for any member of marketing team with their CMO as member). Contact CMO CLUB member Roger Hollander if you or someone from your team wants to attend at 212.920.5514.The CSMS™ - Certified Social Media Specialist One Day Course Description:As advances in Social Media are bringing unprecedented efficiencies to both personal and professional relationships everywhere, having an in-depth and practical understanding of the latest Social Media terms, tools and technologies is becoming a critical part of the executive skill set.The CSMS™ (Certified Social Media Specialist) conveys an objective understanding of current Social Media terms, tools and technologies, and how they relate to each other, both individually and combined, to help executives build effective and comprehensive Social Media strategies that accomplish attainable and measurable organizational goals.The CSMS™, the first professional Social Media certification of its kind, was designed developed by Training Capital, Inc. and is being offered to members of the CMO Club and their reports.

Digiday:SOCIAL and Digiday:MOBILE Events in NYC on March 12th with free VIP registration for CMOs in the club and their reports ( details and to register attached). A few members of the club will be keynote panelists at the events. Digiday Social and Mobile Event Details for CMO CLUB Members.doc

Finally, our next NYC CMO CLUB dinner is set for March 12th right after the Didigday Event Reception and will include case study discussion around Leveraging Social Media. Register at www.signmeup.com/63475

1 comment:

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