Saturday, February 28, 2009
The CMO CLUB Blog is now at www.thecmoclub.com
Please go to www.thecmoclub.com Our "CMOs only" club site is now there. Thank you.
Wednesday, February 18, 2009
Pete Krainik Shares Latest CMO CLUB Poll: Who is Driving Growth Agenda for your Company? CMO? Think Again.
Last weeks CMO CLUB poll question asked CMOs who was driving the growth strategy for their company. Of all CMOs that responded, only 21.4% stated they were driving the growth strategy. 28.6% stated their CEO drives the growth strategy and 25% stated Business Units drive the growth strategy. I was surprised by this number and assumed the number would be closer to 50% for CMOs when I developed the question.
In every CMO CLUB dinner I host, the conversation always includes a discussion on the role of the CMO, where they add value in their company, and how they differentiate themselves within the executive management team. Most CMOs feel they must be viewed as the “Go To” executive on the team for some critical strategic area of the business beyond corporate communications, demand generation expertise, branding, or sales enablement. What is that “Go To” area?
Many CMOs feel we must be THE EXPERT on our customers. No one in the business should know more about our customers (current and future) than the CMO. Anytime there is a question or request for insights on customers all eyes should look to the CMO.
Others feel they must be THE EXPERT in articulating the value prop for the company, products and services. Other CMOs feel they must be THE EXPERT in approaches for engaging customers.
A few weeks ago at our Atlanta CMO CLUB dinner, a definition of marketing (and the CMOs top priority) was shared that Marketing (and the CMO) are responsible for developing and driving the growth agenda for their company. I loved the discussion and have come to the conclusion that being the “GO TO” executive on customer insights, engagement, etc. are requirements for a seat at the table, but delivering on the growth agenda for your company is the key differentiator for the best CMOs in the industry. Think how you would answer this weeks poll question and then determine what you need to do to make sure the answer is CMO in the future.
In every CMO CLUB dinner I host, the conversation always includes a discussion on the role of the CMO, where they add value in their company, and how they differentiate themselves within the executive management team. Most CMOs feel they must be viewed as the “Go To” executive on the team for some critical strategic area of the business beyond corporate communications, demand generation expertise, branding, or sales enablement. What is that “Go To” area?
Many CMOs feel we must be THE EXPERT on our customers. No one in the business should know more about our customers (current and future) than the CMO. Anytime there is a question or request for insights on customers all eyes should look to the CMO.
Others feel they must be THE EXPERT in articulating the value prop for the company, products and services. Other CMOs feel they must be THE EXPERT in approaches for engaging customers.
A few weeks ago at our Atlanta CMO CLUB dinner, a definition of marketing (and the CMOs top priority) was shared that Marketing (and the CMO) are responsible for developing and driving the growth agenda for their company. I loved the discussion and have come to the conclusion that being the “GO TO” executive on customer insights, engagement, etc. are requirements for a seat at the table, but delivering on the growth agenda for your company is the key differentiator for the best CMOs in the industry. Think how you would answer this weeks poll question and then determine what you need to do to make sure the answer is CMO in the future.
Thursday, February 5, 2009
Is your Organization Learning as Fast as the World is Changing? CMOs in Atlanta Share Ideas, Feb. 4, 2009
Sharing ideas for “Accelerating the Development of Top Marketing Talent” was the focus of our Atlanta CMO CLUB Dinner last night, February 4th. A senior group of CMOs including Joe Rooney from Cox, Jeff Gregor from Turner Broadcasting, David Grocer from Park N Fly, Phil Dolan from Navicure, Jessica Miller from Newell Rubbermaid, plus others shared perspectives on Talent Management lead by Peter McNally of (r) evolution talentPeter provided a number of great insights spurring a number of interesting and valuable conversations including:
1) The fundamental flaw of teaching and inspiring individuals to apply new approaches by attending management development programs. If other members of the individuals team have not taken the course, efforts to change may be resisted. Better approach: training entire management teams together.
2) The importance of internal talent development vs. always hiring from the outside. Outside hiring can cause retention problems, undercutting the ability to develop talent internally, with longer term erosion of management talent. Peter sited Talent on Demand by Peter Cappelli as a good book for exploring other outmoded models.
3) Is your Organization learning as fast as the world is changing? Do you have processes and programs in place to stay on top of the changing world? A number of CMOs noted that staying on top is not just for the junior people on our teams, but all management (it is about leadership, right?)
4) Development plans are not just for correcting problems. How focused are you as a CMO on building on your talent’s strengths in development plans?
5) CMOs should develop an inventory of skills and competencies across four dimensions, a) Thought Leadership, b) Personal Leadership, c) Marketing Mastery, and d) General Management.
6) Creating teams of highly motivated members is more important now than ever. Develop a real rallying point for the team and reward behavior in support of it. One CMOs called it getting your marketing team “in the zone”.
7) Make sure not only A rated managers hire A rated people, but B Rated hire A rated (vs. C rated). This is extremely important for longer term success.
I can tell the CMOs at the dinner were engaged based on the number of notes being taken and follow up conversations planned. Peter will be leading a breakout session at our May Thought Leadership Summit in NYC, May 19-20th so those of you that missed the dinner can benefit from his insight.
1) The fundamental flaw of teaching and inspiring individuals to apply new approaches by attending management development programs. If other members of the individuals team have not taken the course, efforts to change may be resisted. Better approach: training entire management teams together.
2) The importance of internal talent development vs. always hiring from the outside. Outside hiring can cause retention problems, undercutting the ability to develop talent internally, with longer term erosion of management talent. Peter sited Talent on Demand by Peter Cappelli as a good book for exploring other outmoded models.
3) Is your Organization learning as fast as the world is changing? Do you have processes and programs in place to stay on top of the changing world? A number of CMOs noted that staying on top is not just for the junior people on our teams, but all management (it is about leadership, right?)
4) Development plans are not just for correcting problems. How focused are you as a CMO on building on your talent’s strengths in development plans?
5) CMOs should develop an inventory of skills and competencies across four dimensions, a) Thought Leadership, b) Personal Leadership, c) Marketing Mastery, and d) General Management.
6) Creating teams of highly motivated members is more important now than ever. Develop a real rallying point for the team and reward behavior in support of it. One CMOs called it getting your marketing team “in the zone”.
7) Make sure not only A rated managers hire A rated people, but B Rated hire A rated (vs. C rated). This is extremely important for longer term success.
I can tell the CMOs at the dinner were engaged based on the number of notes being taken and follow up conversations planned. Peter will be leading a breakout session at our May Thought Leadership Summit in NYC, May 19-20th so those of you that missed the dinner can benefit from his insight.
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) 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
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