July 11th, 2010

The CMO Council State of Marketing Report, featuring the 2010 Marketing Outlook Audit, is the largest independent assessment of senior marketing executives today. This annual global benchmarking initiative undertaken by the Chief Marketing Officer (CMO) Council, gains insights into how senior marketing decision makers are managing marketing mix modeling, budget allocations and media mix spend, and investments into infrastructure, technology platforms and enhancements to internal competencies. Given the economic challenges and market pressures worldwide, this year’s review of ‘08 performance and ‘09 challenges and intentions is far deeper and wider than before. The results of this study will be extremely valuable to all participants seeking peer-level input and consensus on critical issues and priorities in the year ahead. 

If you to be up to date on what marketing thought leaders are thinking about and doing in their marketing programs, activities, and spend, this is the report to read. 

There are many excellent conclusions and observations available in this document. Some of the big picture marketing goals and strategies of 2010 according to a survey of senior marketing leaders include:

• Reallocating more money towards electronic media that is engaging and helps drive increases in customer loyalty.
• Undertake very big consumer insights and business intelligence drive as we gear up to invest in emerging markets.
• Shifting marketing dollars to direct sales engagement and sales training.
• Need to work on coordination and time management of integrated marketing campaign teams.
• Be wiser in channeling the right message into the correct channel to maximize effectiveness.
• Improve communication between marketing and non-marketing employees.

 Some additional recommendations by Deloitte and ExactTarget  include:

Improve marketing alignment across the value  chain.

In recent years, a large number of companies have improved their marketing performance by creating greater internal alignment between Sales and Marketing. Now, many are expanding this effort beyond their four walls to include their key value chain partners. For example, companies in the consumer packaged goods and consumer electronics industries are collaborating with retailers to align their marketing programs, investments, and planning. 

Harness the power of social media. 

New digital technologies and social media channels are changing the way customers think and behave. Established companies are naturally reluctant to shift their focus away from traditional marketing channels that have served them well in the past. Also, many companies don’t know how to operate effectively in this new environment, and are afraid of losing control over their marketing messages. Unfortunately, sitting on the sidelines is no longer an option for most. Conversations that have a profound impact on your product and brand are already happening in these new channels. 

Get more value from customer analytics. 

By now, nearly all major companies are likely making a conscious effort to unearth the valuable insights hidden in their customer data. In fact, according to this year’s CMO Survey, 62 percent of respondents plan on “improving customer segmentation and targeting,” making it the number one improvement strategy for 2010. Yet our experience working with companies around the world suggests that most will barely scratch the surface when it comes unleashing the full power of customer analytics.

Embrace customer service. 

The importance of good customer service will continue to increase as consumers feel more and more comfortable airing their grievances online. Consumers don’t want to go to this level. As one consumer told us in a recent focus group, “I’ll call and then email, but if I don’t get the help I’m looking for, look out! They can’t ignore me when I put it on Facebook and Twitter.” Social media levels the playing field. Progressive marketers will embrace this accountability instead of fearing it. 

Scale through automation.

63% of marketing executives are looking to automation to improve efficiency and campaign effectiveness. The two most common marketing automation solutions planned for deployment in 2010 are for email marketing (46%) and social networking (39%). As a provider of automation tools for both of these channels, we have seen how this type of automation can improve response. For example, we have witnessed automated messages triggered to email subscribers based on their online behavior generated as much as 70 times the conversion rate of non-triggered messages.

Measure what matters. 

As marketers look to improve their online marketing capabilities, they must look beyond top-line performance metrics. High-level metrics are still the most commonly used measure of online effectiveness with 63% looking at page views and registrations. Comparatively, only 38% measure online effectiveness via transactions and/or subscriptions and 22% look at deal values and/or selling cycles. 

A summary of the report is available for free here. 

The complete report is available for $199 here.

I would be interested in hearing your feedback about the conclusions and trends to see if your company is experiencing facing similar challenges and opportunities for the marketing function. 

Happy reading!

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Posted By Vince Ferraro

May 7th, 2010

I recently had a chance to read an exciting new report that was released by the CMO Council on the current state of collaboration and how it impacts innovation within an organization with  suppliers, partners, vendors, and customers. How do we, as marketers, lead the conversation to optimize the customer innovation and collaboration cultures inside and outside our companies?

Today, we live and work in a highly interconnected world. Global interdependence has become a definitive economic reality. The flow of goods, information and capital across borders is accelerating at an astounding pace. World exports grew from about 40 percent of global production in 1990 to more than 55 percent in 2004, according to the World Bank.  Cross border listings on world stock exchanges have also increased rapidly. Non-U.S. listings on the New York Stock Exchange doubled from about 8.5 percent in 1994 to 17 percent at the end of 2003 and, as of June 30, 2009, there were some 3,100 foreign listings on the world’s 52 leading exchanges. Nearly all Global 2000 companies now derive more than half of their sales from international markets.

For most companies today, borderless business is far more than a statistical abstraction. It reflects a new way of doing business. In a 24×7 interconnected economy, corporations are relying more heavily on outside business partners to innovate and deliver products and services, drive critical business processes and ensure seamless experiences for customers around the world. As a result, companies of all sizes and across all industries are seeking to redesign the way they do business in order to integrate a diverse mix of suppliers, partners and vendors more tightly into the fabric of their business. To do so, companies are seeking to transform the way they connect, communicate and collaborate across complex interconnected networks of customers, suppliers, business partners and vendors. If improving and integrating internal enterprise processes and systems was the mandate of business in the 1990s, today those requirements extend far beyond corporate boundaries.

The Collaborate to Innovate study, conducted by the Business Performance Management (BPM) Forum and the Chief Marketing Officer (CMO) Council, takes a new look at the state of business collaboration in the early 21st Century.

Sponsored by Sterling Commerce and AT&T, Collaborate to Innovate is based on an in-depth survey of more than 400 executives and managers whose companies do business around the world. Some 36 percent of respondents represent companies with revenues of more than $1 billion. In addition to our quantitative survey, we conducted 23 qualitative discussions with leading academic experts and executives with major global corporations who are deeply involved in supply-side and demand-side value chain partnership management and development.

As part of the Collaborate to Innovate initiative, the BPM Forum and CMO Council has aggregated statistics on the market impacts, supply and value chain management, customer collaboration and innovation cultures across various regions and industries.

To download the complete report, please find it here.

 http://www.bizcollaboration.org/wp-download.php

The Business Performance Management (BPM) Forum is dedicated to advancing performance accountability, process improvement, operational visibility and compliance in global organizations. It provides support to thousands of senior executives and practitioners representing enterprises with more than $500 billion in combined annual revenues. The BPM Forum’s C-level members engage in research, thought leadership, and knowledge exchange programs around a variety of strategic issues and challenges. www.bpmforum.org

The Chief Marketing Officer (CMO) Council is dedicated to high-level knowledge exchange, thought leadership and personal relationship building among senior corporate marketing leaders and brand decision-makers across a wide-range of global industries. The CMO Council’s 4,000 members control more than $120 billion in aggregated annual marketing expenditures and run complex, distributed marketing and sales operations worldwide. In total, the CMO Council and it’s strategic interest communities include over 12,000 global executives across 90 countries in multiple industries, segments and markets. Regional chapters and advisory boards are active in the Americas, Europe, Asia Pacific, Middle East and Africa. The Council’s strategic interest groups include the Coalition to Leverage and Optimize Sales Effectiveness (CLOSE), Brand Management Institute, and theForum to Advance the Mobile Experience (FAME). More information on the CMO Council is available at www.cmocouncil.org.

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Posted By Vince Ferraro

March 4th, 2010

Media Research Team Finds Approximately 293 Newspapers Folded in 2009, while Counting both Print and Online 1,126 Magazines Shuttered

Vocus has published a study that offers some shocking trends in the media indstry. They offer analysis from Vocus media research experts, while also providing a peek into an increasingly uncertain future. While one could speak of the declining trends in print media, online media was also impacted. What is a marketing person to do? This report helps you identify mega trends and it will help in building your future media plans and strategies.

LANHAM, Md.  January 19, 2009 — Vocus, Inc. (NASDAQ: VOCS) a leading provider of on-demand software for public relations management, today announced it has released its landmark study titled: “2010 State of the Media.” The report covers the four traditional media segments including newspapers, magazines, television and radio – and analyzes the net outcome of 2009, makes forecasts for 2010 and finally looks at what this means to the PR professional.

The report is numbers-driven and key findings include:

• Approximately 293 newspapers folded in 2009, with nearly 100 shuttering in Q1
• Eight magazines with a circulation of 1 million or more ceased publication
• Including print and online, 1,126 magazines shuttered in 2009
• Radio stations gave up more than 10,000 jobs
• More than 100 TV stations were affected by their parent companies filing Chapter 11

“2010 State of the Media” forecasts that major newspapers have probably made as many cuts as possible and that as a result journalists are often “performing dual roles.” The report also takes a look as new media business models and notes that content sharing trends are likely to continue in 2010: “As newspapers diminish, look for more joint ventures between surviving papers and broadcast outlets and an increase in media integration.”

The report, written for the public relations professional, is based on ongoing research by the Vocus media research team. Members of the media and blogging community can request a copy of the complete survey results by sending an e-mail to fstrong-at-vocus-dot-com.

A copy of the report can be downloaded at: http://www.vocus.com/resources/state-of-media/index.asp

Marketing Sherpa also produced a report on Social Media Marketing which is also a good read. While this is a paid study, an informative summary is available for free here.

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Posted By Vince Ferraro

March 2nd, 2010

Marketing Executives Networking Group & Anderson Analytics Release Results of Third Annual Top Marketing Trends Survey

Today MENG, along with Anderson Analytics – which is run by MENG member Tom Anderson, announce the results of our 3rd Annual Top Marketing Trends Study. This is a great read as the group and the study crosses a fairly large cross section of the marketing leadership and executives in many companies and industries in the U.S. Theyare top notch people. I resonated with the findings – the trends are are for increased investment in social marketing, marketing performance management, mobile marketing, and focus on emerging markets. Favorite books  and gurus were also included that are popular among marketing executives surveyed. Overall, the marketing community is optimistic about future growth for their industries and are happy in their jobs. Marketing executives reported being happy in their jobs, which is surprising given that CMO turnover in the C-Suite is fatest of all the other functions.

Old Saybrook, CT – March 2, 2010 – The Marketing Executives Networking Group (MENG) and Anderson Analytics today issued the results of its Third Annual Survey of Top Marketing Trends. Anderson Analytics surveyed MENG’s nearly 2000 senior marketing members, focusing on the top marketing concepts, buzz words, social media strategy, geographic / demographic considerations as well as the books and thought leaders that executive marketers look to for inspiration and growth opportunity.

“The annual Top Marketing Trends survey continues to provide valuable insight and direction on where the marketing industry is headed and what’s holding marketers’ attention,” said Richard Sellers, Chairman of MENG and Founder of Demand Marketing. “For example, the high importance of marketing ROI, social media and mobile marketing became evident in this year’s survey findings.”

“While more marketers are optimistic about the future prospect of growth, marketers are still feeling the pressure of a tough economic cycle with the need to prove a return on their marketing investments,” said Tom H.C. Anderson, Managing Partner of Anderson Analytics.  “It’s also no surprise to see social media ranking high in the minds of most marketers, but also shows the group is beginning to tire of some of the social media-related buzz words, especially ‘Twitter’.”

Top Findings: 

66% of marketers are more optimistic about business opportunity in 2010; 28% view 2010 similarly to 2009 while only 6% are less optimistic about the outlook.  Compared to last year’s survey findings, marketers are:

Social media remains hot with 70% of marketers planning new social media initiatives in 2010.  Interestingly, social media, twitter and social networking ranked as the top “buzz words marketers are most tired of hearing.”

Regarding companies’ presence on social media sites, large companies are more likely to have a presence on Twitter, Facebook, YouTube and MySpace; smaller companies rely more on LinkedIn.

“Marketing ROI” moved from the third most important marketing concept in last year’s survey to the number one spot in this year’s survey, followed by “Customer Retention” and Brand Loyalty.”

“Mobile Marketing” and “Social Media” officially made the top-10 concept list for the first time this year.  

Of the 53 identified marketing concepts, “Developed Markets,” “Multi-language,” “Social Consciousness,” “Offshoring” and “Long Tail” were viewed as the least important.

Overall marketing executives are more likely to rely on internal employees for their social media initiatives than any outside firms. Companies that are going outside for help with social media strategy and implementation are much more likely to look to social media consultants, and to a lesser degree interactive agencies, than to advertising agencies or public relations firms.

Not surprisingly, China was still ranked as the top geographic opportunity for growth, followed by India, Latin America and Brazil. And among the various target demographics, MENG members still feel that Boomers represent the best opportunity for customer targeting, followed by women and Hispanics. The overall importance of different demographics has not changed significantly since last year’s survey. 

Top Marketing Gurus & Books:

The main sources of marketing inspiration remained practically the same this year.  Seth Godin remains the favorite marketing / business guru three years in a row. Steve Jobs and Philip Kotler increased in popularity and now occupy second and third place, respectively. Two social media focused gurus, David Meerman Scott and Chris Brogan, made the list for the first time this year.

Outliers, Good to Great, and Blue Ocean Strategy were the top three business books MENG members would recommend reading.  Advertising Age, Wall Street Journal and Fast Company were ranked as the most popular publications read by senior marketing professionals.  And by a large margin, MENG members respect Apple the most in terms of company and brand marketing.

Happiness & Dream Jobs:

Despite tough market conditions, senior marketing executives appear to be quite happy with their current job. Over 60% gave a seven or above overall rating on the job satisfaction scale. When asked about their dream job, 44% of the respondents provided answers within the field of Marketing and over 13% of the members say they currently are in their dream job.

Anderson Analytics conducted the Top Marketing Trends survey among current MENG members between January 11 and February 8, 2010. Anderson Analytics used text-mining software to code open-ended/free form text answers to questions in order to truly understand what issues were top-of-mind among the senior executives. The 533 responses yield a confidence interval of +/-3.64%.

For a complete copy of survey results, visit www.mengonline.com/visitors/newsroom.

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Posted By Vince Ferraro