RIP CMO, viva CDO!

Has digital really killed the role of traditional CMO?

As the adoption of digital media and devices surges, digital is getting pushed towards the ‘most basic need’ in Maslow’s Pyramid.

Digital readiness is now looked upon as the key differentiator and also a success factor for any organisation’s future growth and competitiveness.

This elevates the importance of the chief marketing officer (CMO) as a strategist, a social innovator, and above all, a curator of advisory services and technology.

According to a C-level survey conducted by CMO.com, 76 per cent of CMOs believe that marketing has changed more in the last two years than it did in the last five decades.

Until now, the role of a CMO was leaning towards handling marketing communication and brand management. However, in the last few years, the digital industry’s growth has forced the organisational talent map to re-design the CMO’s role and tilt it more towards technology and data-driven marketing. So much so that companies are now even considering a dedicated Chief Digital Officer to drive this crucial mandate.

To get the maximum ROI from their digital efforts and also stay ahead on the innovation index, the CMO will have to become a ‘jack of all trades’ and wear multiple hats at the same time.

Due to the myriad digital devices, a consumer journey is no longer linear in any industry or type of business.

Technology is successfully delivering the end-user experience across multiple touch points in every purchase journey. As a CMO, keeping a hawk’s eye on the changing technology trends is indeed the new ‘marketing way of life’.

Modern-day data analytics has forced CMOs to stop making any hypothetical assumptions about the marketing process. In fact, CMOs will have to take data science as their biggest ally in marketing warfare. Focus on data insights would allow them to make scientific business decisions at every step of customer engagement.

As a CMO, digital transformation is the new mission critical which is a lot more complex than just running an integrated marketing campaign.

The real transformation journey never ends, and begins a lot earlier than campaign launch. It involves tying up all the loose ends in design, technology and data science, including cross device UI & UX, website SEO strategy for overall brand discoverability, defining audience targeting filters for laying down rules in the programmatic campaign, and so on.

For all this transformation to happen simultaneously, it is vital for any CMO to get their hands dirty with new emerging technologies, devices and marketing tools in order to understand the brand’s core target audience better and recommend any strategic changes from an organisation standpoint.

In the words of Leon C. Megginson:

“It is not the strongest or the most intelligent who will survive but those who can best manage change.”

It would not be an exaggeration to say that the role of a traditional Chief Marketing Officer in its current avatar may go several feet below to the dark soil. Only to be able to resurrect as a digital transformer.

And like brands have to now re-imagine their story and bond with the customer, the CMO too will have to morph quickly and surely into the CDO. And place the epitaph on their past with an RIP.

[The above article was first published in The Hindu Business Line]

Digital Media Strategy – The Past, Present & Future

Digital Media Strategy – The Past

Back in mid 2000’s, digital media strategy was just an excel crunching and data munching job. It was nothing more than a cost optimised ms-excel plan. Almost all the plans followed the same construct, lots of rich media innovations, roadblocks & tonnes of banner impressions.

Back then, even the clients had little expectations from the media planners. The term ‘Media Strategy’ was considered to be an oxymoron. Marketing folks were extremely selective while discussing their overall marketing strategy, leave alone the business strategy.

While the term performance marketing was existing, but then very few planners could show how the cross channel funnel works.

All the above points left a lot room for human bias and made the entire planning process highly dependent on the whims and fancy of media planning teams.

But guess what, times have changed.

Digital Media Strategy – The Present

With the rise of search, data analytics, biddable media, RTBs and programmatic buying platforms, complexion of media plans has changed.

Growth of RTB Programmatic in new age Digital Media Strategy

Growth of RTB Programmatic in new age Digital Media Strategy

The growth & adoption of programmatic is enormous in the western markets like the US (see above graph). More than four-fifths of agencies and brands already purchase display ads programmatically. And even greater proportion of publishers are pursuing programmatic channels as part of their sales strategies.

 

CMO queries on digital media strategy

Even the metrics for media planning have seen quite a lot of transformation. Today, most of the CMOs are more than interested in knowing how their digital activities are performing?

Discussions around basic web analytics (page views, bounce rates, etc.) have given way to more complex marketing analytics metrics.

The new marketing metrics include customer life time value (LTV), brand uplift, share of voice, engagement rates, conversion attribution etc.

With the rise of smart devices, cross device strategies became extremely crucial for all CMOs. As a result, marketing teams have understood the need of having a scientific, data driven wireframe for their digital media strategy.

These wireframes have clearly defined goals, metrics and attribution methodologies to create a comprehensive digital media approach.

The conversations in the marketing corridors are changing everyday. Digital agencies & digitalmedia planning teams have to learn to talk in the same language.

Digital Media Strategy – The Future

So what is the new language of digital media planning?

The answer is DATA!

In future, marketing teams would be more than eager to bring their digital media partner into a strategic roadmap discussion. Are media planning agencies ready to to drop their archaic hit and trial planning methods and focus on new age analytical approach?

As a digital media planner, one has to look into different data sources at all stages of strategy planning. These data points would cut across marketing and sales, online and offline, consumer and partners etc. Any sustainable digital media strategy must connect all these dots together.

Digital media planning would no longer be restricted to a few selected channels like display, social and search. On one side, number of channels are increasing and on the other side, the lines are continuously blurring between digital and media strategy.

Is your digital media planner ready for the future?

Razorfish Announces COSMOS™ Data Intelligence Platform

Razorfish, the world leader in helping global brands drive customer obsessed business transformation, has launched a new data intelligence platform, COSMOS™. COSMOS is the first-of-its-kind offering that uniquely combines cognitive algorithms, data intelligence and machine learning to create timely, relevant and seamless brand experiences across all touch points.

The data intelligence platform was debuted during Razorfish’s main stage seminar, titled “Cracking the Code of Creativity,” at the 2016 Cannes Lions International Festival of Creativity on Monday, June 20. In partnership with Contagious Communications, the agency was given exclusive access to a 15-year archive of Cannes Lions awards submission data, which they analysed using COSMOS to devise a formula for creativity and demystify commonalities in award-winning work.

Powered by patent-pending artificial intelligence algorithms, COSMOS data intelligence solves the challenge of fragmented audiences, disparate customer data sources and siloed brand experiences. By mining behavioural data, and in turn predicting the needs, wants, and motivations across the entire customer journey, marketers are able to unlock new streams of revenue and create business impact.

“New business models are changing old paradigms and companies must now adapt to connect with consumers who are more empowered than previous generations, with more touch points than ever before,” said Shannon Denton, chief executive officer, Razorfish. “With COSMOS, we can now harness intelligence from online and offline data to create a single view of the customer, while at the same time creating experiences that will not only disrupt and drive growth for businesses but also improve the lives of their customers.”

COSMOS is modular, allowing organisations to either deploy the platform at scale or purchase need-based solutions that can be integrated with existing marketing and technology platforms. COSMOS learns, reasons and activates deep customer insights by introducing cognitive optimisations that drive loyalty, customer retention and experiences in a never-before-seen level of personalisation.

COSMOS includes the following modules:

  • COSMOS™ Consumer 360
  • COSMOS™ Audience Intelligence Hub
  • COSMOS™ Cognitive Intelligence-as-Service
  • COSMOS™ Universal Graph ID

“Relevance has always been key in marketing. The opportunities to be highly relevant have increased tremendously with the omniscience of mobile and programmatic media. By the same token, the difficulty in finding the right moment of interaction has also increased. Our digitally connected economy is forcing brands to fundamentally redefine the way in which they interact with consumers,” said Rishad Tobaccowala, chief strategist, Publicis Groupe. “COSMOS helps solve this problem, unlocking moment marketing opportunities by quickly delivering data and insights that can be activated in real time across channels.”

The COSMOS intellectual property was developed and is led by Razorfish Chief Intelligence Officer Samih Fadli and is fueled by more than 1,500 data consultants and 6,000 delivery resources across 21 countries globally.

For more information on COSMOS, contact cosmos@razorfish.com or watch the COSMOS video.

(Credits: above article was published in PR Newswire)